The first official ranking of customer experience in the financial services sector has been released this week by the Competition and Markets Authority. The research included thousands of personal and small business customers and found that Britain’s state-owned bank, RBS, came bottom of the league table out of 16 lenders.
The UK Financial Conduct Authority (FCA) has launched a consultation on forcing banks to reveal the quality of their customer service from this time next year.
Almost every week there are news stories about the impact that Artificial Intelligence (AI) and automation will have on the service sector. Some speculate that technological advances will eventually lead to the end of the human aspect of customer service.
In a recent interview, Bahrain Economic Development Board CEO Khalid Al-Rumaihi told CNN about the Gulf kingdom’s strategy to become the entry point for the Gulf market and a centre for technology, financial services and logistics industries.
Metro Bank has released its latest financial results showing the bank is on course to make its first full-year profit. This comes as the bank looks to celebrate having one million customers who use its services.
The bank, which is known for its unconventional style, puts an emphasis on customer service. Potential customers are given a personalised tour of the bank where staff explain the services that are provided, the aim of this approach is to turn customers into ‘fans’.
As digital innovation in the financial services sector continues to develop, banks are giving customers greater control over managing their finances.
The Customer Experience Exchange for Financial Services US has released a new report, Personalization vs Automation, which offers insight into the ongoing debate within the financial services industry on how to approach customer experience in the 21st century.