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Tuesday 25 March 2014

Best Practice - Ensuring Optimal Customer Service and Relationship Management Insight Report: ResearchMoz


ResearchMoz includes new market research report "Insight Report: Best Practice - Ensuring Optimal Customer Service and Relationship Management" to its huge collection of research reports. View full report at http://www.researchmoz.us/insight-report-best-practice-ensuring-optimal-customer-service-and-relationship-management-report.html.

Customer satisfaction has always been a priority for banks and payment companies. With the advancement of technology, rising competition and changing consumer preferences, it has become even more important to have effective customer service and relationship management (CRM) to retain existing customers as well as acquire new ones. 

Companies have adopted a number of best practices, including strengthening existing CRM platforms and installing new ones, managing contact center operations effectively, offering customized products and pricing at an individual level, and using online and social networking platforms to address customers’ complaints. 


Banks and payment companies have adopted CRM applications to improve customer services and provide suitable products, indicating a positive outlook for successfully understanding customers. Companies in the Americas and Europe were early adopters of CRM applications, and are using them as a platform to develop new products. 

The Asia-Pacific region is at an intermediate level in terms of use of CRM solutions, while it is still a relatively new concept in the Middle-East and Africa. Overall global spending on CRM applications by retail banks reached US$1.9 billion in 2012, accounting for 14.0% of the overall global spending on CRM. Spending is expected to accelerate further over the forecast period (2013–2017), increasing from US$2.1 billion in 2013 to US$3.0 billion in 2017 at a CAGR of 10.10%. 

Browse All Banking Market Research Reports - http://www.researchmoz.us/banking-market-reports-159.html

Scope 

This report provides insights into best practices adopted by banks and payment companies to ensure optimal customer service in the cards and payments industry. 
This report discusses the key elements that are vital in helping banks and payment companies build strong relationships with customers, including the integration of CRM applications into IT systems, effective contact center management, multi-channel consumer banking, segmenting customers, and offering customized products and pricing. 
This report discusses key regulatory developments in the retail banking and payments industry and also outlines the regulatory challenges faced by companies in utilizing online and social media as mainstream consumer-engagement channels. 
The report discusses case studies to illustrate how the adoption of best practices has enabled companies to strengthen their relationships with customers. 

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Reasons to buy 

Gain an insight into strategies adopted and actions taken by banks and card issuers in various parts of the world to build long-term relationships with customers. 
Gain an understanding on key factors that drive the banks and payment companies across the world to utlize CRM practices. 
Gain an understanding of emerging operational, technological and regulatory trends and developments with regard to customer service and relationship management in the global cards and payments industry. 
Gain insights into best practices adopted by banks and payment companies while implementing customer service and relationship management strategies, with case examples. 

Key highlights 

To offer a consistent banking experience and customer service, banks and payment companies must ensure that they establish adequate customer service channels in both banked and unbanked areas to interact with customers and provide assistance in conducting banking transactions. 
To improve the banking experience and provide customers with appropriate products, banks and other payment companies are integrating CRM applications into their IT systems. An effective CRM system enables organizations to understand customer requirements, and manage and address issues and queries efficiently. 
Social CRM is an initiative adopted by various organizations and financial institutions to help understand customers and provide appropriate solutions. Banks and payment companies set up accounts and profiles on social platforms such as Twitter, Facebook and LinkedIn to address customers’ issues, complaints and feedback. 
Banks and payment companies have developed mobile phone applications that allow customers to access their accounts and make online transactions, giving rise to the concept of ‘omni-channel’ banking where banks can provide customers with a single view of their finances using a mobile device. 

Related Reports - 

Private Banker Industry Report 2014 

The definitive report on global private banking, the Private Banker Industry Report 2014 provides the inside track on the markets, sectors and people of the industry. With sections covering regulation, consolidation and trends as well as emerging challengers, and various country reports and investigations into big banks and new business models, this report delivers a critical account of the private banking industry in 2013 and what the industry look like in 2014. 


Insight Report: Non-Bank Providers of Payments and Financial Services - Best practices and Case Studies 

Non-bank payments and financial service (NBPFS) providers are facing difficulties in terms of expanding and defending their market shares, as a result of changes in regulatory dynamics, the economic environment and competitive landscapes. Companies are under pressure to deleverage and seek alternative sources of profit, as key economies remain weak and competition has increased. In this altered environment, a new operating model is needed, one that is rooted in attaining a primary relationship with the customer through the rebuilding of trust and the forging of active customer relationships. 


About ResearchMoz 

ResearchMoz is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. 

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