Back-to-basics, banks told Customer is king

Back-to-basics, banks told Customer is king
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Published November 3rd, 2010 - 14:46 GMT

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Ernst &Young
,
Ranjith Kumar
,
Arab Financial Services and Bahrain Association of Banks

On the second and last day of GCC Cards summit, speakers were unanimous that a good customer experience is the highway to a healthy bottom-line.

Viraj Tyagi, of NettPositive emphasised that banks need to define strategies centred around superior customer experience. He made strong vote for loyalty programmes, stressing the need for tangible value and not just ‘free offers’.

He also warned that the high-end platinum and gold cards lose all meaning unless the customer service level attached to the cards is also at a premium.

“Ease of transaction is crucial. Banks must ensure that the transaction experience is nurtured, they must go beyond free offers to create added value – and to serve the customer.”

Tyagi also noted that security and systems are becoming common excuses for less flexible card experiences.

The Summit, supported by Arab Financial Services and Bahrain Association of Banks, also highlighted how outsourcing can be leveraged to offer superior banking experience and optimise budgets and resources.

Ranjith Kumar, Director, Ernst &Young explained how ‘right’ outsourcing has been known to reduced lead time to launch of a new  product by up to 50 per cent.

“Complaint response, information delivery, service recovery – as well as customer-tailored solutions are possible with well-selected outsourcing, “he said.

Meanwhile, Author it’s president, Steve Davis stressed that content relevance and accuracy is king in this online, offline era. He said that documentation must be cared for to reduce losses attributed to non-compliance, and indeed inconsistent customer communications and service.

“Reputation management is so delicate in this 24-7 cyber world, and one route to safe guard this is to manage content accuracy, swiftly as well as to re-directed production time into front-line tasks.

“Author-it has been known save up to 40 per cent of a working day, freeing up more than 64 hours a week per person for deployment elsewhere in the organisation. Plus, ensuring consistency of content across multi users and documents to boot,” he concluded.

 The two-day summit concluded today (Wednesday) at the Mövenpick Hotel Bahrain.

 

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