Critical to the success of every bank is creating a healthy balance between outstanding customer service and employee satisfaction. Establishing a customer-first mentality starts with developing a framework of processes, systems and behaviors that support the customer experience.
Providers must constantly assess internal operations and measure results to stay ahead of the game. However, our recent findings show that most insurers are not tracking metrics that accurately reflect consumer perception. Without this type of valuable insight, they have no way of knowing what to improve upon from a customer’s perspective.
It seems that the only constant in the insurance industry these days is change. The emergence of new technology and “big data” are altering the way insurance carriers conduct business. Long gone is the time where people relied on an agent to buy an insurance policy.
Retail banking has its fair share of problems. What is clear is that when things go wrong, it is not because banks fail to comply with regulatory rules – the business model, company culture or business practices are usually to blame.
It seems obvious enough that excellent customer service is something every bank, or any public-facing business for that matter, should strive for. With so many options for customers to choose from, customer service is the "x-factor" that banks need to stand out from the crowd. To the average person, banks all look the same from the outside, but it's what's on the inside that will keep them coming back for more.
The CEO of a retail banking firm wished he knew the answer to this question. At the time, he was very dissatisfied with the service levels across his network of more than 1,000 branches. An employee survey and root cause analysis revealed that 88% of staff felt
