Happy Customers = Happy Banks

Blueworx

With the increase in technology making competition for customers more fierce than ever, banks have a huge incentive to improve their customer experience. The post Happy Customers = Happy Banks appeared first on Blueworx. Blog AI Banks Customer Experience CX IVRBut just how important is the customers […].

Big Banks: What Are They Hiding?

Beyond Philosophy

Big banks have proven yet again that they cannot be trusted to do what is best for the consumer. Last week, the Senate voted to repeal a rule that banned most mandatory arbitration clauses in credit card agreements, checking account agreements, car loans, and many other types of consumer banking transactions. Banking industry lobbyists fought hard for this change and gained significant support. After contacting the bank (or not), most people just drop it.

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Advantages of Banking Virtualization

Revation Systems

While many customers are still most comfortable banking at their local brick-and-mortar branch location, we’d like to think it’s because they enjoy seeing their favorite teller and not because they’re afraid to try online banking. According to PwC , only 57 percent of consumers are using both digital and in-person banking methods, despite the benefits that they can receive online. On the other hand, banking virtualization allows for a much more streamlined on-the-go process.

5 Top Customer Service Articles For the Week of May 1, 2017

ShepHyken

So when a several big brands in the beverage, transportation, banking and airline industries were suddenly in the global media hot seat, we had a laugh and productive conversations behind the scenes. The post 5 Top Customer Service Articles For the Week of May 1, 2017 appeared first on Shep Hyken. Each week I read a number of customer service and experience articles from various online resources. Here are my top five picks from last week.

Top 5 Most Recommended US Banks, Based on Net Promoter Scores®

CustomerGauge

In their past Global Consumer Banking Survey, Ernst & Young (EY) said that opening and closing accounts are more closely tied customer experience than rates, fees or location. Moreover, traditional banks are coming in competition with the emergence of “FinTech” or Financial Technologies, which offers the streamlined customer experience that consumers are looking for. The post Top 5 Most Recommended US Banks, Based on Net Promoter Scores® appeared first on CustomerGauge.

2017 Temkin Trust Ratings, UK: Nationwide, John Lewis, and M&S Food on Top

Experience Matters

This year we’re publishing the 2017 Temkin Trust Ratings, UK, which evaluates 157 companies across 16 industries based on a survey of 5,000 UK consumers in January 2017 (see full list […]. 2017 UK Temkin Ratings Audi Bank of Scotland BMW John Lewis M&S Food Nationwide Nissan Virgin AtlanticTrust is a critical component of a strong relationship with customers. That’s why Temkin Group has been measuring trust for several years in the U.S.

What leading retail banks must do to maintain high satisfaction

ForeSee

Retail Banking Satisfaction Study (list below) is in order, the challenge for these banks (as well as. The post What leading retail banks must do to maintain high satisfaction appeared first on ForeSee. Financial Services Insights banking JD Power Retail banking retail banksWhile congratulations to those that ranked high in the latest J.D. Power U.S.

Getting retail banking CX right according to industry leaders (webinar)

ForeSee

Today’s banking customers have much different and diverse expectations than ever before, making it difficult to keep up. It’s also perhaps the biggest opportunity yet for retail banks to attract. The post Getting retail banking CX right according to industry leaders (webinar) appeared first on ForeSee. Events Financial Services Banking CX banks Jason Huffman Retail banking Union Bank & Trust webinars

5 fintech trends disrupting retail banking (and how banks can fight back) | The Financial Brand

ForeSee

Pretty much everyone agrees on this: Millennials don’t find traditional banks very appealing. In fact, the vast majority of Milliennials (71%) would prefer to visit the dentist than a bank. The success of fintech startups has been largely drive by their ability to capitalize on Millennials’ dissatisfaction, allowing consumers to sidestep traditional banking providers if/when their expectations aren’t met.

2017 Temkin Online Ratings (U.S.): USAA, Advantage Rent-A-Car, and Amazon.com On Top

Experience Matters

Temkin Group published the 2017 Temkin Online Ratings. USAA took the top two spots for its banking and insurance businesses, and its credit card business tied for 4th. 2017 Temkin Ratings Customer experience Industry DataBased on a study of 10,000 U.S consumers, the ratings benchmarks the online experience delivered by 282 companies across 20 industries. Advantage Rent-A-Car took third place and Amazon.com tied for 4th.

