Improving Satisfaction Among Credit Card Customers

opportunitiesAlthough credit card satisfaction continues to improve, a large percentage of customers indicate they do not fully understand their card’s terms, benefits and rewards program, according to our  J.D. Power 2013 U.S. Credit Card Satisfaction StudySM released today. 

Satisfaction in each factor has increased, as have ratings for Brand Image. However, it is important to note that opportunities for further improvements remain. Recommendations for additional focus areas for credit card issuers include:

Deepening customer awareness and understanding of terms, benefits, and rewards, potentially through proactive communication campaigns. Issuers should use consistent messages via all available channels to deepen understanding and awareness of offerings.

Continuing to invest in functionality of self-service interaction channels. Given the continued shift toward digital interaction channels, customers areconsistently looking for advancements in technology. Therefore, websites need to be maintained and upgraded as necessary to ensure easy navigation and availability of clear and concise information. Mobile apps are becoming more widely used; thus, the focus on improving functionality will become increasingly important going forward. Finally, clear processes for handling customer questions/requests submitted via email or online chat must be developed. Issuers must provide the same level of service courtesy and knowledge that is delivered through personal channels, such as the branch and call center.

Maintaining focus on delivering a high level of service during every interaction, given the importance of call center. Although customer contact via this channel is infrequent, every interaction carries a larger weight in overall satisfaction compared to the other interaction methods. Issuers must implement a customer experience framework that addresses customers’ needs and expectations by focusing on employee recruitment, training, coaching, and recognition in order to achieve the desired experience levels.

Preventing problems, as well as eliminating barriers for resolution. Analysis of problem data and determination of problem root causes may help banks adjust policies and procedures.

The 2013 Credit Card Satisfaction Study includes responses from more than 14,000 credit card customers and was fielded from May through June 2013
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