Time Limit to Resolve a Member Problem? 10 Minutes, Study Finds

The credit union industry has long known how easy it is to lose a member to a competitor over better customer service and digital offerings, but a new study shows that consumers across the board have become even more susceptible to abandoning brands that don’t offer digital options and quick customer service.

The survey of 8,020 consumers in the United States, the UK, Germany and the Netherlands by business-process services company Conduent found that 58% of customers in the technology, retail, communications and media industries were likely or willing to change brands to seek better experiences. That was a 12% increase from last year.

“The results of this year’s Consumer Experience Report are a wake-up call for brands,” Conduent, Consumer & Industrials Group Chief Executive Christine Landry said. “It’s no longer a matter of if companies implement technologies like artificial intelligence, but when. There is a great opportunity to apply automation across digital platforms to break down data silos between channels and offer the immediacy, individualization and intelligence that make up a great customer experience.”

The likelihood a member will change brands appears to depend to some degree on demographics. According to the data, a negative retail brand experience will drive away one in 11 millennials and Gen Zers, one in 14 Gen Xers, and 1 in 50 baby boomers. Similarly, one in 10 millennials will abandon a tech brand that gives them a bad experience, as will one in 12 GenXers and one in 25 baby boomers.

“Sixty-one percent of consumers surveyed prefer to resolve their own issues rather than work with a representative from the company, an increase of 12% since 2017. Customers expect brands to provide things like FAQ pages and digital assistants to empower them to do so quickly,” the study said.

Regardless of how members ask for help, the data suggested that help better come quickly —  66% of consumers want a 10-minute resolution to any issue, the study said. At call centers, 10 minutes was the time limit for 84% of retail customers and 66% of tech customers; 10 minutes was also the limit for 80% of retail customers and 70% of tech customers using website chat, according to the study.

“Roadblocks cited include insufficient detail in the FAQ (12%) and a solution not existing online (23%), forcing a call to customer service or an in-person visit,” it noted.

“Across the board, customers expect an end-to-end consumer experience, with businesses offering high-quality, consistent service across multiple channels. Brands are falling short of these expectations: one in four consumers believe brand experiences have not improved in the last 10 years,” the study said.