Lose the Customer’s Confidence and You Lose the Customer

ShepHyken

My wife and I were on the phone with our bank. At the end of the “interrogation,” the bank’s rep said he didn’t have what he needed to verify Cindy’s identity, and he was transferring her to another rep. So, what was the cost to the bank? 87% of the interaction was on hold or talking to people who couldn’t help us, which made us frustrated, if not downright angry at the bank. After the call, we had a short conversation about switching banks.

2017 Temkin Customer Service Ratings: USAA and Mercedes-Benz Are On Top

Experience Matters

Temkin Group announces the release of the 2017 Temkin Customer Service Ratings. Its banking business earned the only […]. 2017 Temkin Ratings customer serviceBased on a study of 10,000 U.S consumers, the ratings benchmarks the customer service of 295 companies across 20 industries. USAA earned the highest score in the Temkin Customer Service Ratings for the fifth year in a row.

Banking CX: The importance of listening, asking, and listening some more.

ForeSee

For banks, building trust and nurturing innovation are incredibly important, but neither prove profitable without listening and asking. The post Banking CX: The importance of listening, asking, and listening some more. Financial Services Insights banking banks listening and asking retail banksWith that said, it’s also important to understand that listening and asking. appeared first on ForeSee.

Bank Branch Innovation Like Never Before: 5 Brands Redefining Tradition

Avaya

Sources like CNBC and The Telegraph predict that the retail bank branch will die within the next decade. In fact, the market is heading towards bank branch innovation unlike anything we’ve ever seen. As an industry slated to experience more disruption in the next 10 years than the last few centuries, there’s no denying that banking is radically changing. Traditional vendors must now compete alongside newer digital-only banks like Ally in the U.S.,

How Banks are Improving their Complaints Management

Clarabridge

Financial regulatory laws strictly govern the handling of complaints in banks and other financial institutions. The Wall Street Journal reports that in 2014, US and European banks paid nearly $65 billion in penalties and fines. Prior to working with Clarabridge, a large global bank struggled with analyzing and reporting on complaints data. By working with Clarabridge, this bank resolved these challenges. after improving the online banking log-in process.

How Banks are Improving their Complaints Management

Clarabridge

Financial regulatory laws strictly govern the handling of complaints in banks and other financial institutions. The Wall Street Journal reports that in 2014, US and European banks paid nearly $65 billion in penalties and fines. Prior to working with Clarabridge, a large global bank struggled with analyzing and reporting on complaints data. By working with Clarabridge, this bank resolved these challenges. after improving the online banking log-in process.

Unbelievable Violation By World Renowned Bank – Record Fines!

Beyond Philosophy

A: Wells Fargo Bank, the latest bank to suffer the scrutiny of the truth and forced to answer for taking advantage of its customers’ trust. Carrie Tolstedt , unit leader of Wells Fargo’s community banking division, is set to retire at the end of this year after 27 years of service. The bank’s shareholders will shoulder this fine, the largest ever imposed on a bank. One of our team members banks at Wells Fargo. I have an inherent distrust of banks.

Countries that approved video identification in banks

RichCall

In this post I’ll try to list the countries allowed their banks to identify clients through video. The technology approved by the Austrian Financial Market Authority (FMA) on 3 January 2017.

Trading on trust: 3 ways retail banks can rebuild consumer trust with CX

ForeSee

There is a golden opportunity for banks to gain a major competitive advantage via a dedicated focus on measuring and improving the customer experience (CX). The right mix of technologies and services can help banks pinpoint and prioritize improvements to positively impact trust. The post Trading on trust: 3 ways retail banks can rebuild consumer trust with CX appeared first on ForeSee. Financial Services Insights Bank CX Consumer Trust Ratings and Reviews Retail banking

Four Key Customer-Centric Disciplines for Growth Banks

PeopleMetrics

In directing banks toward continued relevance and future success, banking executives face some tough, complex questions like: How do we avoid commoditization? How do we offer our customers a seamless, easy banking experience? As we look inside and outside the banking sector, it's clear that businesses focused on customer experience are winning. We'll cover each of the disciplines in detail, to help you understand how they can help your bank. Introduction.

