Basic Contact Management Enables all Financial Institution Staff to Serve as One

By: Julie L. Selecman

When contacting your financial institution with a service issue, have you ever been asked to repeat the issue several times, and to numerous service reps, before the issue was finally resolved? In an ideal world, every customer would have their own private banker - someone who would handle every request and personally attend to every detail. Since that’s not realistic, wouldn’t it make sense for an institution to record the customer’s request the first time, sparing the customer the time and hassle of repeating it? In the competitive realm of banking where loyalty is crucial and frustration breeds unfaithfulness, why is it typically the customer’s burden to communicate a service need across institution ranks until the issue is resolved?

According to a report from PricewaterhouseCoopers and the Economist Intelligence Unit, most financial institutions are better at talking about customer focus than practicing it. The report, "Winning the Battle for Growth: Building the Customer-Centric Financial Institution," says that to become truly customer-focused, financial services companies need to improve their technology, effectively use customer information, and invest in developing quality customer-facing staff.

While that initiative as a whole may seem overwhelming, especially at a time when banking budgets have been frozen or cut, an initial move in the right direction can be simple, affordable, and easy to implement. Financial institutions that want to take a step towards better client service – enabling all the service staff to respond as one – can do so by investing in a basic contact management solution.

Rick Poulton, President of the Better Branches banking software and consulting firm, believes a basic contact management system can make a significant impact on overall customer satisfaction and retention. “A basic contact management solution helps staff collaborate to serve customers in a timely and efficient manner,” says Poulton. “If the customer makes an initial contact with one staff member and later follows up with another, the next staff member can pick up where the first staff member left off. Customers appreciate knowing their requests are consistently heard and understood - regardless of who fulfills their request.”

While many financial institutions shy away from the complications and cost of a full-blown CRM system, even small institutions can easily embrace a basic contact management solution and quickly see significant service improvements. A basic contact management solution can help both large and small financial institutions by:

• Shortening the time required to service a customer
• Increasing customer satisfaction
• Improving staff accountability
• Saving management time when handling escalated issues

“Centrally located records of past service events should be organized by client and date, enabling staff to deliver superior service with each and every service touch,” says Poulton. “A basic contact management solution can elevate service standards to a level that builds trust, increases sales, and encourages referrals.”

Better Branches offers several contact management and service tracking solutions designed specifically for financial institutions. To learn more, request a web demo by email at demo@betterbranches.com, or visit www.betterbranches.com.

Article Source: http://yourfinance.co.za

About The Author
Author: Julie Selecman
Article prepared for Better Branches LLC
Let Better Branches help your bank or credit union reduce costs and improve service.
Article Contact: Rick Poulton
Contact Phone: (866) 444-8344
Contact email: rick.poulton@betterbranches.com
Web site: www.betterbranches.com