Product Code: VR1059MR
The report discusses in detail the best practices adopted by banks and other card issuers for effective customer service and relationship management.
- It provides insights into key drivers that have changed the dynamics of the cards and payments industry, as banks and other payment companies are now increasingly focusing on providing improved services and building long-term relationships with customers.
- It captures insights into emerging operations, technology and regulatory trends with regard to customer service and relationship management in the global cards and payments industry.
- Provides case examples to highlight strategies and actions taken by banks and card issuers when implementing customer service and relationship management strategies.
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.
- 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.
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.
Table of Contents
1. Executive Summary
2. Customer Service and Relationship Management by Banks and Payment Companies
- 2.1. Background
- 2.1.1. Key drivers
- 2.1.2. Emerging trends
- 2.1.3. Regulatory developments
3. Best Practices in Customer Service and Relationship Management
- 3.1. Customer Relationship Management Applications
- 3.1.1. Regional analysis - adoption of CRM applications in retail banking
- 3.1.2. Europe
- 3.1.3. Americas
- 3.1.4. Asia-Pacific
- 3.1.5. The Middle East and Africa
- 3.2. Contact Center Management
- 3.3. Multi-Channel Banking Channels Proving Consumer Convenience
- 3.3.1. Self-service branch banking models
- 3.3.2. Online, social media and other digital channels
- 3.4. Customer Segmentation and Personalized Offerings
- 3.4.1. Customer segmentation based on demographics and income level
- 3.4.2. Customer segmentation based on relationships
4. Implementation Strategies and Case Examples
- 4.1. Strategic Roadmap for Customer Service and Relationship Management
- 4.1.1. Relationship-based services and pricing
- 4.1.2. Reward programs will improve customer relationship
- 4.1.3. Expansion of distribution network to offer services at customers' door step
- 4.1.4. Use of digital channels as a cost-effective means of reaching customers
- 4.1.5. Utilizing technology to improve customer experience
- 4.2. Case Studies
- 4.2.1. Barclays introduced an online platform allowing customers to share ideas
- 4.2.2. Chirpify - reinventing payments through social media
- 4.2.3. Citibank's launch of time-based relationship pricing with the Citi Prestige Card in Hong Kong
- 4.2.4. HDFC Bank adopted a CRM application to streamline customer services
- 4.2.5. Starbucks improved customer convenience by allowing mobile payments
- 4.2.6. Royal Bank of Canada introduced self-service kiosks with video-enabled assisted services
- 4.2.7. La Caixa's introduction of the world's first contactless ATMs in Spain
- 4.2.8. Alpha Bank's instant rewards through POS terminals
- 4.2.9. Russian Standard Bank (RSB) benefited from an analytics platform
- 4.2.10. Westpac offering quality service via its speech recognition solution
- 5.1. Methodology
- 5.2. Contact Timetric
- 5.3. About Timetric
- 5.4. Timetric's Services
- 5.5. Disclaimer
List of Tables
- Table 1: Commercial Bank Branches (per 100,000 Adults), 2008-2012
- Table 2: Global Spending on CRM Applications (US$ Billion), 2012-2017
- Table 3: Spending on CRM Applications in Retail Baking in Europe (US$ Million), 2012-2017
- Table 4: Spending on CRM Applications in Retail Baking in the Americas (US$ Million), 2012-2017
- Table 5: Spending on CRM Applications in Retail Baking in Asia-Pacific (US$ Million), 2012-2017
- Table 6: Spending on CRM Applications in Retail Baking in the Middle East and Africa (US$ Million), 2012-2017
- Table 7: Internet and Mobile Penetration Across Developed and Emerging Economies, 2011
List of Figures
- Figure 1: Global Spending on CRM Applications in the Retail Banking Industry, 2012
- Figure 2: Shift From Product-Centric to Customer-Centric Approach
- Figure 3: Global Spending on CRM Applications (US$ Billion), 2012-2017
- Figure 4: Regional Spending on CRM Applications in Retail Banking (%), 2012 and 2017
- Figure 5: Spending on CRM Applications in Retail Baking in Europe (US$ Million), 2012-2017
- Figure 6: Spending on CRM Applications in Retail Baking in the Americas (US$ Million), 2012-2017
- Figure 7: Spending on CRM Applications in Retail Baking in Asia-Pacific (US$ Million), 2012-2017
- Figure 8: Spending on CRM Applications in Retail Baking in the Middle East and Africa (US$ Million), 2012-2017
- Figure 9: Development of Self-Service Channels in Retail Banking Industry
- Figure 10: Self-Service Branch Banking Models
- Figure 11: Broadband Internet Users on Mobile Devices (Million), 2009-2013
- Figure 12: Growth of HNWIs in Key Countries, 2008-2012
- Figure 13: Young Populations (Aged 15-24) in Key Countries, 2010-2020