Net Promoter® News: United Airlines, National Australia Bank (NAB), Commonwealth Bank of Australia (CBA)

CustomerGauge

The post Net Promoter® News: United Airlines, National Australia Bank (NAB), Commonwealth Bank of Australia (CBA) appeared first on CustomerGauge. United Airlines ties $500,000 CEO bonus to customer satisfaction results We have all read and seen the news and videos regarding United Airlines’ recent customer service debacle.

Guest Blog: Moving Past The Fairy Tale – 5 Examples of Great Service

ShepHyken

Below are a few great examples of organizations that have completely re-architected the way they think about and interact with customers – and produced a sustainable ROI as a result: The Royal Bank of Scotland integrated their customer data into an always-on customer brain (video). Customer Experience Customer Relationships great customer experience interact with customers PegaWorld 2017

3 Statistics that Prove Banks Have a Problem

Clarabridge

Banks encounter many of the same problems as other enterprises— customer retention and loyalty, revenue growth, etc. So, what exactly are banks facing today? 22% of customers think banks are all the same. Banks provide a certain set of services that can be hard for customers to differentiate. 83% of customers find it easy to switch to a different banking provider. US and European banks paid $65 Billion in fines in 2014.

How CX Influences Retail Banking Loyalty

Clarabridge

Do you feel loyal to your bank? Retail banks score a 53% on the Temkin Loyalty Index, which is near the average for all industries. Temkin research also shows that banks score pretty well on customer experience, too. CX influences retail banking loyalty in several ways. Compared to consumers with a very bad experience, consumers who have a very good experience with their bank are 12.7 And if their bank generally gives them a good experience, they are 7.8

How CX Influences Retail Banking Loyalty

Clarabridge

Do you feel loyal to your bank? Retail banks score a 53% on the Temkin Loyalty Index, which is near the average for all industries. Temkin research also shows that banks score pretty well on customer experience, too. CX influences retail banking loyalty in several ways. Compared to consumers with a very bad experience, consumers who have a very good experience with their bank are 12.7 And if their bank generally gives them a good experience, they are 7.8

What are Bank Contact Centers Doing Right?

NICE inContact

inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3% Forrester Research, in their annual Customer Experience Index, also finds that banking and credit card companies lead the way in customer experience excellence when compared to other industries.

3 Statistics that Prove Banks Have a Problem

Clarabridge

Banks encounter many of the same problems as other enterprises— customer retention and loyalty, revenue growth, etc. So, what exactly are banks facing today? 22% of customers think banks are all the same. Banks provide a certain set of services that can be hard for customers to differentiate. 83% of customers find it easy to switch to a different banking provider. US and European banks paid $65 Billion in fines in 2014.

25 Call Center Leaders Share the Most Effective Ways to Boost Contact Center Efficiency

Callminer

And if done through an app (such as the bank’s mobile banking app), the voice recognition can also be tied to the device ID of the user. Most call centers struggle with efficiency at one time or another.

VOC Leaders: How Union Bank and Trust saw immediate benefits from integrating CX intelligence to its process

ForeSee

Jason Huffman is Director of Customer Experience at Union Bank and Trust, the largest bank company in Virginia managing just over $8.5 The post VOC Leaders: How Union Bank and Trust saw immediate benefits from integrating CX intelligence to its process appeared first on ForeSee. Client Voices Financial Services Contact Centers Retail banking Union Bank & Trust VOC VOC Leaders

Contact Center Technologies 2017: find out what 23 experts say

RichCall

Global Contact Centre Benchmarking Report, Dimension Data 2017. The The 2017 Global Benchmarking Report (pdf) suggests that the top trends are: CX as the differentiator (82.%). 2017 is going to be the year to introduce Live Visual solutions to your call center. Tweet.

