Financial institutions, including banks and credit unions, have numerous responsibilities when it comes to their customers. Obviously, effectively managing and protecting customers’ money is at the top of the list. But these days, consumers expect much more from their financial service providers. Not only do banks and credit unions provide a greater number and variety of financial services than in years past, but they are also harnessing new technologies to improve the banking experience for their customers.
However, these advancements are not occurring as quickly as some firms may like. As a recent study demonstrated, customer satisfaction with online experiences in the financial sector are not as high as they could be, raising the possibility that firms in this sector should consider partnering with outsourced I.T. companies to improve service offerings.
Average satisfaction
The study, conducted by ForeSee, included data from more than 335,000 surveys from the first quarter of 2013, all aimed at determining customers’ satisfaction with their financial institutions’ online and mobile offerings. The study found that the average satisfaction score when it came to online experiences was 72. This number increased to 82 percent for credit unions, 71 percent for banks and dipped to 69 percent for investment firms. On the ForeSee’s 100-point scale, 80 and above is considered “highly satisfied” while 69 and below is “dissatisfied.” As this suggests, customers were, on the whole, not particularly impressed with service in these areas.
These numbers can have major consequences for firms. The study found that highly satisfied clients were approximately twice as likely to recommend a firm as those who were less satisfied.
Improving offerings
Considering the study’s implications, financial service firms may need to ask themselves a number of questions. Namely, are they satisfying customer expectations in terms of their online offerings? And how are they faring relative to other businesses in the sector?
As consumers increasingly turn to smartphones and tablets for online banking, demands and service expectations will inevitably continue to grow. Businesses that cannot keep pace will likely see themselves failing to satisfy customers, and therefore falling behind their more accommodating rivals.
Outsourced IT companies may be the answer to organizations facing this dilemma. Engaging an IT provider can allow in-house expert resources to focus on this specific challenge without being pulled to handle less strategic initiatives (like resetting user passwords). Managed IT service companies can bridge the gaps, providing support on the often overlooked, mundane components (helpdesk, patch management, routine updates, etc.) as well as provide consulting for their infrastructures future requirements. As a result, financial firms can surge ahead of their competitors, improving their reputations and customer satisfaction in the process.
