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BANKING

Survey reveals that banks’ customer support approach is vastly inadequate

Survey reveals that banks’ customer support approach is vastly inadequate

Cumbersome procedures have added to the general feeling of apprehension among the people

IFM Correspondent

March 16, 2017: It is a well-known fact that all, or at least most, bank-related transactions are above the comprehension of the general populace. The cumbersome procedures have added to the general feeling of apprehension among the people. Although banks have come to develop apps and allowed email subscriptions to reach out to their customers, most have been falling short of adequately fulfilling customer’s wishes.

A recent survey conducted by Engage Hub sheds light on this aspect of banks. Conducted among 2,000 UK citizens, the survey reveals that almost half the people surveyed would prefer opting out of their respective banks, in search of better communications avenues that others might offer. A takeaway from this survey is that most efforts at giving out user-friendly experiences are failing. And that it might come across as shocking as it is not the case of an exception but the norm among many banks surveyed by Engage Hub. The fact that the results have hinted at customers’ openness to extreme measures as to change their bank surely indicates that this is a problem that needs addressing.

Most feel that there is no relevance to the information the banks are communicating to them – through mails or apps. Only a quarter of those who took the survey admitted to have received relevant information. While the survey itself doesn’t reveal if the absence of communication has been contributing to the lowering popularity of banks’ customer support, it is revealed that only 25% of the customers don’t receive any updates from their banks.

Instead of using relevant communication platforms and utilising all forms of communication that have sprouted off late, most banks have stuck to the old forms of communication. The survey highlights the dissatisfaction with the banks’ way of communicating, with 24% of the participants admitting to have not navigated easily through the available app while 20% think they don’t receive any notification on the communicating device they prefer – and those that do send have been considered irrelevant by 31%.

What can be easily disregarded as a general sense of dissatisfaction with banks stand to cost most banks in a large and significant way, as the medium of communication and the content of publication have pushed 44% of the customers to be open to new banks.

The wealth of information that can be used in the form of customer feedback is vastly under-utilised and to the detriment of the banks, their popularity has been on the wane. In a competitive industry like the banking sector, the one to quickly address these concerns may clearly come out as the winner. In a win/lose situation as this, banks shouldn’t wait to hear from outside sources about the quality of their own customer support but rely on their own connectivity to dig out information on what specifically can help their organisation stitch up the gaping holes.


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