GoResponse Telephone Answering Service Staff

Majority of customers switch financial services after bad experience

Phone keypadA new report has shown that 90 per cent of people experiencing a poor phone experience with their financial services provider ditch them in favour of a new company. The statistic shows just how important it is for call centres to get it right because a negative situation can result in lost customers.

A study by Smith & Milton found that poor phone experiences had a big impact, with 36 per cent saying they would definitely consider switching companies. Meanwhile, 55 per cent said they might switch. This shows that telephone answering services can be a key factor in customer retention, and by focussing on providing good experiences, more consumers can be retained.

Not only can a bad telephone experience lose customers, but it can also negatively affect branding. For example, when asked to rank how a brand was affected by poor service on a scale from one to five, 71 per cent chose four or five, signifying that it affected their brand view a lot.

Smith & Milton’s client services director, Ben Mott, said: “People pick up the phone for the simple reason of wanting to speak to another human being. If the person they speak to sounds ill informed, or doesn’t communicate the values that originally attracted the customer, it will do little to reassure people that they’re trusting the right company to look after their possessions. And when this happens, consumers won’t hesitate to switch brands.”

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