5 Resolutions to Raise Customer Satisfaction

With the holidays behind us and 2012 well underway, I was wondering whether it’s too late for us to add a couple of resolutions to the list that has probably already been broken (Gym visits? Dieting? Smoking? …) In a cross-industry comparison of 2011 satisfaction scores below, I highlighted the research studies which pertain to banking and credit cards. While all 3 studies showed improvement in satisfaction last year, it is painfully obvious that a lot more can and should be done to address the needs and expectations of our customers. Therefore, I propose a list of five changes which, if adopted as part of the New Year, would likely raise customer satisfaction in financial services again this year and help narrow the gap with other service industries that typically outperform banking each year.

Resolutions for financial services:

Greet customers with sincerity and compassion:  Regardless of whether it’s in person or over the phone, customers can sense a disingenuous welcome or hello. We each have the ability to make someone else’s day a little better or to relieve some stress by smiling and saying ‘hello’. Acknowledging a customer upon arrival is the single most impactful behavior to in-person satisfaction in our Retail and Small Business Banking studies, affecting the customer’s subsequent perception of satisfaction in other areas such as wait time and account initiation. Likewise, courtesy for phone agents starts with the greeting and affects overall satisfaction of the call session.

Call customers back before they call you:  When working on a customer question, problem or other issue, we often wait to call a customer back until there is resolution. Unfortunately, in the meantime, customers often grow impatient at the lack of information while waiting and call the bank…sometimes several times. When the bank finally calls the customer with resolution, customers often feel the call was the result of their persistence and not what the bank planned all along. If a problem or question cannot be resolved at the initial point of contact (best practice) or within 24-hours, the customer needs a call informing them of the current status and anticipated timeline for resolution, along with proactive call at regular intervals until the problem is closed out. But this also leads to another resolution… Continue reading ›

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Role of Social Media in Growing Bank Revenues

Guest Blog Post by:  EMI Strategic Marketing

At last month’s Financial Services Marketing Symposium, a question posted by Tim Spence of Oliver Wyman to kick off the conference reflected an issue on attendees’ minds: where does the financial services industry find revenue growth? This is top of mind in the industry, as the lower loan-loss provisions, which boosted bank profitability in 2011, are expected to tail off in 2012, so financial institutions are now looking to the revenue side of the ledger to maintain and grow profits.

According to the top 25 banks’ recent forecasts, all 25 plan to increase revenue by growing their market share – which means that some of these institutions will fail do to so.

In an environment characterized by increased competitive intensity, technological advances and renewed focus on customer relationship optimization, banks are investing in a range of new service and sales channels, with social media prominent among these emerging channels. A survey of the FSM conference audience revealed that 67% of attendees’ banks have a presence on Twitter, Facebook and LinkedIn. A recent report by FIS Global shows that many top banks have a social media presence on these three main social media platforms:

What was notable about the social media discourse at the conference is that none of the speakers explained how participation in social media channels improves revenue for their organization:

» Paul Kadin of Citibank focused on the fact that Citibank’s social media presence has helped to improve its Net Promoter Scores

» Julie Berkun Fajgenbaum of American Express OPEN discussed the organization’s social media goal: active participation by message recipients

» Tim Collins of Wells Fargo emphasized that social media is not the right channel for pushing products; rather, it is a forum for authentic, relevant messages to customers

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