Over the last few years the financial services sector has made significant improvements in the decisions it makes that affect customers. The major fines that resulted in big newspaper headlines a decade ago have dwindled, but at the same time customers still lack trust. A YouGov poll last year found that more than half of British consumers (55%) dont think banks are working in their customers best interests. Given that it has never been so easy to switch a bank account or change insurance companies this has long-term negative consequences for financial institutions.
Todays more demanding, sceptical consumers wont hesitate to jump ship if they feel they are not getting the service they want, so it is incumbent upon companies offering financial services to improve customer satisfaction, build loyalty and reduce churn. Surely this is common sense? Making customers happier increases their long-term commitment, provides up-sell and cross-sell opportunities and drives profitability. Which begs the question, why is this still a problem?
The likelihood is that the financial services sector is not effectively listening to client feedback.
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