The Changing Role of Customer Service in Retail Banking

By Susan J. Campbell
TMCnet Contributing Editor

When it comes to automating transactions, the banking industry is one that has pioneered this trend. For years, we’ve been able to step up to a machine and pull money out of our accounts. We can make deposits through the night drop box and we can check balances online. While the last on the list may have arrived a little later, the point is the financial services industry has set the tone.

To that end, we’ve become accustomed to the luxury available in our banking provider. We expect to get the information we need almost instantly. We also expect that we have the ability to complete a transaction whenever and wherever is necessary to meet our needs. Plus, we can do all of this without the help of a live customer service representative. But, does this mean we can continue to enjoy the same luxuries to which we have become accustomed?

Conventional wisdom would suggest that we should, given the demands consumers are placing on every organization with which they do business. The challenge, of course, is that the banking industry is changing at a rapid pace. Institutions everywhere are feeling the crunch on their margins, the stress of competitive price crunches and the increase in regulatory requirements. Should the successful bank rethink its business model or stand still?

Standing still means that these organizations won’t be able to effectively compete in changing markets. What they do have to decide is how best to cater to their legacy customers, while attracting new prospects? Likewise, how do they appeal to the next generation, while still holding true to the same mission and values that first attracted their larger accounts? What should the resulting customer service strategy look like to tackle both old and new problems?

For retail banks, these questions are pertinent to their long-term success. The customer experience greatly defines their place in the market and their potential for growth in the future. As customer expectations change, what is the best strategy to stay true to the business strategy, while still catering to new needs? At the same time, how can the entity also foster an environment of customer loyalty?

Could the answer be easily found in the optimized interactive voice response (IVR) system? We know that consumers want the self-service channel, and we know they want it to exceed expectations. How do you get from simply allowing customers to navigate to the right channel to actually optimizing the experience? A new white paper can answer the question. Commissioned by Contact Solutions, this white paper explored the role of this technology in the retail banking industry and how it can ensure retail banking success. Download your copy today.