A recent study by Business 2 Community revealed industries that have the opportunity to provide personalized service are often ranked better in customer satisfaction and loyalty. Real Estate, IT Services and Consultancy, healthcare, professional services, financial and insurance services and non-profits were all ranked highest in customer service.
One of the cornerstones to building an effective service strategy today is through social media. A recent study by American Express revealed customers engaged in social media are significantly more likely to not only spread the word about negative experiences, but also to tell others about their positive experiences.
"Delivering outstanding service creates impassioned advocates and can serve as a powerful marketing weapon for companies," said Jim Bush, executive vice president of world service at American Express. "Ultimately, getting service right with these social media savvy consumers can help a business grow."
Though financial institutions ranked highest among all industries, there is still room for improvement in their service strategies. One of the most important customer service touchpoints today is the digital channel, including both social networks and online banking. Since customers are constantly on their devices, it's imperative businesses create websites that accommodate mobile use. A recent study revealed banks might not be meeting this demand fast enough.
The J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study revealed the number of customers using mobile devices for banking is on the rise, but banks haven't adapted their banking applications and customer service websites for optimal viewing on smartphones and tablets. In fact, Javelin Strategy & Research found just 20 percent of banks have mobile optimized applications even though a significant portion of consumers already use them and more plan to in the future. Adoption is expected to grow 40 percent by 2016, the study found.
Financial institutions can discover how well their sites perform on a variety of devices by mystery shopping applications and web-based services. Through this process, they will learn what they need to do to offer customers a better experience in the future.