Boston, MA -- (SBWIRE) -- 04/21/2014 -- 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%.

Report 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.

Report 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.

Companies Mentioned in this Report: American Express, Bank of America, Wells Fargo, Citibank, Barclays, Halifax, HDFC Bank, ICICI Bank, Russian Standard Bank, Starbucks, Westpac, FirstOntario Credit Union, DNB Bankas, PayPal, U.S. Bank, BBVA, CIMB Bank, Axis Bank, Turkish Economy Bank, HSBC

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