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Peer2Peer Finance News | September 23, 2019

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Internet firms “set the bar” for customer service

Internet firms “set the bar” for customer service
Suzie Neuwirth

INTERNET services companies are setting an example to other industries of how to treat customers, a new report has found.

A Capgemini Consulting global survey of more than 3,300 consumers and 450 executives at the companies that serve them revealed a gap between how businesses and consumers perceive the quality of their customer experience.

While 75 per cent of organizations believe themselves to be customer-centric, only 30 per cent of consumers agree.

However, when specifically looking at internet-based services, the gap in perception narrowed substantially, with 68 per cent of companies perceiving themselves as customer-centric and 56 per cent of their customers thinking so as well.

Read more: Fintech has moved from foe to friend of financial services

This is a marked contrast to the utility sector, where 78 per cent of firms think they offer a customer-focused experience, but only seven per cent of their clients agree.

Meanwhile, 67 per cent of banks think they are customer-centric, compared to 42 per cent of their customers.

“Internet services companies and their customers are almost in step and setting the bar for other organizations, while utilities and consumer products companies have a long way to go to meet consumer expectations,” said the report.

Read more: P2P lenders are investing in IT to stay ahead

The rewards for delivering a better experience are high, as eight in 10 consumers indicate that they are willing to spend more with an organization for a better customer experience, and one in 10 consumers would increase spend by more than a half.

Yet, nearly a third of businesses say they face a challenge in keeping up with the rapidly-evolving technology landscape and consumers’ digital expectations.

“Digital has enabled new ways of engaging consumers but is also driving new behaviors and creating new expectations,” said Pierre-Yves Glever, global lead of digital customer experience at Capgemini.

Read more: HSBC steps up digital strategy

“It’s clear that many organizations are struggling to keep up with the pace of change. As our research reveals, experience is the new battleground, and how you connect will determine how you win.

“Organizations that tightly link their business operations with customer experience will reap the benefits in both streamlined operational efficiency and customer satisfaction.”