Evolution of Customer Service for Financial Services

February 2020 | Branch, Call Center, Online and Mobile | Activities and Enhanced Services | Integrating Personal Contact and Self-Service

Financial service institutions must constantly evolve to keep pace with innovations in technology and with consumer expectations. Many customer service activities can be handled in person or via various digital methods. To what extent, do consumers feel it is necessary to handle customer service activities in person? What value do consumers place on having a personal banker they can contact for customer service activities? Are there certain customer service activities they are willing to handle digitally and others they will only handle in person?

Branches are deploying an increasing level of self-service options. Would customers be willing to use self-service devices rather than representatives for customer service activities at branches? Could these self-service branch options be a gateway to other digital methods for customer service?

Most providers have online and mobile services that can accommodate customer service activities. Some employ online and mobile chat to handle a variety of customer service issues. Would services that integrate personal contact and digital methods, such as video-chat services, provide an adequate personal/digital compromise? How do consumers respond to “digital” personal bankers? This study will evaluate consumers’ current customer service activities and channels, and it will explore consumer reaction to a variety of innovative, digital channels for customer service activities.

The final report, available in late February 2020, will present results of Phoenix Synergistics’ in-depth analysis of national survey results. It will feature a Strategic Insights commentary examining consumer perspectives on financial-services customer service activity.

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