Credit Card Customers Happier With Fewer Changes

As appeared in The Financial Brand on September 11, 2012.  The Financial Brand, written and published by Jeffry Pilcher, is an online publication focusing on issues and advice that affect bank and credit union brands.

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Customers are happier now that credit card companies are making less changes to the ways their programs are . . . Continue Reading Credit Card Customers Happier With Fewer Changes

Satisfaction With Social Media Interaction

Social media, a non-traditional method of customer interaction is clearly becoming increasingly important for banks to understand.

It’s no longer just a vehicle for customers to vent about poor experiences, praise their bank for exceeding expectations, or read about other customers’ positive or negative experiences—it has now become a legitimate service channel!

Social media sites . . . Continue Reading Satisfaction With Social Media Interaction

2012 Credit Card Website Evaluation Webcast

Do you know about our inaugural J.D. Power and Associates 2012 Credit Card Website Evaluation Study?  We’ll publish it on October 4th, and we’re excited to share some of the research details with you!

The websites of credit card issuers serve as a major portal for customers to service their accounts and obtain information . . . Continue Reading 2012 Credit Card Website Evaluation Webcast

Are Rewards Programs Rewarding?

Rewards is a primary driver of switching and selection in the credit card industry. This is especially true among Transactors,(1) who cite rewards as the primary reason for selecting their primary card, as well as the primary reason for leaving their previous credit card issuer. Notably, rewards has also become an important driver of . . . Continue Reading Are Rewards Programs Rewarding?

Future Trends in Credit Card Customer Satisfaction

According to our 2012 U.S. Credit Card Satisfaction Study released late last week, the competitive environment is stabilizing and credit card issuers are making substantial strides in improving areas that were previously problematic—particularly communication and problem resolution.  So, what comes next? How are customer expectations changing, and what are the implications for issuers? Where should issuers focus their efforts in the future?

1.  Digital channels and self-service

The shift to online use and away from phone and mail continues. Customers are performing more routine activities online, such as reward-related activities, and are contacting call centers less often with questions or requests and are beginning to seek answers via self-serve channels, such as online. In fact, data from our 2012 Credit Card Satisfaction Study indicates that customers are attempting to resolve problems on their own and are moving away from contacting the call center for simple problems, but contacting the call center to deal with more complex issues.

 

2012 J.D. Power and Associates U.S. Credit Card Custom Satisfaction Study©.  The McGraw-Hill Companies, Inc. All Rights Reserved.

In addition, 7% of customers indicate using a mobile device to interact with their credit card issuer, and 5% have used social media for service transactions.  Another emerging trend related to the increased use of digital channels for routine transactions and greater reliance on self-service tools is that the issues about which customers contact the call center are becoming increasingly complex. This has important implications for the role of the call center and the requirements for call center representatives.

THE POINT:  Not only will issuers need to continue to commit resources to online as the workhorse for routine transactions, but they will also need to simultaneously invest in and develop these emerging online channels since customers prefer this method of communication above all others.  Knowledgeable employees that are able handle complex problems are a necessity.

2.  Rewards and Communication

An examination of recent success in the market, as defined by the highest-performing issuers, American Express and Discover Card, and the most improved issuers, Chase and Barclaycard, shows that two drivers of advantage in the past—rewards programs and customer communications—will continue to provide an expanding competitive edge in the future. Continue reading ›

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Maximizing the On-Boarding Experience

Banks should understand that the account initiation process does not end after customers have opened their accounts and the initial interaction with bank representatives has concluded. New customers presume ongoing value, and have come to expect a personal follow-up contact from the bank shortly after the initial interaction.

We offer the following tips to help . . . Continue Reading Maximizing the On-Boarding Experience

Fees Contribute To Dissatisfaction Among Self-Directed Investors

Our 2012 U.S. Self-Directed Investor Satisfaction StudySM, released yesterday, finds that although self-directed investors’ overall satisfaction with their investment firm has improved from 2011, satisfaction with trading charges and fees has decreased for a second consecutive year.

We’d like to share with you a short video that highlights some of the results from the study.

. . . Continue Reading Fees Contribute To Dissatisfaction Among Self-Directed Investors

Cracking The Code On 3 Major Customer Experience Trends In Retail Banking

Our 2012 U.S. Retail Banking Satisfaction Study finds there are three likely outcomes that banks must contend with during the next few years, and all have direct implications regarding the customer experience.

1. Attrition will rise, loyalty will decline

The good news? There have been marked improvements in the measurement of customer retention, loyalty, and . . . Continue Reading Cracking The Code On 3 Major Customer Experience Trends In Retail Banking

3 Action Items to Bolster Satisfaction While Cutting Costs

Bankers have entered the new “Post-Recession Reality” and reality is indeed setting in. In light of all the external pressures within the industry, bottomline profitability will be even more elusive to attain in the months and years ahead. Increased regulatory pressures, fee restrictions, diminutive margins, soft loan demand coupled with ongoing credit risks, and . . . Continue Reading 3 Action Items to Bolster Satisfaction While Cutting Costs

Voice of the U.S. Retail Banking Customer

Next week, we’ll be releasing our 2012 U.S. Retail Banking Satisfaction Study (SM). 

This study will explore why its a must for banks to understand their customers’ needs on both individual and regional levels, and identify what actions they should take in order to meet their customers’ expectations.

Get an insider’s look!

Join us for the . . . Continue Reading Voice of the U.S. Retail Banking Customer