By: Joe Gillen
Recent customer satisfaction studies that explore Americans' most common complaints about financial institutions frequently find that poor customer service is in the top three on the list. From unhelpful or unknowledgeable tellers to long waiting times or an inability to help, many consumers have said they don't feel as though their financial institution is on their side.�
A 2012 survey conducted by ResearchNow found that more than 85 percent of people are put on hold each time they place a call to a business or financial institution. Roughly half of respondents said they are forced to wait between 10 and 20 minutes before speaking with a representative, and 48 percent of those individuals say the people they end up talking to are not helpful. These scenarios greatly diminish satisfaction and trust among consumers.
To combat this sentiment, many financial institutions are considering turning to social media as a customer service management tool, and a great deal of consumers have expressed their support for these channels. Forty-seven percent of consumers�"actively seek" customer service through social media channels, and 30 percent say they prefer that method to the traditional phone call, according to a survey from social media research firm NM Incite.�
A number of banks have already created Twitter channels specifically designed to provide customer service assistance, including Bank of America, Chase and Citigroup. Through creating these channels and hiring a team to manage the forums, they have noted a great deal of success in responding to more inquiries at a faster pace, thereby building closer relationships with customers and giving satisfaction a boost.�
As consumers rely more heavily �on online and mobile platforms to both read and write reviews and gain information about financial services, it may make sense for banks and credit unions to consider these channels as another method of communication with customers. This may help banks and credit unions reach larger demographics of people, respond to inquiries more quickly and improve their reputations as leaders in customer service.�
