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Market Research Report

Retail Banking Contact Centers: Strategic Considerations

Published by Mercator Advisory Group, Inc. Product code 247058
Published Content info 24 pages, 12 exhibits
Delivery time: 1-2 business days
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Retail Banking Contact Centers: Strategic Considerations
Published: July 17, 2012 Content info: 24 pages, 12 exhibits

This publication has been discontinued on July 2, 2018.

Description

Anemic macroeconomic conditions and tight credit standards have stunted growth opportunities for banks and other financial institutions. Executives therefore are exploring new means of generating revenue and including the contact center in these efforts. Many FIs are finding that the process of redeploying the contact center as a strategic asset, rather than a cost center, unlocks revenue opportunities and also enables representatives to deliver higher quality customer service.

Mercator Advisory Group's latest report, “Retail Banking Contact Centers: Strategic Considerations”, examines how a contact center that is aligned with the financial institution's objectives and integrated with other banking channels can support organic growth. The report describes best practices at retail banking contact centers regarding performance measurement and communication channel strategies, highlighting recent customer satisfaction studies of several retail banking segments and contact center communication channels.

Highlights of the report include:

A comparison of customer satisfaction at credit unions, small banks, and large banks

A discussion of the most relevant key performance indicators (KPIs) for contact center managers, financial services industry averages, and the applicability/limitations of each metric

An analysis of how inbound customer communications are spreading across automated phone systems, email, online chat, social media, and video conferencing, and indicators of customer satisfaction with each channel

An explanation of how cross-channel banking solutions can help contact centers meet revenue objectives

Michael Misasi, research analyst at Mercator Advisory Group and author of the report, comments, “Retail banks and credit unions are now embracing the notion that operating a successful contact center may require expanding its function beyond basic, low-cost customer service. Financial institutions are returning contact centers to the U.S. and managing them like other banking channels. This means integrating the contact center with branch and Web-based customer management applications and relying on the center to generate enough revenue for internal profitability.”

One of the 12 exhibits included in this report:

Source: Mercator Advisory Group
©Mercator Advisory Group

The report is 24 pages long and contains 12 exhibits.

Companies mentioned in this report include: PSCU, CFCU, Fiserv, Bank of America, Wells Fargo, and JPMorgan Chase.

Table of Contents

Table of Contents

Executive Summary

Introduction

  • Contact Center as Cost Center

The Contact Center: Channels Within a Channel

  • Self-Service Phone
  • Online Chat
  • Social Media
  • Video Conferencing

Customer Satisfaction at Contact Center Channels

Performance Metrics

  • Key Performance Indicators
  • Customer Surveys

Evaluating Current FI Customer Service Quality

  • Satisfaction with Large Banks, Small Banks, and Credit Unions
  • The Largest Banks

Cross-Channel Banking: Don't Forget the Contact Center!

Conclusion

  • Copyright Notice

Figures and Tables

  • Figure 1: Financial Institutions Remain Committed to Organic Growth Strategies
  • Figure 2: Employment Growth at U.S. Contact Centers Peaked in 2008
  • Figure 3: Inbound Communications Are Spreading Across Multiple Contact Center Channels
  • Figure 4: FIs Shouldn't Limit Their Use of Social Media to Marketing and Public Relations
  • Figure 5: Branch “Virtualization” Will Change Contact Center Dynamics
  • Figure 6: Video Conferencing: Branch Implementation at Five County Federal Credit Union
  • Figure 7: Branch Still Provides Highest Level of Customer Satisfaction Among FI Communication Channels
  • Figure 8: Credit Unions Outperform Banks in Customer Service
  • Figure 9: Largest Banks Underperform Large Bank Segment
  • Figure 10: Strong Customer Service Is Key to Customer Retention
  • Figure 11: Cross-Channel Banking Removes Operational Silos
  • Table 1: Contact Center Managers Have a Variety of Metrics at Their Disposal
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