Banks must update 'customer services approach'

Banks need to update their customer services resource planning in light of waning confidence, it has been claimed.

Consumers are losing faith in their banks' ability to meet their needs, according to research by ICM for banking technology provider Callatay & Wooters.

Nearly a third of respondents claimed that their bank does not understand their needs.

Customer service standards were also the top concern for 23 per cent of respondents, the survey revealed, highlighting the importance of improving business processes, such as resource planning software.

Marc De Groote, chief executive of Callatay & Wooters, explained that banks need to rebuild trust because "loyalty and retention is more important than ever" during a recession.

He said: "To achieve this, banks must fundamentally change the way they might have done business in the past.

"By bringing together customer data created and stored across different silos, banks can adopt a single customer view."

The research follows the publication of the Turner Review by the Financial Services Authority, which called for an overhaul of the banking system across Europe.

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