3 Obvious but Overlooked Tips for Customer Satisfaction

While it may be difficult to envision how small banks can have much in common with large, super-regional banks, there are similarities when it comes to noteworthy customer performance, and it involves more than just giving customers change. Banks that are ranked highest in customer satisfaction, regardless of size have one thing in common……….and that is that they continually focus on improving and managing areas critical to satisfaction. They stand out among their peers because of their exemplary performance in the following 3 areas:

1. Avoiding problems—Resolving problems as they occur is important, but avoiding problems in the first place sets the highest performers apart from other banks. While the industry average is 22% of customers reporting a problem in the past 12 months, all highest performers maintain problem incidence rates below industry average.

2. Keeping fees consistent and transparent—The focus on fees has raised customer awareness more than ever. Banks need to work to both minimize changes to fee schedules and over-communicate to customers when changes are inevitable. All but one of the six highest-performing banks have low incidence of fee changes and/or ensure that customers are aware of changes in fees.

3. Delivering a quality in-person experience—Even with technologies that minimize reliance on the interpersonal transaction in branches, the highest performers still excel in the basics of personal service. All highest performing banks have wait times that average 1 minute lower than the industry average, and all receive high scores in promptness, courtesy, and knowledge.

Data: 2010 J.D. Power Retail Banking Satisfaction Study
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