Unified Communications Offers Value to Small and Medium-Size Businesses-Financial Services Comp-1

Unified Communications Offers Value to Small and Medium-Size Businesses - Financial Services Companies

Financial Services Business Challenges

Smaller financial services (FS) organizations include credit unions, regional banks, savings and loan companies, and credit institutions. These organizations face many challenges in customer retention and sales revenue from SMB and larger financial institutions. Typical concerns of FS organizations include:

• High competition for customers. Today’s customers are demanding, and retaining customer loyalty is challenging for FS organizations whose customers receive many other solutions for their business.

• Lack of available product experts. Providing responsive customer service often includes the advice from subject matter experts (SMEs) to support more complex customer interactions. When SME response is delayed, it affects customer satisfaction and may prolong sales proposal processes.

• Customer complaints for slow response. Peak banking times challenge FS organizations and often cause customers to experience long wait times for branch or telephone services. FS organizations look for better ways to support these peak times without the addition of headcount.

• Inability to complete customer transactions in a single session. FS organizations often do not have available resources or information to complete a customer transaction within a single session. This results in higher transaction costs due to iterative communications between the FS organization and the customer to complete transactions.

• Slow response to customers using alternative channels. FS organizations encourage customers to use their Web sites or telephone channels instead of making an in-person visit, but they often fail to provide adequate service levels for these alternative channels.

• Rising costs for facilities and staff. To reduce costs and extend support, FS organizations look for better ways to operate more effectively without increasing staff and incurring additional costs. To contain costs, banks must evaluate new ways to increase employee productivity. Continue Reading ...

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