Customer Service Excellence = The Foundation for New and Expanded Relationships
Written by Donna Thaxter, Training, Coaching, and Professional Development Consultant
Research suggests that 68% of customers are lost due to 'perceived indifference’. This statistic indicates that it doesn’t take an outright negative service experience to destroy a relationship; the interaction simply has to feel neutral or uninspired to make that happen.
Focusing on the quality of your customer’s experience is one of the most impactful ways to increase sales and referral business. Great service experiences give us the opportunity and the right to ask for additional business. Providing exceptional service can be particularly challenging today since customer interactions take many forms, from face-to-face to phone/text to digital. Regardless of the mode of communication, creating consistently reliable positive customer experiences should be center stage for Community Banks and Credit Unions, who are uniquely positioned to develop lifelong customer relationships.
Where to Start?
A recent study by McKinsey and Company identifies two specific areas of the customer/member experience that demand special attention: 1. the new customer onboarding process and 2. problem resolution. These areas represent critical moments where the strength of customer relationships is either solidified or jeopardized.
First Impressions
The first impression matters. Financial institutions must focus on creating a seamless, welcoming experience for new customers. This involves streamlining paperwork to simplify account setup and ensuring your team is adept at providing personalized, relevant product guidance. A positive onboarding experience sets the tone for the customer's entire relationship and significantly contributes to customer satisfaction and loyalty.
A Complaint is a Gift
Equally important is the effective resolution of problems. No financial institution is immune to customer issues, and how these issues are addressed can make or break the customer relationship. When handled well, a dissatisfied customer can transform into a loyal advocate for the institution. Every complaint should be viewed as an opportunity to strengthen customer loyalty. This requires a strategic approach to complaint handling and training employees to view complaints as valuable feedback and a chance to improve. By addressing issues promptly, empathetically, and effectively, community banks and credit unions can retain customers and enhance their reputation and standing within the community.
Contact our Director, Bill Dolan, to learn more about how SCA can partner with you to develop targeted and impactful customer experience training. You can reach Bill via email (WDolan@scapartnering.com) or phone (617-694-2617). Additionally, you can read more about these services and more on our Solutions page.
