You’ve probably heard this statistic: For businesses it is 6-7 times more expensive to acquire a new account holder than it is to keep a current one. With more account holders becoming vocal about their service experiences on social media, it is more critical than ever for your contact center to meet and exceed account holder expectations.


Because despite the uptick of business customer service activity being managed via social media, 68 percent of customer communications are still handled on the phone.

Social media may be changing the servicing landscape, but it hasn’t changed the fact that account holders still want to talk to someone if they’re having an issue with their financial institution.

Don’t ignore what the industry is telling you. Here are 10 account holder expectations your contact center can’t afford to overlook.

1. Account Holders Expect Good Service
This should go without saying, but when account holders take the time to pick up the phone to call you, their minimum expectation is that the service be good. An MIT Sloan Review Study found that account holder expectations have two levels: desired and sufficient.

Don’t be the financial institution that gives “sufficient” service, especially when the success of a major project, such as an online conversion or merger and acquisition, is riding on it.

2. Keep in Mind The Account Holder’s Priorities
According to one study, customers want three things from a company’s contact center:

  • Personal interaction
  • A knowledgeable representative
  • Quick resolution to their problems

3. Timeliness is Paramount
Account holders expect their concerns to be handled in a timely manner, with 75 percent of account holders feeling it takes too long to reach a live representative on a call.

4. Account Holders Want 24×7 Access
Account holders who have urgent servicing needs want to be able to reach someone instantly, if not via phone then by other avenues of communication.

5. …And Multiple Ways to Get in Touch
If a company’s contact center representatives aren’t available 24/7, customers want to receive help via social media, web chat or email. When reaching out via social media, 53 percent want a response in under an hour.

6. They Want Personalized Service
Although a live servicing rep may not be feasible in the digital age, account holders still want their contact centers to offer a personal touch: either by accessing their information instantly (so they don’t have to repeat themselves) or simply being greeted by name.

7. …And Expect Representatives to Be Knowledgeable and Patient
Only 19 percent of customers are satisfied with a company’s contact center experiences. Having a comprehensive understanding of customer needs and expectations is the first step in providing an amazing customer experience. Experienced reps = knowledgeable reps.

8. Unhappy Account Holders Crave Resolution
Account holders who reach out to their institution’s contact center are doing so because they want resolution to a specific issue, yet representatives fail to answer questions 50 percent of the time.

9. …Or if Not, To Escalate Their Issue
Your contact center representative should be able to manage most servicing scenarios, but in the event of a more serious concern, escalating the issue should always be an option. To help with this, it’s more effective (and subsequently better for account holder service) for your account holders to be able to get in touch with a live person who can assist them.

Surprisingly, studies have shown that calls are handled faster with a real person than an automated phone service.

10. Finally, Account Holders Want a Cohesive Brand Experience
Account holders desire a seamless experience whether it is with their financial institution’s branch, website or contact center. To ensure that messaging is consistent between the different functions of the business, it makes sense to hire a truly knowledgeable contact center team.

> Download Vericast’s “10 Must-Know Contact Center Lessons From Digital Conversions” article.