Why winning on customer experience is the best strategy for retail banks (report)

ForeSee

The retail banking industry is racked with challenges as consumers become more digitally demanding and less loyal. The post Why winning on customer experience is the best strategy for retail banks (report) appeared first on ForeSee. Financial Services Research & CX Data banks ebooks Retail bankingThere’s also an influx in competition from financial-tech services, which has further disrupted.

The Bank Branch Digital Transformation Trifecta

Avaya

So, how will the bank branch be impacted? We have an idea of where bank branch digital transformation is headed…. In 2016, Ernst & Young introduced its Banking Relevance Index (BRI), designed to measure the importance of traditional banks to customers’ lives. After surveying financial service institutions across 32 markets worldwide, the firm reported an average global bank relevance score of 75%. But this hasn’t stopped demand for traditional banking.

The future of banking seems bleak. Here are 3 ways to fix it.

ForeSee

The post The future of banking seems bleak. Financial Services Insights banking millennials Retail banking“The Sky is Falling! The Sky is Falling!” These enduring words from Chicken Little have been ingrained in the American psyche since it was first published in 1840. This powerful. Here are 3 ways to fix it. appeared first on ForeSee.

Top contact center authentication stories of 2017

TRUSTID

Throughout 2017, we’ve discussed many of the top challenges facing contact centers and the authentication industry. As the year comes to a close, let’s recap some of the biggest call center issues and authentication stories we saw in 2017: Massive Equifax data breach — For the first six months of 2017, a known security flaw left millions of American’s critical information, including Social Security numbers, dates of birth and driver’s licenses, exposed to hackers.

TOP 124 Salesforce Influencers of 2017

Mindtouch

Announcing the TOP 124 Salesforce Influencers of 2017 (both listical and digital asset provided below). 2017 Top 124. Salesforce Administrator, Mutual of Omaha Bank — @MistyRaeJones — [link]. The post TOP 124 Salesforce Influencers of 2017 appeared first on MindTouch Blog. Thousands have asked for it, many have tried to get on it, but few have made the final cut. It’s no mystery that the Salesforce ecosystem is not only large, but extremely complex.

Verint Helps National Bank of Commerce Enhance Branch Surveillance

Verint

For more than 80 years, National Bank of Commerce (NBC) has provided financial services and support to the communities of the “Twin Ports” of Wisconsin and Minnesota. In order to enhance its current network and bring the bank into the next evolution of technology infrastructure, NBC selected Verint’s end-to-end IP video solution—including intelligent edge devices, cameras, analytics and powerful notification and response functionality—across its branch network.

UK Scores Fall Whilst U.S. Rise – What’s The Problem?

Beyond Philosophy

Just 12 months ago in 2015, they scored 7.33; in 2017, just 7.08. in 2017. Other brands in the top three spots are perennial performers like John Lewis and last year’s top performer, First Direct, an online and over-the-phone bank. www.warc.com 4 December 2017. 28 November 2017. 23 November 2017. 4 December 2017. < Every time I go back to the UK I feel like I took a step back in time.

Dataset: UK Net Promoter Score Benchmark, 2017

Experience Matters

In our Q1 2017 UK consumer benchmark study, we asked 5,000 UK consumers to provide Net Promoter® Score (NPS®) ratings for the companies that they had interacted with during the previous 90 days. Some of the highlights of the study include (see figures below): Company NPS ranges from a high of 45 (Nationwide) down to a low of -39 (Bank of Scotland). When we compare NPS to the 2017 Temkin Experience Ratings, UK , we find a very high level of correlation.

Enterprise Connect 2017: Contact Center Round-up

NICE inContact

2017 was arguably the biggest and best year ever at Enterprise Connect 2017 for those who care about contact centers. In 2017, it became increasingly clear that tracking a customer’s journey needs to be part of a broader corporate imperative to coordinate marketing, selling, service and customer care. The post Enterprise Connect 2017: Contact Center Round-up appeared first on inContact Blog.

How Peapack-Gladstone Bank Supercharged Its Client Experience

GetFeedback

We sat down with Peapack-Gladstone Bank to understand why they tapped into GetFeedback to supercharge their client experience. Customer Stories