We’ve all been there: stuck on hold with our bank, listening to the same music on repeat, only to reach someone who tells us to check the website. When we need to contact our bank, it’s usually for something important, so encountering poor service can be infuriating. But there are ways to fight back and demand better treatment.
According to research by financial blog Be Clever With Your Cash, the lack of access to a human representative is a major frustration for consumers dealing with financial products and services. The overreliance on chatbots and live chat as alternatives to speaking with a person is another common gripe. Difficulty finding a phone number, endless hold music, and unhelpful representatives are also major pain points.
While improved apps and online banking have made banking more convenient, it has also led to a decrease in physical bank branches. This forces customers to rely on digital channels for assistance when problems arise, further exacerbating the frustration with poor customer service.
Switching banks, cards, and policies might seem like the obvious solution, but it won’t necessarily guarantee better service in the long run. While losing customers can affect a bank’s bottom line, they need to know why customers are leaving to address the issues. Unfortunately, only a third of consumers provide feedback to their financial providers.
Here are some actionable steps you can take to improve customer service for everyone:
1.
Don’t Let Them Ignore You:
Start by directly contacting the bank or provider. Clearly articulate your issue and what you expect to be done. They might offer compensation, particularly if you’ve suffered financial loss due to their negligence. If they ignore you, you can escalate the issue to the financial ombudsman, who has the power to force the bank to take action and compensate you if they find in your favor.2.
Leave Feedback for All to See:
Share your experiences by leaving feedback and reviews on the bank’s social media channels, Google, or third-party review websites like Smart Money People. This allows others to avoid similar negative experiences and provides valuable insights for the bank.3.
Spread the Word:
Don’t underestimate the power of word of mouth. Discuss your experiences with friends and family. Learn from their positive and negative experiences while sharing your own. When enough people voice their concerns, banks may feel pressured to make changes that benefit everyone.4.
Highlight Positive Experiences:
While negative experiences often drive reviews, remember to celebrate positive ones as well. If you’ve had a good experience with a particular bank or financial service, share it on review websites and social media. This helps others find trustworthy providers and encourages companies to maintain high standards.By taking these steps, you can actively contribute to improving customer service in the financial industry. Remember, your voice matters, and by speaking out, you can empower yourself and others to demand better treatment.
