Britain's banks are taking advantage of their customers' loyalty and continue to deliver substandard customer service, according to survey data unveiled by KANA today.
The poll, commissioned by the leading provider of service resolution management solutions, found that whilst consumers initially choose their banks on the basis of convenience and products, customer service is the make-or-break factor: 85% of respondents confirmed they would make a maximum of just three complaints before moving to another bank.
Britain's banks enjoy long-term, stable relationships with their customers - over half of respondents have remained with their current bank for three years or more. However, 60% felt that their banks could do more to improve customer service standards. Prompt attention and receiving the information needed promptly topped respondents' customer service 'dream list', indicating that banks should take steps to provide greater service resolution management resources to the branches and contact centres who act as the first point of contact for customers.
The survey also highlights the powder keg of customer satisfaction. Eight out of ten respondents said they discuss experiences of their banks with friends and family: one poor experience can rapidly mutate into a far greater trend.
"This survey points to the future of customer service for banks," commented Alf Saggese, SVP EMEA for KANA. "By concentrating resources - and accountability - on the front line, institutions can not only secure even greater customer loyalty, they can also transform the performance of branch networks and contact centres. The chief challenge lies in giving staff access to the information they need to provide service resolution management without escalating queries to colleagues in other departments."
"We know that the majority of the time and expense of delivering customer service actually goes on handling requests for information - as opposed to actually talking to customers themselves. This picture is totally upside-down, but we know how to right it," he continued.