Why Do All Banks Need A Customer Service Call Center?

Banks are an integral part of all our lives. Nowadays, it seems like banks are not only the financial institution that we use to manage our money but also a trusted advisor for many aspects of our life. We trust them with more than just managing our finances, and therefore they need to be able to provide customer service in other areas as well.

The truth is, there has been an increase in customer complaints about poor service quality within the banking industry over the past few years. As a result, many banks have started investing heavily in their call centers so they can better serve their customer's needs on-site or by phone. With this investment comes the recognition that good customer service is one way to differentiate your bank from others and stay competitive in the market.

Banks realize that customer service is a key part of their overall success, and have been making strides to ensure they provide world-class service to all of their customers. In fact, according to the 2012 Global Banking Industry Benchmark Report by Temenos Group AG, "of those banks that recorded an increase in customer satisfaction from 2010 to 2011, only 6% saw their performance decline in 2011. For customer satisfaction that remained the same over this time, 40% said there was no change in bank performance."

The cost of not providing good customer service is high, especially when it comes to servicing your customers in their preferred channel. According to a study by Accenture, "worldwide, the cost of poor customer service is about $1.27 trillion annually due to lost business opportunities, unnecessary costs for resolving problems that should have been resolved at the first point of contact and other consequences."

The report also states that consumers are seeking "more self-service options" which further increases the price of not providing good customer service.

Lack of good customer service is also one of the top reasons for customers to switch banks. According to banking core, "59 percent (of respondents) cited poor service when asked why they switched accounts." This survey by Fiserv suggests that providing better service can increase your net interest margin because your banking costs are lower. If you provide better service, then you will end up keeping more customers.

Benefits of Hiring Customer Service Call Center

Customer service call centers can have a wide range of customers from customers calling to deposit a check, setting up bill pay, or transferring funds between accounts. In all of these cases, the customer is expecting good customer service. If you provide good services on the phone then this will likely lead to increased satisfaction with your bank and more loyal customers in the future.

Maximize Customer Service

A well-planned call center could handle 90%+ of customer service calls. Because you are outsourcing these jobs, it is much easier to hire call center agents than it would be to hire employees to work in your bank branch. By having the call center fulfill most of your basic customer needs, you can reduce your costs and free up resources for other ventures. For example, you might have a customer service department that is handling the majority of your customer services, but they just can't seem to give accurate figures about an individual's account. In this case, I would recommend moving those tasks over to a finance department.

Reduce Costs

Many people think that having an outsourced call center is more expensive than having employees in the branch, but this isn't always true. If you do not have a large volume of customers and/or you don't offer financial services, then an outside call center might be cheaper for you. However, if your customer service agents are spread thin with calls or requests that they just can't handle, then it is likely that your company will lose customers. Another thing to consider is how long it takes for a customer service agent to transfer a call. Oftentimes, the wait time exceeds 10 minutes and this can anger some consumers quickly.

Customer Service Standards

Most companies have a very strict set of standards when it comes to the way that they treat their customers.

For example, if an agent violates one of these standards, then there might be repercussions for them and the department as a whole. With so many people around to monitor employees, you can bet that your company will never fall on this front.

Handling of Complaints

When you think about it, having a customer service call center is kind of innovative. You can't find this type of thing in many other industries, but the reason that it works so well for banks is that they are dealing with some very sensitive topics.

What's important to consider when it comes to this whole system, however, is the way that they handle complaints.

Yes, some people might always be angry when it comes to their money and yes, sometimes banks are not on the up-and-up. This is why it's so important for companies to have a nice framework in place so that people can speak freely about what concerns them.

Many Banks Have a "Do Not Call" List

There is indeed a lot of information available about what people hate the most about their banks. This is why it's so important for companies to make sure that they have as many options as possible open to meet those expectations.

If you remember, many people have decided to go on what is called a "do not call list." This means that they don't want to hear from the bank in any way, shape, or form. If you're one of these people, then you need to talk to them about your specific needs and wants so that they can get back into contact with you when necessary.

Conclusion

When it comes to providing customer service, there is no such thing as too much. A call center allows companies like yours to provide the best care possible for your customers and strengthens your company's reputation among those who may not be able to find a time or place in which they can meet with you face-to-face. If you're looking for ways to improve how you engage with clients on an individual level and build their loyalty, we hope these tips will help make that happen!