Customer Service Department Driving Revenue & Profitability

“The purpose of a business is to make and keep a customer.” We firmly practice and believe in the fact that to succeed in the business world, a company must be customer driven, with a strong focus on customer satisfaction.

7 Jul,2017 03:45 IST 447
Customer Service Department Driving Revenue & Profitability

Written by Ms. Rakhi Narain

Peter Drucker, an Austrian-born American management consultant, educator, and author, said, “The purpose of a business is to make and keep a customer.”

We are growing in the business, and want our business reach to the next level. With an expansion of our home loan business, customers’ queries are also increasing day by day. We don’t outsource our customer service department; we keep it as centre of our business.

Our representatives can be found daily engaged in resolving queries like – When will I receive my welcome kit? When will I get my interest certificate on home loans? How can I update my new address? And the resolution helps us earn customer loyalty and retention.

We have internally designed a Standard Operating Procedure (SOP) that ensures the proper address of customer grievances within specific timelines.
To improve the overall customer experience, we have devised a strong robust complaint management process, where home loan queries are addressed in an efficient manner.
Also, our team is playing a pivotal role in contribution to the overall digitalization efforts of the company.

A research report from Harvard Business School, says, ‘An increase of 5% customer retention rate enhances profits by 25% to 95%’. To retain our customers and their happiness, we persistently focus on customer service, engagement, and education.

We firmly practice and believe in the fact that to succeed in the business world, a company must be customer driven, with a strong focus on customer satisfaction.

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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