Guide / Toolkit
MicroSave Toolkit: Customer Service
Can MFIs keep customers, overcome competitive disadvantages, and work efficiently with good service?
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MicroSave's experience with Action Research Partners demonstrates that customer service can be one of the key differentiators for an institution, particularly in a competitive market. Since many financial products are relatively similar and intangible, customers will often judge you by the service you provide. They will seek out institutions that can meet their service requirements. It is clear that to stand out from the competition you must have more than a friendly, welcoming staff.
In fact, customer service depends on a wide range of variables, including:
- Product/service range - not only the core products and services offered, but also the additional services (such as customer rewards and incentives) as well as the delivery augmentations outlined below;
- Delivery systems - systems need to be efficient, effective, responsive and reliable, mass services are typified by limited contact time and a product orientation;
- Delivery environment - the location of branches and their opening hours, as well as their physical layout and design, and atmosphere space, colour, lighting, temperature etc. in the branches;
- Technology - often integral to a product for example ATMs or card-based savings accounts;
- Employees - the staffs' role in providing excellent customer care cannot be overstated.
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