Best Practice – Ensuring Optimal Customer Service and Relationship Management

ResearchMoz include new market research report”Best Practice – Ensuring Optimal Customer Service and Relationship Management: Industry Analysis, Size, Share, Growth, Trends And Forecast” to its huge collection of research reports.

Browse PDF – Best Practice – Ensuring Optimal Customer Service and Relationship Management

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.

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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%.

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.

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.

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