DES MOINES, Iowa–Cardholders find value in a mix of agent and self-service assistance via voice, live representative and text interaction, according to a new report.
The Members Group survey of credit and debit card includes the insights of more than 1,050 cardholders who utilized TMG call center services, including interactive voice response (IVR), live agent, after hours and fraud detection and prevention. Each cardholder was asked for his or her input within 48 hours of interacting with the call center.
Ninety-six percent of cardholders were satisfied to very satisfied with TMG’s ability to quickly contact them on behalf of their credit union or bank after a potentially fraudulent transaction occurred, the company stated. “In these circumstances, nearly 60% (58%) of surveyed cardholders said they prefer to be contacted via voice messaging, while more than 30% (33%) like text messages. Overall, 97% of respondents were satisfied to very satisfied with the fraud detection service.”
Ninety-one percent of cardholders were satisfied to very satisfied with the ease of navigation inside TMG’s IVR system. This is a 10% improvement from 2014, which TMG attributes to the addition of a Spanish-language option, streamlined scripting and new self-service tools for transaction disputes and balance transfers since the previous year’s survey. Of cardholders participating in the most recent survey, 95% reported they were either satisfied or very satisfied in resolving their issue via IVR.
“As more consumers, particularly those in the Millennial and younger segments, interact with self-service systems, competency in designing an effortless, yet effective, IVR system is critical,” said Georgann Smith, vice president of marketing and brand strategy for TMG, which provides call center services for more than five million consumers throughout the U.S. and Canada. “Surveys like this provide the insight we need to do exactly that – build a simple, intuitive system we can adjust as consumer behaviors and preferences shift.”
TMG pointed out that a recent J.D. Power survey underscores the importance of an excellent live-agent experience. Sixty percent of credit cardholders, the survey said, turn to live phone representatives to resolve their problems, compared to the 26% who choose websites, e-mails and chats, and the 3% who choose to visit a local branch.
TMG’s call center representatives earned high marks from cardholders. Ninety-three percent of surveyed cardholders were satisfied to very satisfied with the clear and knowledgeable answers they received from live agents. The primary reasons survey respondents wanted to speak with a representative included making a payment, reporting a lost card, determining a balance, asking about a denied or blocked transaction or account maintenance, such as changing an address or adding a cardholder to the account.
In explaining the value of the annual survey, Smith pointed to findings like those reported by Accenture. The firm found 64% of consumers switched their business to another provider due to poor service in 2014.
“Cardholder service can have a significant reputational impact on card-issuing financial institutions,” said Smith. “Because they are in charge of such a critical touch point for servicing cardholders, call center leaders have to commit to regular monitoring and continuous improvement.”