The flexibility and individualization of offers technology has enabled is being employed by various retail outlets. The recognition of three well-recognized credit card issuing brands that have made the customer central to their operating principals for the level of service delivered to consumers that have made will help to further raise the bar for customer expectations.
It is interesting to note that two of the top three most successful customer satisfaction credit card-issuing companies are credit unions which known for customer service. Credit unions make a point of putting consumer members first when dictating policy, and the results of this study can be seen as a reaffirmation of this commitment to credit union members.However, it is also noteworthy to remember that a massive banking institution, Capital One, made the top three. In contrast to credit unions, banks are sometimes characterized by their red tape-ridden, bureaucratic approach to policy and financial product offers, and this rigidity may hinder a bank’s ability to handle customer service and would obviously have an impact on consumer interaction.
Despite this, Capital One made the cut which may allude to the possibility that some big banks are taking note to the successful policies of credit unions, namely putting the customer first when dictating policy.
Mercator Advisory Group anticipates those organizations using customer-centrism as their primary fulcrum will secure increased market share as more individuals are more willing to give their business to financial institutions that accommodate their particular financial needs.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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