What do Local Councils and Financial Institutions have in Common?

BankLocal Councils and Large Financial Institutions such as Banks are not often brought together, unless you link them through the Icelandic Banking collapse a few years ago.  Seldom are the two linked with any commonalities so what is it that these two very different institutions have in common?  

Unfortunately the Lack of Trust and Poor Customers Services experiences can often link these two different sectors.

Lack of Trust & Poor Customer Service brings these sectors together

It shouldn’t come as a surprise to anybody that the level of trust in the financial services sector has declined immensely, this is particularly true of the Banking Sector.  Trust or trustworthiness is probably the single most important business asset a company has, especially today when there’s an accelerating pace of technical change, innovation, and economic turbulence.

Pressure to Improve Quality of Service

On top of that, there’s a tremendous increase in the power of social media and word of mouth and how that’s all feeding into the reputation economy. Local councils are also under pressure from Citizens for continually cutting services, particularly from front line services.  When front line services are squeezed so does the reputation that comes with a decline in service level offerings.  Being able to offer good services and having a good service level reputation helps to build trust.

Steps Financial Institutions can take to Rebuild Trust with Customers

There are two requirements for earning trust: intention and competence.  If I’m going to trust you, I have to view your intention as good; that you’re acting in my best interest.  I also have to view you as having the competence to carry this out.  If you have the best intentions in the world but you’re not competent enough for me to trust that you’ll execute well to deliver, then I surely will not get a positive customer experience.

Improving Service Agent Competence – A Matter of Knowledge

Competency and capability in service delivery is intrinsically linked to the knowledge made available to the service agent.  Relying on experienced agents with deep and rich experience is not always possible. Hence, a well organised and segmented knowledge base is a key tool for enhancing service delivery.  One way to achieve this quickly and efficiently is to introduce a knowledge management solution to index and organise existing knowledge at source.  This helps making relevant knowledge available to service agents in ways that ensures ongoing improvements in coverage and usability.

If you want to find out more about our knowledge management software, please contact us >>