This year’s theme for the 15th Annual Best Practices Symposium was ‘Finding new sources of revenue growth.’ A tall order in this year of challenges, including lost customer confidence, low morale, economic realities and legislative pressures to name few.
But it was equally clear that the financial services industry remains an honorable one with honorable people genuinely interested in doing the right thing for the customer.
Customer satisfaction is the best measure of that, making the address by J. Michael Beird from J.D. Power and Associates particularly poignant.
10 Key Findings for Improving Satisfaction
by: J.D. Power and Associates
1. It’s the relationship – Small Business Banking customers who have a relationship manager are more satisfied and problem incidence is lower
2. Transparency – During the credit application process, responding quickly to customer needs and keeping them informed improves satisfaction as well as cross-sell
3. Who may I say is calling – Vary proactive outbound communication by the value of the customer relationship (call lower segments 1-2 times a year, mid-segment 3-4 times a year and high-value customers 5-6 times a year)
4. Look beyond the obvious – Align investments in new transaction channels to customer preferences (rather than actual usage)
5. Get personal – Consistent and high levels of in-person interaction is key to satisfying all customers
6. Once and done – The faster a problem is resolved, the higher the satisfaction (don’t make the customer call twice)
7. Get it right the first time – Problem incidence directly impacts overall satisfaction (especially with small business)
8. Get to know me – Consistent account opening procedures including relevant and focused needs assessment and personal follow-up
9. You had me at ‘hello’ – Greeting customers upon entering the branch influences satisfaction and improves the experience
10. Communicate, communicate, communicate – Keep customers in the loop when change is inevitable
