• Ben Booth, CEO at MaxContact


• 15.02.2023 03:30 pm
#financialServices

The economic climate in the UK isn’t exactly enviable right now. The UK Customer Satisfaction Index (UKCSI) published by the Institute of Customer Service (ICS) last month revealed 15% of customers currently describe their financial well-being as ‘poor’ or ‘very poor,’ and one in four report they’ve reduced their spending in the last year because they simply have less to part with.

And yet over a third (34.7%) of customers rate customer service above any other factor – even price – when deciding where to spend their money.  

Current account switches are way up  

Banks are up against record numbers of current account switches as customers seek better service, and lucrative cash incentives.

Switching is up from this time last year and has skyrocketed a shocking 76% since 2020, signalling restlessness and dissatisfaction across the industry. 

But what can banks do to win new customers and keep existing clients?

Proactivity a must  

The Institute of Customer Service found that 75% of customers who have been proactively contacted by a company offering help or advice with the rising cost of living had an increased level of trust in that organisation.

From speech analytics to measuring and tracking customer sentiment, utilising smart technology will allow providers to effectively tackle common patterns and act quickly if satisfaction drops.

For example, by identifying meaningful words and phrases that have positive and negative connotations, providers can detect the subtle messages that are hidden in otherwise mundane conversations. As a result, advisors can determine the emotional character of a customer based on words spoken and speech characteristics such as intonation, pitch, articulation, and speech rates.

By tracking customer emotion, staff can pinpoint unhappy customers before they walk away. When problems do arise, proactively informing customers and keeping them updated on the progress towards a solution is the best way to eliminate any confusion and diffuse anger. 

Complaint handling sets companies apart  

The ICS found that while customer satisfaction has fallen across all categories in the past year, the biggest decline was in complaint handling.

Results of another study revealed the UK’s average customer service issue takes nine hours to resolve – far too long if you’re worrying about an important query.

Creating workflows that minimise wait times, improve efficiency of case transfers and ensure agents are handling complaints effectively and with appropriate sensitivity is key. 

For example, AI-driven software can analyse a conversation and then gather relevant customer information for the team member whilst they’re talking to the individual. 

Also, AI-driven workflow management tools can help make sure resources are used in the most efficient way possible. For example, by routing callers directly to the agent best equipped to quickly answer a query.  

Routine or repeat queries can be routed away from skilled team members giving them time to focus on complex issues or sensitive interactions.

Start small

The top area customers want banks and building societies to focus on when it comes to service is simply making it easier to contact the right person to help, ICS data shows. 

Businesses can start by improving the flow of their IVR, having different phone numbers or emails available based on issue type, or updating their website to make actions clearer for customers – all relatively low-cost, easy wins.  

The proof in numbers

Banks and building societies averaging a UKCSI score at least one point above the sector mean, recorded 240,279 average net current account gains between 2014 and 2022. 

Whereas those with a score one point or more below the sector mean suffered 173,838 average net losses.  

This is a crucial moment for financial services – companies who take action now will have the advantage over their competitors for years to come.