News: Customer Service/Care
Customer service training: Meeting the banking "challenge"
01 October 2008
Investing in customer service training should become a priority for bankers intent on combatting credit impairments, slowing revenues and higher funding costs, according to one specialist in the sector.
Andrew Gray, UK banking advisory leader for PricewaterhouseCoopers LLP, issued his suggestion in response to comments from the Confederation of British Industry (CBI) regarding falling profitability in the country's financial services sector.
The organisation reported the results of its latest survey of financial services companies, revealing that business has dropped across all customer bases.
Mr Gray noted that the sector is now more depressed than at any other time since 1998.
"While banks again report an increase in average spreads, a key challenge going forward will be how to improve customer service and develop new revenue streams to compete in a world of slowing lending growth," he remarked.
In the CBI's study, 99 per cent of firms questioned predicted that it will take more than six months for "normal" market conditions to return.
A recent YouGov survey suggested that financial services providers have actually been compromising on customer care skills, further pointing to a need for tailored training provision. 
