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Top 15 hidden reasons that drive away wealthy Credit Card Banking Customers

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Credit Card customers often times end up as Savings account holders in the same bank. Hence business retention in this space is crucial for the industry to not lose out on its growth. The below is based on 1153 customer complaints analyzed across the top 7 Banks in India.

  1. Poor security infrastructure
  2. Enormous time delay in sending new / replacement cards
  3. No service tracking alerts especially on dispatch of cards
  4. Limited online bill payment facilities
  5. Cumbersome statements and difficulty for quick view of payments due
  6. Unexplained charges
  7. Lack of instant alerts to prevent frauds
  8. Rejection of application or card cancellation before issue without adequate communication with customers
  9. Different call centers for credit cards and rest of banking services
  10. Email requests not replied with relevant and direct response to the query raised and instead too many auto responses and general responses received
  11. Call center number not printed properly behind the card or changed frequently
  12. Officers handling exception processes not accessible
  13. call center often times not able to access system
  14. no facility for fast track requests even at a cost
  15. Too many promotion mails with subject line “Credit Cards” makes customers miss the important ones

Banking Consultants @ CSAT360 recommend the top Banks to take cognizance of the above feedback and in addition adopt the below practices immediately

  • When responding to any request over call, follow that up with an email acknowledgement with specific reference to the query with time stamp. A transcript of the conversation would be highly advisable as well
  • When responding, make it a point to provide the next steps to the process, the time that it would take and who are the persons to reach out to in case of any emergency.
  • Any auto acknowledgement to email request – should include specific reference to the customer request
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