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Service-orientated consumers in Financial Services 2003

Datamonitor
October 1, 2003
37 Pages - SKU: DFMN934245

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Countries covered: Europe

Service-orientated consumers in Financial Services 2003

Introduction:
Consumers are faced with a rapidly expanding array of choices with less and less distinction between these choices in terms of price or quality. Consumers therefore need some way to differentiate between different providers and thus simplify the decision-making process. Offering a high standard of customer service is one way in which FS companies can stand out from the crowd.
Scope:
* Data was drawn from Datamonitor’s Service and Simplicity survey 2003, which identified consumer attitudes relating to financial services provision

* Information was also included from Datamonitor Consumer division’s pan-European survey of consumers

* Quantitative information was also drawn from Datamonitor's Customer Loyalty in European Banking 2003 report

* Additional qualitative information was provided through in-house expertise.

Report Highlights:
Financial Services providers have a lot to live up to in order to meet current consumer expectations - 54.7% of consumers expect superior levels of service in their FS relationships. Older consumers expect a great deal more from their FS providers, whilst younger consumers are generally disillusioned, expecting to receive only adequate service.

While customers may sometimes be pleasantly surprised by good service, bad experiences stick in customers’ minds and affect the relationship in the long term. Over half of consumers surveyed stated that they would consider changing providers if they received bad service from their primary FS provider.

Despite high expectations of service from financial services companies, when looking at the overall offering from FS companies, consumers still choose the best performance or products over superior service. However, in times when competitor products and performance are indistinguishable, customer service is likely to swing the balance.

Reasons to Purchase:
* Get into the heads of consumers - gain an insight into consumer attitudes in order to best develop your customer service strategy.

* Action points offer specific, actionable recommendations to help differentiate your company from other FS providers.

TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION 7
The growing importance of customer care 7
CHAPTER 2 CUSTOMER EXPECTATIONS AND ATTITUDES 9
Introduction 9
The expectations 9
The reasons behind the expectations 11
Complaint resolution 13
CHAPTER 3 CUSTOMER SWITCHING 17
Introduction 17
The need to feel valued 17
The implications of bad service 18
Customer attitudes 18
The reality - experiences and reactions 20
Implications for future business 22
CHAPTER 4 CUSTOMER SERVICE: COMPLETING THE PACKAGE 24
The importance of customer service in the provider-client relationship 24
CHAPTER 5 ACTION POINTS 26
CHAPTER 6 APPENDIX 29
Supplementary data 29
Research methodology 32
Definitions 32
Further reading 34
Datamonitor Reports 34
Do you need further information? 36
Datamonitor financial services consulting 36
FS writing team 37

LIST OF TABLES
Table 1: Customer expectations of service 29
Table 2: Reasons behind the expectation of good customer service 29
Table 3: Aspects of customer service by importance 30
Table 4: Customer reactions to poor service 30
Table 5: Aspects of the relationship with an FS provider by importance 31
Table 6: “My primary FS provider makes me feel like a valued customer” 31
Table 7: Incidences of bad service from primary FS provider during the last year 31
Table 8: Incidences of switching primary FS provider during the last ten years 32
Table 9: Weightings system for importance ratings, 2003 33
Table 10: Calculation example of importance ratings: ‘customer service initiatives’ as a customer retention tool, 2003 33

LIST OF FIGURES
Figure 1: FS consumers have very high expectations 10
Figure 2: Older consumers have higher expectations of service than younger consumers, but neither want to pay for it 11
Figure 3: Reasoning behind customer expectations of good service 12
Figure 4: Personal attention is more important overall than speedy resolution 15
Figure 5: The majority of customers do not feel entirely valued by their FS providers 18
Figure 6: A lack of time and inclination prevent young consumers switching, while older consumers will happily look elsewhere 20
Figure 7: Almost half of consumers have experienced bad service in the last year, while over 60% have changed their primary FS provider in the last ten years 22
Figure 8: Word-of-mouth generated by good and bad customer service 23
Figure 9: Loyalty drivers in Europe, 2003 24
Figure 10: The best performance/products outweigh superior service 25

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