Customer Satisfaction in Digital organization

Customer Satisfaction in Digital organization

Is Customer Satisfaction being affected by the digital tsunami?

Perhaps the answer lies that while technological change is driving most of these changes - what is running through all of this is continuously improved self-service, customer convenience & improving end user/customer experience. Influential thinkers & world economic forum is now describing this as the 4th industrial revolution!

CUSTOMER SATISFACTION AND BANKING ORGANISATIONS

CUSTOMER SATISFACTION AND BANKING ORGANISATIONS

Customer Satisfaction studies done across the world by globally respected American Customer Satisfaction Index(ACSI) demonstrate that citizens across countries/geographies alike, favour banks who focus less on collecting fees and more on delivering excellence in their customer relationships over the long haul. Particularly in developed country like US, credit unions are demonstrating far more customer satisfaction than the banks. And over the years, it is seen that they have a history of being a satisfaction pacesetter, scoring at or near the top among 43 ACSI industries. ACSI 2015 customer satisfaction benchmarking data suggest that in 2015, the industry could be experiencing some pains as its ACSI score dropped 4.7% but nevertheless, credit unions continue to receive some of the best customer experience benchmarks in the ACSI. 

CUSTOMER SATISFACTION BENCHMARKING FOR BANKING SECTOR IN INDIA

CUSTOMER SATISFACTION BENCHMARKING FOR BANKING SECTOR IN INDIA

The Indian banking system successfully faced the global economic downturn since the last decade and has been taking considerable commendable steps to improve the banking experience in India. The Indian Banking system is generally well regarded globally and there is a mature & respected regulator (RBI) with a good mix of banking spread & competition between a number of public, private & foreign banks in operation. But there is always considerable discussion & on-going debate on financial inclusion and population coverage of banking products & services, quality of banking services delivered etc.

Sales, Market share should not be the only criteria to measure an Organisations Success

India is touted and growing at the fastest economic growth rate. And India’s organisations across private, public and/or government sector is delivering Product and Services to Customers worldwide. Numerous researches prove that organisations which are more Customers focussed/centric are consistently growing, and are more valuable worldwide.

This makes a case for Indian Organisations to deliver an extraordinary Customer Experience and continuously thrive to improve it. However, in India despite Organisations strategizing for a great Customer Experience/Satisfaction actual delivery for customers is often sub-optimal. This is due to varied reasons.

Importance of Customer Satisfaction benchmarking Scores

In today’s time when Customer Satisfaction is tremendously important - how many organisations truly & objectively measure customer satisfaction?

And when some organisations do measure Customer Satisfaction- how do they bench mark themselves (with peers) with respect to Customer Satisfaction as is being done on traditional metrics like sales & market share, profitability.

The question arises shouldn’t they first benchmark on Customer / User satisfaction?

Any why not publish these scores openly & transparently–just like market share & profitability data? 

CUSTOMER SATISFACTION

CUSTOMER SATISFACTION

There is a correlation between successful, valuable and very profitable organisations and Customer Satisfaction. These valuable organisations deliver world class customer experience and hence create an everlasting value for their customers’ vis-à-vis their peers.

Repeated research and Work in Customer Satisfaction space by various think tank, independent bodies, academics, corporates etc, too validate this rationale. This also explains the reason as why mission/vision of many organisations emphasise on customer satisfaction.

Customer Satisfaction Benchmarking

Customer Satisfaction Benchmarking

The Indian banking system successfully faced the global economic downturn since the last decade and has been taking considerable commendable steps to improve the banking experience in India. The Indian Banking system is generally well regarded globally and there is a mature & respected regulator (RBI) with a good mix of banking spread & competition between a number of public, private & foreign banks in operation. But there is always considerable discussion & on-going debate on financial inclusion and population coverage of banking products & services, quality of banking services delivered etc.

Customer Satisfaction research studies

Customer Satisfaction research studies

Customer Satisfaction is getting increasingly important these days with innumerable changes in customer preferences and turbulence which businesses are facing. To maintain the customer loyalty, and their preference for an organisation, product/service, customer satisfaction research studies which gauge, frame the customer satisfaction is important. The Customer Satisfaction studies are also important these days as we find that more importance is given to what the organisation is delivering to the customer, rather than what the customer is getting. This can become a monologue with focus on the efforts, resources and deliverable of organisations to the customers rather than what the customers gets. The Customer Satisfaction Survey can help organisations to diagnose, improve their strategies and have more loyal customers with direct benefit in the bottom-line of their organisations.

Customer Satisfaction Index Study for India

Customer Satisfaction Index Study for India

Indian Customer Satisfaction Index (ICSI) is the Customer Satisfaction study in India for both private sector & government agencies serving end customers & citizens for India. Indian Customer Satisfaction Index is the objective measurement of citizen and customer satisfaction and bench-marking organisations on what matters to end customers. Customer Satisfaction Index also provides diagnostics for determining specifics for improvement of organisations -customer and citizen satisfaction. 

Customer Satisfaction Measurement for my Organisation

 Customer Satisfaction Measurement for my Organisation

Customer Satisfaction Measurement is becoming more important for organisations in the today’s era when newer ideas and products are being launched every day. Today, through Social and digital media end users/ customers are connected to each other anytime, anywhere. And the Customer Satisfaction Measurement becomes more important when a click/review by customer can break or make organisations. It is not just imperative but a necessity for organisations today, to have an effective Customer Satisfaction measurement.

Indian Customer Satisfaction Index (ICSI)

Indian Customer Satisfaction Index (ICSI). Consumer satisfaction is quite obviously important for both consumers & organizations’ today. As India develops/matures and aspires to climb the ladder of development, consumer activism and widespread social expression on social & other media, indicates considerable consumer-citizen interest & expectation of being provided a quality product & service by organizations they buy products/ services from. Regulators across sectors, also see this as one of their core roles. Equally organizations are increasingly keen to get benchmarked on customer satisfaction – as there is a high correlation between an organization’s success and its ability to provide a superior customer experience.

Measuring Customer Satisfaction in India

Measuring Customer Satisfaction in  India

Measuring & benchmarking organization’s in India on what matters - end customer satisfaction. India customer satisfaction (ICSI) is being launched in India by hexagon consulting in collaboration & partnership with American customer satisfaction index (ACSI). Goal is to benefit organizations & consumers in India. The big initiates a dialogue on this subject so important for India, private, public and government sector organizations, besides consumers of course.