Jim S Miller

Thoughts on the Client Experience and Banking

Meeting Customer Needs – It Takes More Than Products and Services

leave a comment »

A surprising finding in the Prime Performance 2010 Bank and Credit Union Satisfaction Survey:  Customer Experience with Branch and Call Center Representatives is how well small banks and credit unions scored on meeting the needs of their customers.  It is often assumed that a major advantage of large banks is the wide range of products and services they offer.  After all, if Chase or Bank of America doesn’t offer a product or service, who does?  It turns out it takes more than a wide offering of products and services to meet customers’ needs. 

Industry wide, 81% of customers said the bank representative they dealt with was effective at meeting their needs.  Small banks, with less than 300 branches came out on top at 90%, closely followed by credit unions at 89%.  Only 1% of credit union members and 2% of small bank customers claimed the representative was not effective at meeting their needs.  Chase and Bank of America had the lowest scores, with 76% of Chase and 75% of Bank of America customers believing the representative was effective and 6% and 5%, respectively, saying the representative was not effective at meeting their needs.

Clearly, customers are looking for something more than just the products and services offered.  They care about the way they are treated.  They want to deal with companies they can trust and ones that look out for their best interest, and companies that have kind and friendly employees.  Of the customers who said the representative was effective at meeting their needs, 98% thought the representative was friendly.  Of the customers who did not believe the representative was effective at meeting their needs, only 54% thought the representative was friendly.  Or to put it another way – When the representative was friendly, only 1% of customers claimed the representative was not effective at meeting their needsWhen the representative was not friendly, 21% of customers said they were not effective at meeting their needs

Banks spend a significant amount of time and money on product development.  Based on what customers are saying, they would be wise to divert some of this investment to “friendly” development.  Hiring employees with the right attitude, defining what is “friendly” (smiling, eye contact, thanking, etc.), and measuring the customers’ reaction to how they are treated are all key elements in “friendly” development.  Banks that invest in this type of development will more effectively meet the needs of their customers, have a more loyal customer base, and will see greater satisfaction from their customers.  At Prime Performance, we can help you with this “friendly” development and help you achieve a customer experience that is exceptional.   

For a complimentary copy of the study, please click here.

Advertisements

Written by Jim S Miller

December 21, 2010 at 2:25 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: