How much would you be willing to pay for better service?
Some customers may think quality service is inherent, and shouldn't come at an extra price. Even so, many bank customers are so frustrated that they say they would actually be willing to shell out extra money if it meant a higher level of service from their mortgage provider, according to a recent survey.
Conducted in September, the survey from the Carlisle & Gallagher Consulting Group found that 34 percent of the more than 600 questioned consumers would be willing to pay more for a mortgage if it meant they also received better service from their bank with it.
Consumers didn't specify how much more they would be willing to pay, but they did add that they were particularly frustrated with the foggy mortgage application process as well as customer service representatives who were not easy to talk to and even more difficult to trust.
How should banks interpret the survey's findings? Should they create a "Good Customer Service Package" offered at a premium price? Probably not, if they truly wish to keep more customers.
How portfolio management software yields better customer service
Customers don't appreciate being asked to purchase financial products that they don't need, become frustrated with having multiple points of contact on a single transaction, and desire transparency from their banks. All of these challenges can be overcome with premier customer management software.
By relying on case management software to record and monitor customer interactions, banks build a case history from which they can pull insights to better guide a customer's experience with their bank. Cross-sell opportunities can be cultivated from this data, and a more accurate portrait of each client's banking history offers institutions the ability to establish a more genuine and transparent relationship with that individual.