Banking on customer loyalty is a losing proposition today. More than 50 percent of retail banking customers are considering or already planning on switching banks because of lousy service, according to a recent study.
That’s just one of the reasons why so many banks are turning to TimeTrade, the company changing the way companies engage and service customers to increase satisfaction and loyalty.
In the past eight months alone, 10 retail banks have selected or deployed TimeTrade’s Responsive Customer Engagement Platform, including four of the top-20 banks in the country. The number of retail banking appointments is growing at 300% every month and is expected to hit 1 million appointments by the end of 2014.
“Consumers have extremely high expectations when it comes to service – and studies show that most banks are coming up short,” said Gary Ambrosino, president of TimeTrade. “It’s too easy for consumers to walk out the door and never look back. Banks have an enormous opportunity to change that.”
Three Trends Forcing Retail Banks to Rethink Customer Service and Convenience
Banks aren’t just competing against other banks when it comes to customer service and satisfaction. A consumer’s expectations are a direct result of their experiences – online, on a mobile phone or even at the mall. As a result, banks are under a lot more pressure to step it up on service.
1. More retailers are rolling out red carpets. No lines, no waiting. That’s what consumers expect whether they’re shopping or banking. In a recent TimeTrade survey, more than 90 percent of consumers said they want a more personalized experience, smarter, more helpful employees and faster service. Retailers across the country are already answering these demands by offering appointments with product experts, custom recommendations and real-time surveys to ensure satisfaction with every interaction. Banks are now mimicking that experience to tip the scales in their favor.
2. Size doesn’t matter; service does. Personalized service and convenience top consumers’ wish lists – and it doesn’t matter if they’re community or big bank customers. While big banks attempt to replicate the ‘neighborhood feel’, and smaller banks battle with accessibility and convenience, both are turning to the same technologies to improve customer service and satisfaction.
3. Nothing’s 9-5 anymore. Convenience today means 24-7 availability online and on mobile devices. Last year, more than 60 percent of internet users banked online, according to a 2013 Pew study. The same study also shows that mobile banking increased by 10 percent in 2013 compared to the prior year. Retail banks are realizing that they need to be available to connect with customers whenever and wherever the customer wants.
