Retaining customers through a better banking experience

Posted on: October 30th, 2013 by Art Barger

The ability to retain current customers is essential to a bank’s bottom line. All financial institutions may provide banking services that meet customer demands, but nothing is more important to holding on to those customers than the customer experience itself. How a bank treats, services, and ultimately makes their customers feel, is vital to its growth and overall success.

According to the article, “How to Improve Your Call Center Customer Experience Strategy,” Forrester Research said the overall monetary impact of the customer experience on a business falls in the hundreds of millions of dollars range. That’s right. How banks service their customers can be the difference between sustaining profitable relationships or losing that income altogether.

Today, financial institutions need to provide exceptional customer service across multiple channels. While many banks are placing more and more attention on their online services, they must not undervalue more traditional lines of customer communications that include branch and telephone services. These person-to-person services provide a human touch that leads to a more positive customer experience and long-term customer loyalty.

In an industry where customers aren’t afraid to switch banks if they are dissatisfied with the service or how they are treated, deploying a customer experience strategy that focuses on maintaining a positive experience is critical to retaining existing customers. And, according to J.D. Power and Associates’s 2013 U.S. Retail Banking Satisfaction Study, when banks placed more emphasis on preventing problems it helped lower customers experiencing problems by three percent year-over-year, dropping to 18 percent in 2013.

Implementing an authentication solution that protects customer data without interrupting the customer experience is a tool many banks would find valuable for securing their banking environment and improving the customer experience. The TRUSTID® Physical Caller Authentication solution doesn’t require customers to answer a bunch of personal security questions when calling their bank.

Instead, TRUSTID uses real-time telephone network forensics to instantly validate the location of the phone device before the call is answered. Having the ability to authenticate the inbound Caller ID and ANI pre-answer enables financial institutions to secure the telephone channel and enhance the customer experience at the same time.