Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services...

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let...

According to a recent commissioned consumer survey, conducted by Forrester Consulting on behalf of eGain, on the biggest pain points of customer service journeys is the lack of knowledge among agents.

An online study of 5,000 consumers in the US uncovered the worst aspects of getting help from customer service contact centers.

Allowed to pick up to two options, consumers cited the following three as the biggest pain points:

customer service

According to the report, the research also yielded insights across industries and consumer demographics such as age, gender, and income groups. Here are some sample findings:

Consistency of answers across agents: Government (56%), and tech-oriented sectors—technology (47%), cell phone (46%) and communications service providers (45%)—performed the worst in this area. Even the best–performing sector, online retail, had 33% of consumers complaining about this issue. This highlights the need for a unified omnichannel knowledge platform across industries.

Agents not knowing the answer: Offline retail (47%) and technology sectors (47%) performed the worst. Again, even the best-performing sector, property, casualty and life insurance, had 25% of consumers complaining about this issue. There seems to be a need for knowledge management systems that are smarter, as simpler questions get handled by self-service. The system would have to be available across all omnichannel touchpoints, including retail stores and branch offices.

Findability of answers on website: Online retail (40%) and banks (36%) performed the worst. 27% of consumers thought that this was a major pain point even in the best-performing sector, technology. There seems to be a huge opportunity across industries to reduce website abandonment and create service differentiation through knowledge- powered self-service.

Younger consumers are less forgiving of agents that are not knowledgeable: 40% of Gen Y consumers did not find agents to be knowledgeable versus only 23% of seniors. Likewise, only 9% of Gen Y consumers found non-knowledge issues as the main roadblock to service versus 35% of seniors. This is, perhaps, due to younger consumers knowing more and demanding more knowledgeable service.


Insights’s perspective on industry news and trends



Must-read news and insights from financial industry leaders



Compelling voices and contributed content from around the web

Andy Brown

Andy is marketing director for payments at NCR. He has nearly 30 years' experience in e-payment systems from the delivery and support of systems in the Far East and Europe, from both the product management and marketing perspectives. Based in the UK, Andy is responsible for marketing NCR payment solutions.

Dena Hamilton

Dena is NCR's Director of Enterprise Fraud & Security Software Solutions. She specializes in fraud, risk, compliance and security, with over 35 years of experience in the financial services space. Her focus is the development and deployment of enterprise financial crime solutions optimized in prevention, detection and back office efficiency.

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Neill Harris

Neill Harris is product marketing director for ATM solutions at NCR. He travels extensively to many of the world's leading banks and financial institutions, articulating how self-service technology and innovation can inform and support strategies and solve challenges.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

Cleopatra Mavredis

Cleopatra is NCR’s Global Marketing Manager for Channel Solutions and has more than 20 years of experience in the ATM industry. NCR’s channel solution portfolio is comprised of APTRA Vision, Inetco Insight and OptiSuite solutions.

Edward Wade

Edward is a freelance writer from Sheffield. Now living in London, he focuses on business and finance.