Three Social Media Goals Banks Can’t Ignore in 2013

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

Small Business: Respect and Dedication

Original post by Banking.com Staff on December 4, 2012

In 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 ›

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Communication and Transparency Drive Higher Mortgage Origination Satisfaction

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

Small Business Banking Still the Red-Headed Stepchild

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
The study finds that when small business banking customers are greeted by name, the positive impact on overall satisfaction is 106 points. However, this occurs only 47 percent of the time, compared to 64 percent of the time among retail banking customers, representing a 17-percentage-point gap. This disparity occurs even though small business customers bank in person at the branch more than twice as often as retail customers (36 times vs. 16, respectively, on an annual basis). Continue reading ›

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Will You Bank On Us?

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?

A Few Post Halloween Banking Tips &Treats

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 supportEnjoy!

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:

  • How customers’ perceptions have changed since 2011
  • The latest trends emerging in the small business banking industry
  • Which factors are having the biggest impact on customer satisfaction

Download the full webcast

The Dividends of Improving Best Practices for Social Media Research

In 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:

  • Which brand is my main competitor?
  • Is Product1 more of my brand’s conversation this month centered around product?
  • Is the sentiment expressed toward my brand this month more or less positive than the sentiment expressed toward my brand last month?

Download the full whitepaper

Using Voice of the Customer Information to Improve Business Performance: 5 Keys to Success

This 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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Credit Card Website Best Practices – Viewing Account History

From our J.D. Power and Associates 2012 Credit Card Website Evaulation Study, the following viewing account history best practices highlight some of the exceptional techniques utilized by credit card issuer websites.

1.  Recent Activity Link

Chase and Discover Card offer a link to recent activity from the website’s landing page

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2.  Offer Multiple Formats for Statements

Discover Card allows customers to download statements in multiple formats.  Citi Cards offers customers navigation links from the log in field on the home page

___________________________________________________ Continue reading ›

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What Do Small Business Owners Expect From Their Bank?

With the fluctuating economy and new banking regulations continuing to affect the expectations that small business owners have of their banking experiences, financial institutions need to be armed with the insights that can help them meet and exceed these expectations. They need to know:

How customers’ perceptions have changed since 2011 The latest trends . . . Continue Reading What Do Small Business Owners Expect From Their Bank?

Top 10 Sources for Gathering Investment Information

Unlike the majority of full service investors, self-directed investors MUST seek out information to aid in their decision-making regarding investments.

Did you know that satisfaction is highest among self-directed investors who use investment magazines and their firm as primary sources of this information?

The majority of self-directed investors (68%) indicate using their firm as one source of . . . Continue Reading Top 10 Sources for Gathering Investment Information

Credit Card Website Best Practices – Account Log In

From our J.D. Power and Associates 2012 Credit Card Website Evaulation Study, the following account log in best practices highlight some of the exceptional techniques utilized by credit card issuer websites.

1.  Offer Prominent Log-in Fields

Citi Cards and Chase use color and shading to draw attention to log-in fields

 

 

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2.  Streamline Navigation

Citi Cards offers customers navigation links from the log in field on the home page

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Continue reading ›

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