[Sponsored Report] Satisfaction expectations bright for tech, finance and education

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[Sponsored Report] Satisfaction expectations bright for tech, finance and education

Now that the calendar has flipped to 2011, many companies have vowed to sharpen their focus on customer service. Here’s a look at customer satisfaction expectations for major industries this year.

Electronics

This industry had a banner year in 2010, changing the way consumers communicate and interact with each other and helping bolster a key segment of Korea’s economy.

The smartphone craze presented a compelling story, as the devices became immensely popular across the world. In addition to the consumer side of the equation, smartphones helped revolutionize business as we know it, allowing employees to work while on-the-go and adding a new dimension to client communications.

Local companies in this field are now actively analyzing the rapidly changing market to prepare for the future and identify new trends. These firms are attempting to provide differentiated value to customers and lead the market for years to come by bolstering competitiveness and maintaining a leading-edge mentality.

The electronics industry is expected to evolve and change rapidly in coming years. With that in mind, it will be important for companies to continue to address customers needs, stand out from the competition and provide both unique and customized services, which should help boost the NCSI for the industry in 2011.

Telecommunications service

The buzz in the telecommunications industry last year revolved around the same thing that generated headlines in electronics: smartphones. With companies releasing the do-it-all devices at a rapid clip, local mobile service producers rushed to offer new smartphone plans.

It all started when KT began selling the popular iPhone - developed by U.S. giant Apple - in Korea, offering wireless data and phone service for the device. Now, each major provider in the country offers some type of unlimited wireless plan. The increase in demand for data that can be accessed and sent wirelessly via smartphones has helped give providers of telecommunications services a new growth engine.

The market for smartphone software has become a new cash cow as well. Currently, all local mobile service providers offer packages for smartphones. They also see huge growth potential in other types of devices that rely on wireless Internet access such as tablet PCs.

Providing stabilized and reliable wireless data service has become a key goal for many telecommunications companies this year. Companies in this industry have been able to fulfill customers’ needs by finding new ways to provide mobile and data services while at the same time reducing costs. They are also preparing to launch a host of new products this year to further meet the needs of customers and drive growth for the foreseeable future.

Financial industry

Expectations for the local financial industry are bright, to say the least. Many experts forecast a healthy year for the sector as a whole, though they expect competition to become even more heated as companies fully recover from the financial meltdown and turn more aggressive.

In the banking world, profits are expected to rise this year on the back of the expected stabilization of the global economy and improvements in asset soundness. Banks are expected to boost investments as they look to spend some of the money they hoarded during the downturn.

In the securities services industry, analysts forecast increased liquidity and an overall recovery in the market in 2011. Customer satisfaction will likely be a big focus in this segment of the industry as companies look to differentiate themselves from their competitors and gain more market share.

As for credit card companies, developing new products and reinforcing marketing will be key focuses this year. These firms are also expected to form more strategic alliances and develop new businesses tied to the mobile industry.

Higher ed

Customer satisfaction at private universities and colleges is expected to rise this year as these institutions change some long-held practices. The biggest is a move to release course evaluation scores to the public, which will help ensure fairness. At the same time, schools are providing their professors with opportunities to use the student-based teaching method, while others are even filming lectures so that they can evaluate courses.

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