Financial Services Increase Profitability with eService

A recent study by Peppers and Rogers Group and Roper Worldwide shows commercial banks and other financial institutions are losing an estimated $700 million annually in profit opportunity due primarily to poor Customer Relationship Management.

 
 
Reducing Inbound Email, Increasing Customer Loyalty, Gaining the Competitive Advantage

A recent study by Peppers and Rogers Group and Roper Worldwide shows commercial banks and other financial institutions are losing an estimated $700 million annually in profit opportunity due primarily to poor Customer Relationship Management.

The impact of superior customer service in conjunction with CRM allows Financial Service groups to not only increase customer loyalty but to gain the competitive edge. According to Peppers study 26% of unsatisfied customers say they are likely to remove business from their financial service providers within the next 12 months. Conversely only 1% of satisfied customers say they are likely to switch away products. The majority of satisfied customers (55%) also report that they are ''very likely'' to consolidate their business with one provider.

Twenty-eight financial service groups worldwide have found that RightNow Technologies , a leading provider of eCRM solutions, is helping them significantly boost customer loyalty and increase their bottom line. The financial service groups, which include AMCORE Bank, Andrews Federal Credit Union, the Chicago Stock Exchange and Union Bank and Trust, chose RightNow Web, RightNow Technologies' flagship product, to provide fast and accurate responses to customer questions while reducing support load and costs.

''RightNow Web allowed us to deploy a robust Internet customer service system that supports 4,500 members,'' said Jennifer Pace, project manager for delivery systems at Andrews Federal Credit Union. ''The system is so effective, that more than 99% of member questions are answered without requiring personal assistance. As a result, we've dramatically improved the quality of support without the need to hire additional CSRs (customer support representatives).''

Financial institutions receive large volumes of customer support inquiries, usually about topics that are redundant in nature. RightNow Web's patent pending knowledge base technology makes it easy for these organizations to automate the exchange of information for customers without the need for CSRs to get involved. If a customer requires the help of a CSR, requests for personal assistance can be automatically routed to the appropriate individual based on the content of the support request.

If you would like to read more about how RightNow Web has boosted the bottom line of companies worldwide Click Here

 

 

 

Feb. 12, 2001


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