Abstract
Boston, MA -- Anemic macroeconomic conditions and tight credit
standards have stunted growth opportunities for banks and other financial
institutions. Executives therefore are exploring new means of generating
revenue and including the contact center in these efforts. Many FIs are
finding that the process of redeploying the contact center as a strategic
asset, rather than a cost center, unlocks revenue opportunities and also
enables representatives to deliver higher quality customer service.
Mercator Advisory Group's latest report, “Retail Banking Contact Centers:
Strategic Considerations”, examines how a contact center that is aligned with
the financial institution's objectives and integrated with other banking
channels can support organic growth. The report describes best practices at
retail banking contact centers regarding performance measurement and
communication channel strategies, highlighting recent customer satisfaction
studies of several retail banking segments and contact center communication
channels.
Highlights of the report include:
A comparison of customer satisfaction at credit unions, small banks, and large
banks
A discussion of the most relevant key performance indicators (KPIs) for
contact center managers, financial services industry averages, and the
applicability/limitations of each metric
An analysis of how inbound customer communications are spreading across
automated phone systems, email, online chat, social media, and video
conferencing, and indicators of customer satisfaction with each channel
An explanation of how cross-channel banking solutions can help contact centers
meet revenue objectives
Michael Misasi, research analyst at Mercator Advisory Group and author
of the report, comments, “Retail banks and credit unions are now
embracing the notion that operating a successful contact center may require
expanding its function beyond basic, low-cost customer service. Financial
institutions are returning contact centers to the U.S. and managing them like
other banking channels. This means integrating the contact center with branch
and Web-based customer management applications and relying on the center to
generate enough revenue for internal profitability.”
One of the 12 exhibits included in this report:
Source: Mercator Advisory Group
©Mercator Advisory Group
The report is 24 pages long and contains 12 exhibits.
Companies mentioned in this report include: PSCU, CFCU, Fiserv, Bank of
America, Wells Fargo, and JPMorgan Chase.
About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and
advisory services firm exclusively focused on the payments and banking
industries. We deliver pragmatic and timely research and advice designed to
help our clients uncover the most lucrative opportunities to maximize revenue
growth and contain costs. Our clients range from the world's largest payment
issuers, acquirers, processors, merchants and associations to leading
technology providers and investors.
Table of Contents
Executive Summary
Introduction
- Contact Center as Cost Center
The Contact Center: Channels Within a Channel
- Self-Service Phone
- Online Chat
- Social Media
- Video Conferencing
Customer Satisfaction at Contact Center Channels
Performance Metrics
- Key Performance Indicators
- Customer Surveys
Evaluating Current FI Customer Service Quality
- Satisfaction with Large Banks, Small Banks, and Credit Unions
- The Largest Banks
Cross-Channel Banking: Don't Forget the Contact Center!
Conclusion
Figures and Tables
- Figure 1: Financial Institutions Remain Committed to Organic Growth
Strategies
- Figure 2: Employment Growth at U.S. Contact Centers Peaked in 2008
- Figure 3: Inbound Communications Are Spreading Across Multiple Contact
Center Channels
- Figure 4: FIs Shouldn't Limit Their Use of Social Media to Marketing and
Public Relations
- Figure 5: Branch “Virtualization” Will Change Contact Center
Dynamics
- Figure 6: Video Conferencing: Branch Implementation at Five County Federal
Credit Union
- Figure 7: Branch Still Provides Highest Level of Customer Satisfaction
Among FI Communication Channels
- Figure 8: Credit Unions Outperform Banks in Customer Service
- Figure 9: Largest Banks Underperform Large Bank Segment
- Figure 10: Strong Customer Service Is Key to Customer Retention
- Figure 11: Cross-Channel Banking Removes Operational Silos
- Table 1: Contact Center Managers Have a Variety of Metrics at Their
Disposal
