Being a highly competitive environment where products and services are barely distinguishable from competitors, Customer Service can be a powerful weapon in maintaining customer loyalty.
With high street banks continuing to close at an accelerating rate, and most banking transactions now being done online, the Contact Centre is often the only opportunity for banks to build and maintain relationships with customers; accessibility is key.
Being the pinnacle of a money-making business, banks are keen to keep overheads low and staff productivity high.
Being a highly regulated environment, compliance is key in order for banks to avoid heavy penalties, so there is a lot of small print (terms) which gets passed onto customers.
This process by itself can result in confusion and thousands of enquiries/complaints, with important information simply not always getting across to customers as intended.
If mishandled, this can result in widespread negative customer sentiment.
With often a high volume of customers being affected by similar processes, especially with social media opening up the potential reach of complaints, this can quickly become devastating to a bank’s reputation. It is vitally important that emerging issues are clearly understood as quickly as possible, so damage can be limited.
Overall, credibility in the eyes of customers is paramount. Maintaining a compliant Customer Care environment, with good governance and minimal exposure to risk is essential for long term success.
