CAMBERLEY, November 12th, 2009 — A recent consumer survey measuring the impact of poor customer service on UK businesses has revealed that utility and financial services companies are among some of the worst offenders. The research, carried out by Genesys Telecommunications Laboratories, in partnership with Datamonitor and Ovum, highlights that one in four participants have ended a relationship with a financial services company or utility provider in the past year due to poor customer service, resulting in nearly two billion pounds being lost by companies in each industry per year.
Businesses in these industries have some of the largest consumer bases in the UK. Yet, the substantial amount of revenue lost due to poor customer service shows that consumer loyalty is extremely low and churn is high. The research reveals that hard to navigate self-service systems, long waiting times and constantly having to repeat information were some of the greatest sources of consumer frustration. This information can help guide companies towards an improved the customer experience by targeting and improving the main grievances of consumers.
"Customer contact centres often fall short when it comes to providing an integrated consumer experience, as existing services are evidently not reaching customer standards," commented Lucille Jackson, Marketing Manager, Genesys UK. "As a result, it is necessary not only to identify the gaps between customer expectation and actual customer service, but also to implement a system that will remedy these problems. Consumer expectations of what constitutes good customer service are constantly rising, so now it is not enough for businesses to continue doing what they have always done, as customer satisfaction will continue to decline if they do nothing to remedy the problems. Companies also need to consider the end-to-end process, which involves optimising resources across the whole organisation, including back office operations, in order to provide a more unified approach customer service.
"The increase in customer churn and the decrease in loyalty are both major concerns for businesses in the UK, and particularity for those in the utilities and financial services industries, where the substantial figures reflect the sheer size of the problem. In these tough economic times, it is even more important to retain and attract customers for revenue, illustrating that companies in these industries need to focus more on the end-to-end customer experience," Lucille Jackson continued.