Technology Solutions To Better Serve Micro Businesses

Customer service from financial institutions has been a major topic of discussion over the past few months

. While the big banks are apparently prioritising customer service, are their business customers really happy? Communications technology can help financial services organisations improve the customer service offered to micro businesses, according to a new Telstra white paper.

Financial service institutions are increasingly prioritizing customer satisfaction. However there are growing need for them to focus on the micro business sector to secure their share of this market, according to a new Telstra white paper (Servicing Micro Businesses - What Financial Institutions Need to Know). The paper was written by Telstra Enterprise & Government General Manager, Industry Development of Financial Services in collaboration with Roy Morgan Research. This comprehensive piece of research found that banks needed to improve customer service to the micro business segment in order to better meet their needs. The paper demonstrates how improving service to micro businesses can be achieved through enhancing existing investments in core IP networks, with solutions that create new customer experiences. This comprehensive piece of research found that banks needed to improve customer service to the micro business segment in order to better meet their needs.

The white paper identified remote working, unified communications, conferencing, collaboration and contact centre analytics as technologies that can help financial services organisations better support global micro businesses. With the explosion in smartphones, laptops and the growth in new devices in the home, now is the time for the financial services sector to assess new and emerging technologies to help them attract, retain and cross sell to micro business customers.

Roy Morgan Research, one of Australia's most respected and established market research companies, showed that micro businesses are the least satisfied business segments when it comes to customer service from banks. Telstra also sourced a third party spokesperson, social commentator Mark McCrindle from McCrindle Research, who provided valuable insight into the changing profile of micro businesses in Australia so that banks could better serve this segment. Mark outlined two trends micro business owners (the majority who are baby boomers/pre boomers) passing the leadership reins to Generation X and Y and the increasing mobility of micro businesses and how this can influence the way banks provide customer service.

Equipped with these findings, Telstra aimed to go one step further than other research available, by understanding the reasons for the customer dissatisfaction gap whilst outlining the technologies available to better capture the micro business segment.

Mergers and acquisitions. Widespread globalization. Ever-changing regulations. These are just a few of the challenges facing the financial services arena today. As financial institutions grow in size, number and complexity, it is becoming more essentialand more difficultfor them to grow the long-term customer relationships needed to sustain profitability. Outsourcing solutions to help you achieve longevity and stability in a dynamic marketplace. Contact Management Solutions enable you to provide seamless support across merged or acquired divisions; move new products and services to market more quickly; and maximize the acquisition of new customersall while keeping costs at bay.

Technology Solutions To Better Serve Micro Businesses

By: Ervin Kleitz Gonzales

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