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Consumer Service Expectations in Financial Services - UK

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It is pretty much impossible to achieve 100% customer satisfaction. Even the most customer-focused company will make mistakes from time to time. But people are willing to forgive financial services firms for errors as long as they can show that they are trying to solve the problem as quickly as possible. Customers want brands to be open and honest about any mistakes and, as long as they are not left out of pocket, the majority will stick with their provider. http://www.bharatbook.com/finance-market-research-reports/consumer-service-expectations-in-financial-services-uk.html

Some questions answered in this report include:

How do people react when companies make mistakes?
Which channels are most effective for resolving customer complaints?
Is social media a useful tool for managing customer service?
How can financial services firms improve their telephone services?

Table of  Contents

INTRODUCTION
Abbreviations

EXECUTIVE SUMMARY
Financial services in context
Local shops and building societies lead the way in customer service expectations
Figure 1: Expectations of customer service across a selection of different industries, January 2013
Consumers and financial service complaints
Customer service experience by product
Consumers use a range of channels to complain
Figure 2: Customer reactions to being let down by a financial services firm, January 2013
Solve the complaint quickly and make sure people are not out of pocket
Figure 3: Resolution of complaints, January 2013
Customer service annoyances
Automated telephone systems irritate a third of consumers
Figure 4: Attitudes towards telephone systems and overseas call centres, January 2013
Incompetent staff annoy two-fifths of consumers
Figure 5: Customer annoyances, January 2013
Attitudes toward Customer Service
Some firms are just better than others
Figure 6: Brand reputation and influence, January 2013
Transparency and openness is crucial in good customer service
Figure 7: Consumer attitudes towards service expectations, January 2013
What we think

ISSUES IN THE MARKET
How do people react when companies make mistakes?
Which channels are most effective for resolving customer complaints?
Is social media a useful tool for managing customer service?
How can financial services firms improve their telephone services?

TREND APPLICATION
Face-to-face meetings by proxy
Problem: Deal with it
Mintel futures: Human

CUSTOMER SERVICE EXPECTATIONS – FINANCIAL SERVICES IN CONTEXT
Key points
Financial services firms are not the best, but not the worst either
Figure 8: Expectations of customer service across a selection of different industries, January 2013
Price sensitivity in the insurance market impacts consumer perceptions
Local and friendly approach resonates with older customers
Figure 9: Expectations of customer service from building societies, by age, January 2013
 

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