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UK telecoms, energy, and financial sectors paying out more than ever, finds Servion

January 11, 2018

Posted by: Zenobia Hegde

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Organisations in the telecoms, energy, and financial sectors need to do more to meet increasing customer expectations. This is the finding of customer experience specialist firm Servion, following enquiries made to the UK Ombudsman Services Ltd and the Financial Ombudsman Service.

Data from reports for 2017 found that in each sector, as industries become more commoditised, consumers expect more in terms of value, product offering and, increasingly, customer service – which is resulting in companies offering more financial compensation.

Key statistics from the reports shared include:

Shashi Nirale

“Consumers will no longer accept a poor customer experience, hidden costs, or sub-standard services – and organisations that aren’t keeping up are paying a heavy price,” said Shashi Nirale, SVP & GM EMEA at Servion. “Paying out for the majority of customer complaints is simply not sustainable. Businesses must look at new ways of engaging with customers – using new technologies such as AI and robotics – to ensure they receive personalised, up-to-date and efficient service. Those that fail to do so will see profits fall, as increasingly disloyal customers seek out their competitors.”

After making enquiries to the independent ombudsman organisations, Servion examined the annual reports from 2015, 2016, and 2017 to date, which are broken down for each sector below.

Communications companies struggling to keep up with customer expectations

As new operators enter the market, competing on price and product offering, CSPs are under increasing pressure to make services such as billing, customer service and contract renewal as easy as possible. However, many consumers remain dissatisfied.

Key stats include:

“As this data from the Ombudsmen services shows, companies that continue to offer a substandard customer experience are making a costly mistake. Not only are their finances suffering, but their reputations are taking a similar nosedive,” continued Shashi Nirale, SVP & GM EMEA at Servion.

“Today, customers expect communications and services tailored to them, even when – in fact, especially when – their experience has already been poor. We are in a digital age, and technologies to help companies improve customer experience are available and affordable. There is no excuse for businesses that fail to meet rising customer expectations.”

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