Financial service providers need to boost customer experience

Research commissioned by customer engagement solutions company Engage Hub has shown that financial service providers need to place more focus on customers.

The survey of 2,500 UK consumers explored the relationship between customers and financial service providers and found that more than 30 per cent of consumers believe that providers do not take customer experience seriously. 

Factors

The research identified the key factors for consumers in the financial services sector choosing to use services elsewhere, with better in-store experience topping the list at 26 per cent.

Being offered more personalised services, targeted promotions and a better mobile experience were also top reasons for switching, with these being cited by 25 per cent, 19 per cent and 17 per cent of respondents respectively.

The study also revealed what UK consumers believe would help to improve customer experience in the financial services sector, with 42 per cent citing taking feedback on board. This was followed by tailored offers (38 per cent), personalised communication (37 per cent) and making services available through more channels (27 per cent).

More than 80 per cent also believe that being helpful is good customer service in the financial services sector, followed by being friendly, having detailed product knowledge and responding to queries quickly, which were cited by 70 per cent, 62 per cent and 62 per cent respectively.

Disrupting  

Engage Hub VP Sales Europe Mark Grainger commented: “The increasing popularity of challenger banks is disrupting the way traditional providers operate, by adopting new ways of engaging with customers.

“Digital offerings are about more than simply launching a new app though, they’re about meeting a customer’s needs, and in this sector, that means on demand customer support.”