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    This individual Report Retail Banking Contact Centers: Strategic Considerations is available for purchase. This Report is available to members of Mercator Advisory Group’s Customer Interaction Advisory Service. Please be advised that this Report is normally part of a research and advisory service that provides ongoing support throughout the year. As such, this Report contains significant depth of content that is selected for its strategic importance to our members. (For a description of these services, see our Advisory Services section).

    While the Report represents significant analyst time invested, there is no means of our ascertaining if it will fully meet your specific intended purposes. Typically, these Reports form the basis for future discussions with our clients where we are able to fine-tune additional information that we have gathered in the construction of the series of Reports (or locate new information rapidly due to our exclusive focus on gathering information in the payments industry) for specific member needs.

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    The price for individual Report purchases is $2950 per document. 


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Retail Banking Contact Centers: Strategic Considerations

New research examines how the contact center can be deployed as a strategic asset.

Boston, MA – July 17 – 2012 Anemic macroeconomic conditions and tight credit standards have stunted growth opportunities for banks and other financial institutions. Executives therefore are exploring new means of generating revenue and including the contact center in these efforts. Many FIs are finding that the process of redeploying the contact center as a strategic asset, rather than a cost center, unlocks revenue opportunities and also enables representatives to deliver higher quality customer service.

Mercator Advisory Group's latest report, Retail Banking Contact Centers: Strategic Considerations, examines how a contact center that is aligned with the financial institution’s objectives and integrated with other banking channels can support organic growth. The report describes best practices at retail banking contact centers regarding performance measurement and communication channel strategies, highlighting recent customer satisfaction studies of several retail banking segments and contact center communication channels.

Michael Misasi, research analyst at Mercator Advisory Group and author of the report, comments, "Retail banks and credit unions are now embracing the notion that operating a successful contact center may require expanding its function beyond basic, low-cost customer service. Financial institutions are returning contact centers to the U.S. and managing them like other banking channels. This means integrating the contact center with branch and Web-based customer management applications and relying on the center to generate enough revenue for internal profitability.”

The report is 24 pages long and contains 12 exhibits.

Companies mentioned in this report include: PSCU, CFCU, Fiserv, Bank of America, Wells Fargo, and JPMorgan Chase

Members of Mercator Advisory Group have access to this report as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.

Highlights of the report include:

  • A comparison of customer satisfaction at credit unions, small banks, and large banks

  • A discussion of the most relevant key performance indicators (KPIs) for contact center managers, financial services industry averages, and the applicability/limitations of each metric

  • An analysis of how inbound customer communications are spreading across automated phone systems, email, online chat, social media, and video conferencing, and indicators of customer satisfaction with each channel

  • An explanation of how cross-channel banking solutions can help contact centers meet revenue objectives