Retail Banks’ capacity to provide customers with accurate answers to specific product questions is at best erratic.
This is one of the findings of recent independent market research. The research “Customer Experience and Sales Effectiveness within the World’s Top 300 Retail Banks” (warning pdf file) was conducted by Datamonitor in conjunction with the European Financial Management & Marketing Association (EFMA). The EFMA is considered to be the leading association of banks, insurance companies and financial institutions throughout Europe.
The research clearly indicates that Banks globally are failing to realise substantial revenue benefits because of their inability to effectively manage customer enquiries as potential leads, and to ensure a positive customer experience.
Being able to provide accurate answers to product questions would seem to be a foundational requirement for delivering good customer service. However, our experience confirms the findings of the research. Very few banks are able to provide consistent, unambiguous and accurate responses to specific product questions, thereby negatively impacting the customer experience. If you have any doubts, call up your branch, and ask them a question. Call again later, and ask the same question to a few more operators. I predict that your chances of getting a consistent response are less than 50%!
I will be reviewing other findings from the research over the next few days.
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