I recently read an excellent article creditunions.com produced by Elan, a leading agent credit card issuer. The article was titled "Key Service Qualities to Build Cardmember Satisfaction And Profitability", and it emphasizes the need to center customer service around your financial institution’s long term credit card program in order to drive profitable card operations. Several points were highlighted by the author as notable things to think about when trying to succeed in a servicing environment at your organization.
Clear messaging of your product doesn't just benefit your employees for better communication (performance feedback) and career growth (on-the-job training), it also fosters a satisfied account holder base more willing to dive into their wallets and spread the word to other potential customers or members.
Elan states that in order to be successful with a long-term credit card program financial institutions should focus on the following key traits and qualities in both software and work culture:
- Check in with your servicing staff
- Gather regular, scheduled feedback from managers, as well as classroom-based training and on-the-job training.
- When tracking KPIs, utilize scorecards that make sense, such as how personable, professional and clear the Service Representative is when trying to resolve an issue. This provides senior managers with increased visibility into the quality of the service provided.
- Sed Follow-up post-call surveys to account holders to help quantify overall satisfaction.
- Efficient and adaptive underwriting
- Focus on maximizing approval rates to card account holders.
- Combine manual and automated underwriting tactics that will assist in maximizing approvals and minimizing false denials caused by missing or incorrect data.
- Make sure to aggregate and track application, credit bureau, relationship data.
- Protect your cardholders
- Invest in fraud risk scoring models, fraud detection networks and identity verification tools
- Handle fraud events in a way that isn't disruptive to the card account holder, and utilize personalized, multi-channel communications.
- Drive efficiency surrounding security, issuing and delivery of credit cards.
- Implement 24/7 surveillance at the operation facility, as well as secure badges and code access (seems like a no brainer, right?). Financial institutions must take the issue of security seriously when issuing credit cards.
- Be PCI complaint.
- Perform daily audits on all work-in-progress tickets.
In closing, I couldn’t help but notice that the Lifecycle Management Suite (Account Origination, Loan Origination, Service modules) takes care of the software requirements, but what are you doing as an organization to drive a thriving work culture and put your account holders' needs first? Better service provided to your account holders will impact the growth of your portfolio in a healthy, positive and sustainable way.