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By Mark Zmarzly, SVP of Financial Services at ACTON Marketing A few weeks back I decided it was time to write a blog post on “How Banks Can Best Use LinkedIn.” But then Jeffry Pilcher at TheFinancialBrand.com wrote this great post: 12 Steps Financial Marketers Can Take To Get The Most From Their LinkedIn . . . Continue Reading Your Bank Hasn’t Earned the Right to be on LinkedIn Overall customer satisfaction with retail banks improved significantly from 2012, largely a result of improvements made by big banks,(1) according to our J.D. Power and Associates 2013 U.S. Retail Banking Satisfaction StudySM released today. “Many of the big banks have made great strides in listening to what their customers are asking for: reducing the number . . . Continue Reading Big Banks Make Big Gains in Customer Satisfaction Do you understand the connection between customer satisfaction and financial performance? In case you missed our J.D. Power and Associates complimentary webcast last week, we examined how the links between customer experience and business results – and their drivers – vary by product. We explored the revenue drivers in retail banking, credit card and mortgage, . . . Continue Reading Optimizing the ROI of Customer Satisfaction Businesses can no longer adopt a trial-and-error approach to social media as all-new research finds a link between social media and business metrics such as consumers’ likelihood to purchase or interact with companies through leading social channels, according to the J.D. Power and Associates 2013 Social Media Benchmark Study,SM released today. The inaugural study . . . Continue Reading Poor Social Media Practices can Negatively Impact a Bank’s Bottom Line Social novices and mavens, what goals are you setting in 2013 to strengthen your social relationship with consumers? Consumers know what they want from their social media interactions with brands, but do you know how they are looking to engage? To better understand this challenge, J.D. Power and Associates recently hosted an online research . . . Continue Reading Three Social Media Goals Banks Can’t Ignore in 2013 Original post by Banking.com Staff on December 4, 2012In a recent blog on Banking.com, we explored how small businesses don’t always get the respect they deserve from the banking world. There’s no question that this sector of the economy is always vital, and increasingly optimistic. In fact, the number of businesses that report being ‘better off’ jumped from 16 percent in 2009 to 33 percent in 2012. This is also a market rich with possibility: on average, small businesses hold deposits four times greater and loan balances 15 times greater than retail banking customers. And yet, this market continues to rank near the bottom in banking satisfaction. So what’s going on—and what can the industry do to make thing better? The new J.D. Power and Associates 2012 US Small Business Banking Satisfaction Study, a comprehensive research report that identifies and highlights the situation described above, digs deeper into the problems and identifies many of the pain points. As mentioned in the previous blog, credit is still the primary issue, but it’s not the only one. The J.D Power study lays out more fundamental problems too. In particular, while small businesses are sometimes lumped in with retail banking, there are major differences between the two. Continue reading ›  Overall customer satisfaction with mortgage lenders has reached its highest level in the past six years, according to our J.D. Power and Associates 2012 U.S. Primary Mortgage Origination Satisfaction StudySM released today. For a second consecutive year, overall customer satisfaction has increased to 761 (on a 1,000-point scale) in 2012 from 747 in 2011 and . . . Continue Reading Communication and Transparency Drive Higher Mortgage Origination Satisfaction Our J.D. Power and Associates 2012 U.S. Small Business Banking Satisfaction StudySM suggests that banks should focus on small business customers because of the value they represent, when compared to retail customers. On average, small businesses hold deposits four times greater and loan balances 15 times greater than retail banking customers.1 Small business customers also carry higher levels of personal banking business than the average consumer. In addition, the profit margins on small business customers are typically larger than those on larger corporate banking customers. Yet, based on the results of the study, just released today, it appears that small businesses, like Rodney Dangerfield, get no respect. Despite overall satisfaction increasing by 19 index points year over year to 736 (on a 1,000-point scale) in this year’s study, it still represents one of the lowest-scoring financial services businesses that J.D. Power and Associates examines. Only mortgage servicing is lower. Even its perennial low-scoring counterpart, credit card, has surpassed small business banking in satisfaction to levels enjoyed in the retail banking sector. Now in its seventh year, the study measures small business customer satisfaction with the overall banking experience by examining eight factors: product offerings; account manager; facility; account information; problem resolution; credit services; fees; and account activities. The Small Stuff Matters Best Banking Blogs of 2012 The Financial Brand, the premier online publication for bank and credit union marketers is conducting the second most important election this week; Best Banking Blog “2012 Readers’ Choice” awards. Our J.D. Power and Associates Banking Blog, as part of having received the prestigious “Editor’s Choice” award, is now nominated for the “Reader’s Choice” . . . Continue Reading Will You Bank On Us? In case you missed a few of our recent online events and complementary research reports, we’re including them for you here. We promise, just like the day after 1/2 price Halloween candy, it’s not a trick. Just a heartfelt way for us to treat you, our loyal banking fiends and fans for your continued support. Enjoy!
What Do Small Business Owners Expect From Their Bank? This exclusive webcast provides an inside look into the results of our J.D. Power and Associates 2012 US and Canadian Small Business Banking Satisfaction Study that will be released next week. Below are only some of the many issues discussed during the webcast:
The Dividends of Improving Best Practices for Social Media ResearchIn this whitepaper, we’ll show you that without well-established and proven guidelines on query construction and data extraction, very different results and conclusions can be obtained by different analysts attempting the same social media data search. In extreme cases, analysts can create such highly divergent queries that the associated data leads to different answers to even simple questions, such as:
Using Voice of the Customer Information to Improve Business Performance: 5 Keys to SuccessThis presentation explores how clients use J.D. Power and Associates and other Voice of the Customer data with ROI or other business metrics to analyze under-performance to drive improvement. Download the full presentation Continue reading › |
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