Bank Call Centers the Bedrock of Client Service: Retaining Clients One Call at a Time
2011-06-16
When TD Bank designed a new call center in Maine it emphasized a commitment to customer service by installing a 9-ton boulder amid the 60,000-square feet of office space. Once an afterthought within some industries, banks are taking retail service centers seriously—and for good reason.

The people staffing telephones are on the front lines and perform an important function in the overall competitive strategy. While addressing the direct reason for the call or trying to resolve a problem, they are in an excellent position to expand the customer relationship by asking questions and sharing information about the full menu of products and services banks provide.

The service provided by call centers can make a huge difference in customer loyalty, brand image and ultimately revenue, according to analysis by Kerry Bodine at Cambridge, Mass.-based Forrester Research Inc. In a report “Reinvent Your Call Center Culture to Create Amazing Customer Experiences,” Bodine noted call centers provide the first and sometimes the only human interaction a customer has with a company. Satisfaction with call center agents has slipped for four years in a row but happily banks have bucked the trend. For investment firms, credit card providers and banks, satisfaction rates rose slightly between 2009 and 2010, according to the report.

Still, there appears room for improvement. Within the banking industry, the Forrester research shows 74% of customers express satisfaction with telephone service from call center agents compared to a larger 86% share of customers who report they are pleased with bank branch employees.

TD Bank’s Maine President Larry Wold believes having responsive customer support agents gives the bank an edge over competitors. In an interview with Mainebiz.com, Wold said “Our business is so competitive you can’t differentiate yourself on products or pricing, so you have to find ways to compete that are difficult to imitate.”

Recent Customer Attrition Retention, and Loyalty News

Two More Words on Client Retention
2011-06-23
For the past couple of months, PNT’s “Industry News” has focused on client retention.
Customer Acquisition and Client Retention: New Banking Regulations Bring Challenges and Opportunity
2011-06-16
Banks face customer exodus! The era of free checking is over! Debit Card interchange revenue to be slashed! New ATM charges loom!

These are among the headlines, somewhat sensationalized, being written about regulatory changes enacted as a part of the recent batch of financial reforms.
Difference between Good Relationships and Bad Relationships A Way of Thinking about Bank Customers
2011-06-16
A recent online rant against Canadian telecom providers revealed an important distinction about customer service that all companies should bear in mind.