To stay in the customer satisfaction game – focus on the Back Office says eg Solutions – Consumers more willing to leave their bank if the customer experience goes sour
Customer experience levels in the global retail-banking sector have stalled for the second year in a row, leaving banks with a challenge of where to find growth. But, according to eg solutions, pioneer and pacesetter in enterprise workforce optimisation software for the back office, the answer could be nearer home: the Back Office.
Tim Taylor, Chief Marketing Officer, eg solutions, stated: “The12th annual World Retail Banking Report released Wednesday by Capgemini and Efma, found that stagnating global customer experience levels are now with an sharp increase in customers willing to leave their banks for non-bank competitors,”
“The findings in the Report point to one big elephant in the room – the need for retail banks to make investments to improve customer experience, especially in the Back Office. The Report also noted that it is the Back Office, which is now delivering essential digital services through faster processing times and reduction in errors,” he continued.
In addition to lower customer experience levels, the report found that a customers’ propensity to leave their primary bank is increasing.
Tim continued: “The reasons customers are leaving banks are varied and do include the increase in non-bank competition, the growth of start-up banks, and the ease in switching banks, but there remains one key point. Customers only move if they are not satisfied with the service they are getting and that is a crucial business process encompassing both Front and Back Office.
“One key point comes out from the Report – underfunding in the Back Office has undermined efforts to attract and retain customers through slow processing times, errors, and exceptions that contribute to reduced customer service.
“The only way to improve the customer experience and stop customers from walking in the first place is to improve not only the front office customer experience but the Back Office as well. The Report also states that ‘middle and back office transformation has been plagued by under-investment and will be the key to resolving disjointed customer experiences and improving longer term loyalty rates’, a position we would wholeheartedly endorse.”
The report draws on research insights from 32 markets and global data from over 16,000 retail banking customers, and executive interviews across six regions.
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