UK Consumers Find Lack of Customer History Most Annoying in Financial Service Customer Service

May 22, 2013

New [24]7.ai research also shows that consumers expect firms to know who they are and what is their issue  

LONDON, UK — 22 May 2013 — New research has revealed that the most annoying element of Financial Services (FS) customer service amongst 18 to 55 year olds in the UK is having to start afresh at each point of contact, with FS firms forgetting previous conversations and customer history.

Approximately half of respondents admitted to getting frustrated when FS providers do not know who they are or what their issue is, despite having identified themselves and their via another channel previously.  45 per cent of consumers expect FS providers to know what they want based on previous contact.

Other issues highlighted were uninformed customer service agents unable to provide the required information, with 11 per cent of consumers saying that was most annoying, and long call waiting times, according to the survey of 2,002 consumers conducted by Leadership Factor on behalf of predictive consumer experience company [24]7.ai.

The research also revealed the on-going importance of good customer in FS, with approximately a quarter of UK consumers admitting they had considered swapping banks and insurance providers after bad customer service experiences.

“Consumer expectations are changing and they expect a swift resolution to issues, based on an understanding of who they are and previous contact they have had,” said Mike Hughes, European MD at [24]7.ai.  “The fact that so many consumers have considered swapping banks or insurers shows that customer service is an on-going issue that FS providers can’t afford to ignore.”

The research revealed that UK consumers are not convinced by social media’s effectiveness for FS customer service, with just 3.1 per cent using Facebook and 1.2 per cent using Twitter to interact with their FS provider.

People are increasingly using a variety of channels to communicate with FS providers, with 93 per cent of people regularly using more than one channel to do so. But more than half of consumers (55 per cent) would rather an FS issue was resolved in private rather than complain about bad service via social media.

”Whether it is the nature of the conversation or the effectiveness of social media to resolve issues, it is clear that UK consumers would much rather interact with banks and other FS providers in private,” continued Mike Hughes, European MD at [24]7.ai. “It is really far more important for FS organisations to offer effective service across a variety of channels, using the data they have on customers to resolve issues promptly and efficiently.”

About [24]7.ai

[24]7.ai makes customer service and sales simple. Our platform and applications use big data and predictive analytics to understand customers and drive better service and sales results for large enterprises. We do this over 2.5 B times a year for the world’s leading companies. [24]7.ai’s platform enables an omnichannel interaction experience. We connect customer interactions across an enterprise’s web, mobile, chat, social, and phone channels. It’s all in real-time and in the cloud. Our solutions drive immediate business results. We increase revenues, reduce service and sales costs, and create more satisfied customers. [24]7.ai serves the Global 100 market leaders in the Financial Services, Retail, Telecommunications, Technology, and Travel Industries. [24]7.ai is noted by Forbes as one of America’s Most Promising Companies. [24]7.ai is a trademark of 24/7 Customer, Inc.  [24]7.ai is based in Campbell, California. For more information, visit: www.247-inc.com

[24]7.ai is a trademark of 24/7 Customer, Inc. All other brands, products or service names are or may be trademarks or service marks of their respective owners.

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Media Contact:
Paul Allen
Napier Partnership
+44 (0) 7515 199 487
paul@napier.co.uk