Financial services is an increasingly competitive sector, with compliance and approval processes for customer applications creating complex workflows.
Customer service is vital, according to the recently released J.D. Power and Associates 2010 UK Retail Banking Satisfaction Study, banking customers in the UK are significantly less loyal to their primary financial institutions than they used to be.
The study measured customer responses based on six factors that drive overall satisfaction:
- problem resolution
- account activities
- product offerings
- account information
In 2010, 12% of bank customers in the UK said that they "definitely will" or "probably will" switch to another bank, with customers perceiving that banks are considerably more profit-driven than customer-driven.
Vodafone Global Enterprise has launched Process Tracker to address these problems. The Process Tracker tool uses a combination of text messaging, email and automatically updated, personal web pages to advise customers and any third parties of the key stages of complex applications, such as mortgages, loans, insurance, claims and legal applications.
Vodafone Process Tracker reduces the need for a business to spend unnecessary time on the telephone dealing with non-urgent calls and provides the business intelligence for improved decision-making for management and enhanced customer service.
Three ‘Top 6’ UK banks and 40% of all UK banks and building societies use Process Tracker, all report a significant reduction in-bound and out-board calls, reduced postal costs, improved customer service, increased productivity and most have confirmed ROI within 12 months.