December 2014 Issue

The 'Customer Experience Management Newsletter' from CustomerXPs is your monthly insight on how customer experience is re-shaping the banking business domain.

This would keep you abreast of all the latest trends in Customer Experience Management space and help you leverage your customer experience efforts to the maximum.

5 Customer Service Best Practices for banks

From an industry that’s seeing some of its most satisfying service statistics ever, as well as some of the least, making an investment in consistently satisfying service and information delivery will be key to the banking industry, and a differentiator for leading institutions, going into 2015.

The J.D. Power study showed that many banks, particularly mid-size institutions, are missing the mark with certain segments of customers, including millennial, who want online and mobile problem resolution, as well as their most affluent customers who are looking for more personalized service and information based on their specific needs.

Below mentioned are 5 customer service best practices that banks should look to incorporate:-

  • Empower Employees with Knowledge: Whether a customer calls, emails or tweets, according to the American Express 2014 Global Customer Service Barometer, 86% of surveyed consumers say excellent customer service is provided when the customer service representative (CSR) provides the right answer to the customer’s question. CSRs who deliver first contact resolution are heroes for both their organizations and the customer, and this is powered by having access to the right knowledge to deliver to the customer at the time, and on the channel, of their convenience.
  • Make Self-Service Useful and Convenient: According to the global EY consumer banking survey above, the most important information source used by customers and potential ones is a bank’s website. An investment in self-service knowledge management, and knowledge organization and search ability, is the key. In addition, the same self-service information found on a bank’s website should extend to additional channels including mobile and social media. And while self-service should always be an online cornerstone, it should never be the only option for connected customers. Pair your self-service offering with an assisted service option such as live chat, support ticketing or email.
  • Know Thy Customer: Customer service representatives should be empowered with a view of key customer data, as well as recent feedback and support histories. This is not just so customers don’t have to repeat their information or their support issue (which is a key frustration), but to more personally connect with individual customers regarding their products and services, as well as their brand sentiment and brand loyalty.
  • Offer Multichannel Support: Customer service channels aren’t changing; there are just a whole lot more of them these days. Customers want to be able to engage with brands on the channel of their choice, or the one that’s convenience at that time, whether that’s phone, email, support ticket, live chat or social media. Yet, increasingly important is the mobile service offering. Think about every major service or communication channel your customer uses. They’re all now in your customers’ hands 24 hours, seven days a week via smartphone. Make sure at very least your website or customer support portal is mobile responsive.
  • Listen and Learn:While it is each institution’s role to give help to its customers, banks can also get help from customers in the form of feedback and engagement via tools and channels such as surveys and social media. From improvements to self-service knowledge to product enhancements, listen to your customers, learn what they want, or need, and then act on this advice to improve

Source:  Business 2 Community

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