Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Business > Survey Says: Consumers Aren’t as Opposed to Bots as You Might Think
    Business

    Survey Says: Consumers Aren’t as Opposed to Bots as You Might Think

    Survey Says: Consumers Aren’t as Opposed to Bots as You Might Think

    Published by Gbaf News

    Posted on October 24, 2018

    Featured image for article about Business
    Tags:Digital Channelsdigital support channelspowered bot

    When it comes to getting the best customer service, new Genesys research shows 71% of consumers say a human is needed while 76% also turn to digital support channels

    While bots are often cited as a reason for poor customer service, new research from Genesys® finds many U.K. consumers do not rank them high on their list of frustrations.

    In fact, when asked about the most irritating issue in customer service, only 8.6% of consumers cited speaking with a bot, debunking numerous trending perspectives on the topic. Survey data also shows more than twice as many consumers say not being able to talk to a live agent when they choose is a bigger annoyance.

    While only 10% of the U.K. consumers surveyed characterised their last experience with a business as negative, there is still room for improvement. Savvy banks will do well to implement strategies that alleviate what the research shows as consumers’ top-three pain points in customer service:

    • Being put on hold (nearly 50%);
    • Being given incorrect information (nearly 35%); and
    • Being passed to multiple advisors (nearly 36%).

    Humans and Digital Channels Reign Supreme

    Nearly three quarters (71.4%) of survey respondents indicated they get the best and most effective customer service when a human is involved, but it’s not the only path to positive experiences. In fact, findings show consumers also value online methods for service with 76% citing digital support channels as important.

    Genesys Executive Vice President, Mark Turner, said, “Banks now have more flexibility than ever to connect with their customers in meaningful ways. When it comes to getting good customer service, the survey shows consumers want to be in the driver’s seat. They want the option to choose how they get the help they need when they need it – whether via digital channels, the human touch, or even from an Artificial Intelligence (AI)-powered bot.”

    Turner said the real opportunity for banks is to blend AI with human effort. “That combination is a game changer for organisations that want to give consumers the fast, efficient, informed service they want. But banks must find the right mix of digital channels, automation, AI and human involvement — or they risk making their customers unhappy. We do not believe AI will replace the need for live support, rather, it is the catalyst for positive change in the way humans work and how consumers get service,” said Turner.”

    Smart, fast service key for consumers

    Consumers put knowledgeable agents (58%) and a timely response (55%) at the top of their list of the type of interactions they value the most with a bank. Concurrently, 93% of respondents say it’s important for banks to quickly route queries to a customer service agent who has background information and understands the customer’s needs.

    Today, banks cannot afford to ignore the importance of delivering the type of service consumers want. Especially considering 83% of U.K. respondents say they have sometimes or always bought something from a business based solely on its reputation for customer service. Further, 93% of respondents have taken action as a direct result of poor customer service. Half of respondents say they have switched providers as a result of poor customer service, and 42% say they have never done business with a service provider again after a bad experience. Nearly 72% told a friend or family member and 16% even spread the word via social media.

    Additional findings from the survey:

    • The majority of customers (84.2%) feel phone engagement is still vital, yet more than half (53.9%), admit to contacting a bank via phone less than once a month.
    • Despite an increasing use of social media by businesses as a customer support channel, only 4% of U.K. consumers are fond of interacting with banks that way. Respondents cite discomfort, impersonality, unlikelihood of success and lack of speedy response as barriers.
    • 50% of respondents have switched providers as result of poor customer service and 42% say they stopped doing business with the service provider. Additionally, the vast majority of respondents have told others of bad customer service whether it be over social media, email, in-person, or otherwise – further highlighting the fact that word of mouth reigns in the customer service industry.

    Related Posts
    Five questions to ask before stepping into Employee Ownership
    Five questions to ask before stepping into Employee Ownership
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    How Investability Helps Companies Navigate Transformational Times
    How Investability Helps Companies Navigate Transformational Times
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Reducing Freight Costs to Drive Global Trade Expansion
    Reducing Freight Costs to Drive Global Trade Expansion
    The Psychology of Music in the Modern Workplace
    The Psychology of Music in the Modern Workplace
    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses
    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Business PostHow Startups Can Best Ride the “VC Wave” in Latin America
    Next Business PostShould small businesses work with influencers, if so how can they do this?

    More from Business

    Explore more articles in the Business category

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    2025-2030: The Next Technological Innovations for Business

    2025-2030: The Next Technological Innovations for Business

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    E-commerce Customer Service: Tips

    E-commerce Customer Service: Tips

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    Hurt at Work? 5 Financial Facts You Need to Know

    Hurt at Work? 5 Financial Facts You Need to Know

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Empower Your Workforce With Financial Wellness This Labor Day

    Empower Your Workforce With Financial Wellness This Labor Day

    Build a brand that stands out with five simple strategies, from defining your UVP to using storytelling and building loyalty. Find out more.

    Build a brand that stands out with five simple strategies, from defining your UVP to using storytelling and building loyalty. Find out more.

    View All Business Posts