Financial Services

Financial services institutions have striven for years to achieve excellence in customer service operations, but true service excellence continues to remain elusive. Improving overall service quality reduces revenue at risk due to dissatisfaction while increasing both customer profitability and the customer’s likelihood to recommend. The benefit of improving the customer experience is evidenced by a recent J.D. Power report finding that a five-percentage-point increase in “highly” committed banking customers translated to a $1 billion boost in deposits per million customers.A common perception that curtails many customer service initiatives is that significant service improvements come with significant costs. However, the reality is that, in many cases, these initiatives can actually reduce costs at the same time that they improve customer service delivery.