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17 Retail Banks Roll Out New Initiatives to Stop Customers from Turning to Digital Banking Alternatives


November.13.2014 0 Comments

Midsize-Banks

When 88 percent of surveyed consumers are considering leaving traditional banks for digital alternatives, banks start paying attention. That’s just one of the reasons why 17 retail banks have partnered with TimeTrade in 2014 to improve their customer experience.

This year alone, more than half a million banking appointments have been made though TimeTrade’s online appointment scheduling platform, giving customers direct access to the right employees who can give them the answers they need before signing up for a new account, service or product.

“Bank executives see the writing on the wall, and are making serious commitments to finally put customer service first,” said Gary Ambrosino, president and CEO of TimeTrade. “Consumers no longer pick a bank based solely on their rates. They expect personalized attention.”

Banks are starting to crack this customer experience code. TimeTrade surveyed 95 retail banking executives across the country to understand what they think customers expect, how they measure satisfaction and how their banks are evolving to meet new consumer demands.

Nearly two-thirds of the surveyed executives recognize that personal attention and knowledge of customers’ finances are most important to their members. In fact, in a recent study of more than 1,000 customers, 72 percent cited personalized service as an important factor in choosing a bank – second only to better rates.

When executives were asked whether or not they could guarantee that the right employee would be available when a customer needs them, less than 30% answered “yes”. And the bigger the bank, the bigger the problem: more than 90 percent of national bank executives reported that specialized services experts are typically unavailable.

TimeTrade is just one of the many investments that banks are making to improve customer experience. Nearly half of the banks surveyed are investing in staff training, so associates can give customers fast, easy answers the moment they need help.

However, technology will play a critical role in enabling faster, more personalized service:

  • 48 percent of executives are investing in technology-driven services to empower employees and connect with the tech-savvy consumers.
  • 20 percent are investing in prescheduled appointments for customers, giving them direct access to service experts’ calendars so they can schedule an appointment at a time that works best.
  • 10 percent are investing in 24/7 access to live tellers.

“Consumers are using technology to simplify and enhance nearly every facet of their life, and they expect their banks to do the same. Moving into 2015, banks should think outside of the box, anticipate their customers’ needs and provide them with an experience that they can’t get anywhere else,” said Ambrosino.