How Customer Experience Impacts Bank Profitability

May 13th, 2014 No comments

As much as superior customer experiences are expected to be the norm, banks are falling short in regards to customer satisfaction. Capgemini’s Customer Experience Index (CEI), which assesses the performance of retail banks in meeting customer expectations, took a dip this year, in contrast to a three year upswing.

The declining trend in customer experience was present worldwide, with the exception of Latin America’s increase in the CEI. The report cites two main causes for this: an inability to deliver on important expectations, particularly those from Generation Y, and a disconnect between providing services to both digital savvy customers and those who prefer direct services.

Nobody is ever inspired to advocate your bank (or any product, for that matter) after receiving a neutral experience—and a poor experience can even initiate a bank change. The fluid nature of today’s market encourages change, and people are not afraid to leave a bank that is not providing the service they deserve and require. In fact, customers with positive experiences are three times more likely to stay with their bank and three to five times more likely to refer others and purchase additional products than customers with negative experiences.

So what are customers really looking for when choosing a bank? According to the Capgemini Financial Services Analysis, customers still want banks to deliver on the basics: fair pricing, broad product sets, and dependable service. The quality of overall bank service was ranked as a top priority in every region of the world, see chart below.

Factros Influencing Customers

Fees/price, quality of overall bank service, and quality of internet banking service were ranked the top three factors when choosing a bank worldwide, with the exception of Latin America, which ranked quality of branch service higher than internet service.

With a targeted customer service campaign and powerful customer relationship management software, banks can easily improve the number of positive experiences customers are receiving in order to initiate a more supportive customer base. A great CRM program delivers unmatched functionality and convenience, an ease of use anyone can master, and, mainly, superior customer service. Ignify has developed a CRM solution specifically for banking and financial institutions.

CRM for Banks enables banks to produce positive experiences through 360-degree views of the customer, tracking customer engagements and customer history, and a unique database of help topics to solve queries. The system integrates with the core banking system and shows neglected accounts, loans, mortgage records, mutual funds, and more.

Customizable dashboards enable customer service agents to prioritize cases, view problems by category, and track customer satisfaction after cases are resolved. All of the data can also be drilled down further to view information such as account owner, how long it took to resolve the case, and if there was any follow up from either the customer or the agent.

Customizable dashboards

It is important for bank managers to view information similar to the above dashboard to track and analyze data regarding customer satisfaction and service. Information such as account number by branch, account number by last transaction date, and account number by product can all be accessed in one convenient location.

Accounts by Corporate Banking

This drill-down into active cases provides a list of the accounts by corporate banking on the left, and a line graph on the right showing the account balance by bank. This can help to monitor how banks are doing in terms of revenue and open accounts.

When a customer calls in, it is imperative to know a bit about them and their history to make them feel valued. Within CRM for Banks, you can view past cases, detailed information about the customer, and create a case for the most recent activity. With Parature, this functionality is further improved by allowing customer service representatives access to a vast knowledge base to pinpoint the best solution to any problem. CRM for Banks connects disparate systems to allow access to all customer data in one place, eliminating the need to work from a variety of programs.

Access to Customer Data

CRM for Banks makes viewing cases simple, and a wide variety of field entries organize data in an easy-to-use manner. Follow up times and activities lists ensure the problem is resolved and the customer is satisfied.

If you would like more information on Ignify’s CRM for Banks solution, please email banks@ignify.com to connect with one of our specialists.

Brianne Schaer is an Assistant Copywriter at Ignify. Ignify is a technology provider of CRM, eCommerce, ERP, and Point of Sale software solutions to organizations. Ignify has won the worldwide Microsoft Partner of the Year Award in 2013, 2012 and 2011. Ignify has been included as the fastest growing businesses in North America for seven years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine from 2007 to 2013.

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