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Delivering Excellent Customer Service

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Samsung Business USA
Samsung Business USA

Early on, banks focused on improving the digital experience for their customers. While digitizing the banking experience was an important development, it had the unfortunate side effect of downplaying the branch's role in the customer experience. Celent's report found that, while customers prefer digital channels for simple transactions, they want face-to-face interactions for complex or substantive conversations. The report also found that a bad branch experience was a top reason customers gave for switching banks. Take a look at the infographic below to learn more about why banking customers across all demographics value bank branch offices.

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DELIVERING EXCELLENT CUSTOMER SERVICE Why another consumer survey on financial services? 55% 1 of adults across age and income demographics prefer face-to-face engagement for substantive conversations (e.g., advice, set-up goals, apply for a new account or loan) with their bank Many banks should double down on digital do whatever it takes to deliver excellent customer service across all points of customer interaction – including the branch network. (transactions) Mobile banking users 50%of respondents VSVS HOW DO ENGAGEMENT PREFERENCES DIFFER BY AGE AND INCOME?2 WHAT ARE THE IMPLICATIONS FOR BANKS?3 Those over 60 93% 77% 67% Just16% Branch attributes most important to customers (and those likely to prompt attrition if unmet) have to do with conveniently with minimal wait. High income consumers were comparatively more sensitive to these attributes There are no pat answers. Banks must therefore experiment. Transaction execution, service and sales use cases are all important. Evaluate the customer experience across all conceivable use cases and eliminate friction at every opportunity In self-service channels, technology defines the customer experience in the branch and contact center, customer experience is in ensure a great customer experience unless they are engaging the customer on their terms. Celent observes positive change in the lobby to proactively engage their feet, prepared to engage – tablet in-hand EQUIPPING STAFF TO WIN INVOLVES BOTH TECHNOLOGY AND PHYSICAL DESIGN Dozens of published surveys of North American consumer financial services usage and attitude surfaced over the past two years. Most have to do with evolving channel utilization, with a focus on digital. Most also have to do with transaction-based trends in frequency of channel usage and resulting volume of transactions, pointing to the inexorable growth in digital. But, comparatively few looked into consumer’s path-to-purchase or how consumers prefer to engage their primary bank for purchase and service interactions. Fewer still pay attention to branch channel attribute importance, its effect on customer satisfaction and likelihood of churn. AnewreportproducedbyCelentforSamsungElectronicsAmericalooksatwhen, how, and why U.S. consumers prefer face-to-face interaction with their bank and examines some important characteristics of those interactions. The report draws from two consecutive surveys of U.S. adults conducted in February 2018. The majority of U.S. adults prefer in-person interactions with their bank when a conversation is needed Consumers may have strong preferences for digital interaction when it comes to money movement or account balance checking (transactions) Consumers prefer human interaction for substantive conversations The contact center is most strongly preferred overall (to respond to fraud, a lost or stolen card or identity theft overall and a fifth of mobile banking customers say they engaged in the branch because what they otherwise desired to accomplish digitally was not available A poor branch channel experience is the most likely reason consumers cite for why they would switch banks are understandably sensitive to the digital experience, with 50% of them citing a poor digital experience as a reason to switch banks (compared to just 22% of non-mobile banking users) For discussion of lengthy topics, at least 67% of customers in every age and income bracket prefer branch visits of Millennials prefer some matters to be handled in-person are the most branch-centric (prefer exclusively in-person interaction) and Millennials are the least branch-centric. HOW DO CUSTOMERS PREFER TO ENGAGE WITH THEIR BANKS? ©2018 Samsung Electronics America, Inc. Samsung is a registered mark of Samsung Electronics Corp., Ltd. All brand, product, services names and logos are trademarks and/or registered trademarks of their respective manufacturers and companies. THE CONTACT CENTER RANKS #1 in consumer preference for answers to quick questions, not text, chatbots or social media.

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Delivering Excellent Customer Service

  • 1. DELIVERING EXCELLENT CUSTOMER SERVICE Why another consumer survey on financial services? 55% 1 of adults across age and income demographics prefer face-to-face engagement for substantive conversations (e.g., advice, set-up goals, apply for a new account or loan) with their bank Many banks should double down on digital do whatever it takes to deliver excellent customer service across all points of customer interaction – including the branch network. (transactions) Mobile banking users 50%of respondents VSVS HOW DO ENGAGEMENT PREFERENCES DIFFER BY AGE AND INCOME?2 WHAT ARE THE IMPLICATIONS FOR BANKS?3 Those over 60 93% 77% 67% Just16% Branch attributes most important to customers (and those likely to prompt attrition if unmet) have to do with conveniently with minimal wait. High income consumers were comparatively more sensitive to these attributes There are no pat answers. Banks must therefore experiment. Transaction execution, service and sales use cases are all important. Evaluate the customer experience across all conceivable use cases and eliminate friction at every opportunity In self-service channels, technology defines the customer experience in the branch and contact center, customer experience is in ensure a great customer experience unless they are engaging the customer on their terms. Celent observes positive change in the lobby to proactively engage their feet, prepared to engage – tablet in-hand EQUIPPING STAFF TO WIN INVOLVES BOTH TECHNOLOGY AND PHYSICAL DESIGN Dozens of published surveys of North American consumer financial services usage and attitude surfaced over the past two years. Most have to do with evolving channel utilization, with a focus on digital. Most also have to do with transaction-based trends in frequency of channel usage and resulting volume of transactions, pointing to the inexorable growth in digital. But, comparatively few looked into consumer’s path-to-purchase or how consumers prefer to engage their primary bank for purchase and service interactions. Fewer still pay attention to branch channel attribute importance, its effect on customer satisfaction and likelihood of churn. AnewreportproducedbyCelentforSamsungElectronicsAmericalooksatwhen, how, and why U.S. consumers prefer face-to-face interaction with their bank and examines some important characteristics of those interactions. The report draws from two consecutive surveys of U.S. adults conducted in February 2018. The majority of U.S. adults prefer in-person interactions with their bank when a conversation is needed Consumers may have strong preferences for digital interaction when it comes to money movement or account balance checking (transactions) Consumers prefer human interaction for substantive conversations The contact center is most strongly preferred overall (to respond to fraud, a lost or stolen card or identity theft overall and a fifth of mobile banking customers say they engaged in the branch because what they otherwise desired to accomplish digitally was not available A poor branch channel experience is the most likely reason consumers cite for why they would switch banks are understandably sensitive to the digital experience, with 50% of them citing a poor digital experience as a reason to switch banks (compared to just 22% of non-mobile banking users) For discussion of lengthy topics, at least 67% of customers in every age and income bracket prefer branch visits of Millennials prefer some matters to be handled in-person are the most branch-centric (prefer exclusively in-person interaction) and Millennials are the least branch-centric. HOW DO CUSTOMERS PREFER TO ENGAGE WITH THEIR BANKS? ©2018 Samsung Electronics America, Inc. Samsung is a registered mark of Samsung Electronics Corp., Ltd. All brand, product, services names and logos are trademarks and/or registered trademarks of their respective manufacturers and companies. THE CONTACT CENTER RANKS #1 in consumer preference for answers to quick questions, not text, chatbots or social media.