According to a J.D. Power and Associates survey, the credit card industry has finally hit its stride after a number of legislative changes, increased fees and limited credit availability. This is due in part to the industry's focus on customer satisfaction, for which American Express was recently celebrated.
The survey revealed that overall credit card satisfaction averaged at 753 points out of 1,000 in 2012. This is up from 731 in 2011 and 714 in 2010. The major areas of change have been customer satisfaction with problem resolution (31-point improvement) and satisfaction with rewards (28-point increase).
"Although credit card companies have been criticized for some of their business practices, when we look at overall customer satisfaction, they're doing a good job," said Jim Miller, senior director of banking services at J.D. Power and Associates. "It is evident in the 2012 study that credit card companies have really done a great job in handling problems and achieving quicker resolution."
If companies wish to obtain the type of customer satisfaction American Express is experiencing, they may want to invest in customer relations management software.
According to MarketCulture, a business consultant, there are many ways to improve customer satisfaction, but implementing custom database software that sets benchmarks to achieve and evaluates employee performance is one of the most effective.
By maintaining key customer demographic details in a database, company representatives will be able to communicate with clients in a more accurate and efficient manner. In addition, this information can be communicated across the company with custom software, making it useful for sales representatives when targeting potential clients, and research and development teams who may need the information to make new product innovations.