By: Joe Gillen
Customer satisfaction studies show that a positive customer service experience is crucial to retention and acquisition across all industries, particularly banking. As banks and credit unions compete for more customers and members, adopting new types of technology that facilitate stronger customer service models may become necessary.
For example, a recent Forbes article highlighted the possibility of using programs that create customer and member "profiles." This may include the type of accounts held with the bank, a list of past inquiries, records of previous customer service representatives the caller spoke with and potential products that may fit well with the individual's financial condition. The article noted that this type of information in a single profile may not only increase customer service, but also allow banks and credit union representatives to build stronger relationships with customers.
Research reveals that customers and members prefer more integration, particularly with mobile and online banking platforms. Investing in technology that keeps a running record of customer data may also help institutions invest in programs that provide this type of integration among different banking products.
Although adopting this type of streamlined technology may require significant financial investments, banks and credit unions may see positive returns in the form of improved customer service and stronger retention rates.