Study finds banks not meeting customer demands

Posted on: April 24th, 2013 by Art Barger

Customer service has always been at the root of customer satisfaction. In the financial services industry, without providing an exceptional customer experience banks simply won’t be able to retain current customers or attract new ones.

While we known the impact dissatisfied customers can have on a bank’s brand and overall success, a recent study by Cisco found that banks are falling short of meeting customer demands for more personalized service.

In the article, “Banks Fall Short On Delivering Personalized Service for Customers, Study Finds,” Cisco’s Customer Experience Report found that 69% of U.S. customers would be willing to give their bank more personal information if it resulted in better overall service. However, 58 percent of bankers said they had enough personal information on their customers. These somewhat conflicting views show that financial institutions are not meeting their customers’ expectations.

Customers in the study cited that the most important areas of personalized service were identity theft protection (77%), personalized advice to increase their savings (73%), more financial education (67%) and an assessment of their personal financial health compared to other customers (47%).

Cisco’s financial services marketing manager, Al Slamecka, said the problem with fulfilling customer needs is not a lack of personal data, but rather gaining a better understanding of customers across the organization.

In recent years, balancing customer service with enterprise demands has been a challenge for many financial institutions. From a customer’s point of view, it can often look as though customer service has taken a back seat to the bottom line. While banks are working hard to meet growing customer demands across all banking channels, providing an efficient, customer-friendly experience that addresses the customer’s needs is critical to a bank’s brand and improving the overall customer-bank relationship.

At TRUSTID, we understand how the success of a bank’s entire enterprise is directly dependent on the customer experience. That’s why our TRUSTID® Physical Caller Authentication tool is designed to invisibly verify customers over the telephone channel to streamline the interaction between customers and banks. By proactively validating the Caller ID and ANI before the inbound call is answered, bank contact center agents can immediately begin servicing the customer’s needs the moment they pick up. As a result of providing highly secure, convenient and efficient service over the telephone is one example of how financial institutions can give customers the trust and respect they want and deserve from their bank.