Banks must improve customer service
This followed the company's survey, which showed that 37% of retail banking customers in South Africa had switched service providers over the past year due to poor customer service. This was despite a broader service range offered by banks in an effort to retain and grow their customer base.
"The constant switching is a clear indication that customer service rates highly in the customer's mind," Nikki Tyrer of Accenture's customer relationship management division said.
"Moreover, local banks offer the same financial products so customer service becomes the key differentiator which could give them the competitive advantage."
What was more critical for the banks was the fact that customers who were unhappy about customer service tended to share their experiences with family and friends.
"They are also likely to use social media and other platforms to spread the word about the poor service they received."
But there was good news. Results of the SA Consumer Confidence index conducted during the first quarter of 2010 showed that confidence among retail banking consumers had improved from what it was at the end of 2009.
Source: Sapa