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Customer service in Europe 04 October 2011

Etude disponible uniquement en anglais. This is a report based on the survey responses from over 200 European banks carried out in the first quarter of 2011. In aggregate, the banks encompass over 500 million customers. Whilst the economic situation has worsened during 2011, in 2010 there was some optimism that the outlook might be improving. This positivity is reflected in marginal gains to key customer service benchmarks, which are back to pre-crisis levels. European banks are investing heavily in building their customer service capabilities, so these slight gains are no cause for cheer. So what’s not working or missing? The design and management of critical customer processes remains the highest service priority for European banks. It may be important but delivering step change appears to be more challenging. Greater discipline in execution is required. Banks that have shifted performance are more targeted in their approach; they align priorities with measurement capability, reporting and reward; and have stronger top-down commitment to see improvement through. Indeed, it is commitment from executives that remains a key difference between service market leader banks and the rest. In leader banks, executive commitment to service is often demonstrated through a dedicated customer service leadership role in their executive committee; in their variable reward structures; and by getting personally involved in service issues. Proving the case to invest in service is often a barrier. Finalta believes that customer service appears to have become too disconnected from the financial performance of the bank. Making it real by focusing improvement efforts on actual customer experiences provides a way to justify what is required to make a step change.
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Keywords

Customer service

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