There is widespread thought that banks need to step up their Voice of Customer game. With the low interest rates, burdensome regulation and struggling economy, now is as good a time as ever for banks to work out ways to increase their revenues and reduce their costs. One way of doing this is to move the focus away from products and on to customer service.
I have recently had a less than positive customer experience with one of the UK’s largest banks, Barclays. In an effort to set up online business banking for Feedback Ferret, I have had to engage with the staff at Barclays and have torn my hair out on almost every call (I have lost count of how many times I have actually had to pick up the phone to speak to someone). Ensuring their customers are given excellent service is clearly not at the top of Barclay’s agenda.
Data Driven Business is hosting the “Customer Insights and Analytics In Banking Summit” in Atlanta in October this year in an effort to educate banks about the benefits of using analytics tools to analyse customer feedback, engage with their customers, act on their feedback and improve their bottom line.
Jim Marous, SVP, Corporate Development at New Control, Bank Marketing Expert, Speaker, Writer and Strategist says: “Understanding customers is the foundation to a sustainable competitive advantage in banking. Financial marketers need to extract more value from internal and external data sources, guiding product development, customer communication, innovation and growth.”
Perhaps Barclays Bank would like to talk to one of their loyal(?) customers (us?) to find out how they can improve their customer experience (I have plenty of feedback to give). They may find the answer to their customer feedback management issues is staring them in the face.
Click here to find out how Feedback Ferret can help.
By Vian van der Berg, Business Manager, Feedback Ferret
