Banking customers in the USA expressed interest in deepening relationships with their financial providers when the banks provide comprehensive services, according to a report from business intelligence firm Cutting Edge Information.
In response to consumers' desires, banking providers have pursued multi-channel distribution as a way of delivering differentiated service levels cost-effectively. Financial companies also employ continuous training cycles to build a diverse workforce to better serve their customers, their goal being to turn high-cost operations into revenue-producing services.
When asked if they would like to use a single provider for their financial service and insurance needs, 70% of consumers responded they would be interested. However, when asked if such a provider currently exists, only 20% thought so.
According to Cutting Edge Information, the use of call centres, efficient recruiting and staffing, and multi-channel marketing are all key steps in becoming the ideal financial service provider that these consumers are looking for. The company has published three financial services reports ('Managing Financial Services Call Centres', 'Financial Services Recruiting and Hiring', and 'Multi-Channel Marketing') that examine the strategies used by financial service and insurance companies to effectively maximise profits through call centres, diverse workforces, and multi-channel distribution.
These reports cover multi-channel integration and delivery methods, customer service strategies, and best hiring practices. The studies also profile the practices of more than 50 top financial institutions including JP Morgan Chase, Citigroup, Bank of America, Wells Fargo and American Express.
"In order to succeed in the future, financial service providers must provide top-notch quality to their customers while simultaneously expanding their current range of services," said Elio Evangelista, senior analyst for Cutting Edge Information. "Our research offers the opportunity to examine a range of strategies that have been used successfully to gain competitive advantage in the industry."
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