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Bain research shows that when customers are disputing a banking fee, long wait times can diminish their satisfaction. Good call center agents can help. But even with top-notch customer service, wait times longer than 10 minutes can result in a 24-point drop in Net Promoter ScoreSM, a measurement of a customer’s likelihood to recommend the bank for the way it handles disputes.
In addition to better agents, banks can boost satisfaction during disputes by giving customers the option to receive a callback rather than holding. Customers who chose a call back gave a Net Promoter Score of 28 points, compared with a Net Promoter Score of –3 from those who didn’t have a choice.
Despite the high levels of satisfaction with the callback option, only 40% of customers took banks up on the offer. Still, those who were offered yet declined the option were more satisfied than those who were forced to hold.
In a landscape of ever-increasing consumer expectations and tightening budgets, offering and incentivizing callback options are a win-win, elevating customer loyalty at a relatively low cost.
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Net Promoter®, NPS®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
NPS Prism® is a registered trademark of Bain & Company, Inc.