Consumers blame banks for the current economic conditions but this has not adversely affected their loyalty towards banking institutions. Good customer service was still found to be the main reason for strong loyalty in a new report from Convergys Corporation, Recent Trends in Retail Banking.
Some of the key report findings include:
• Customer Service is Key - Nearly half of customers’ loyalty to their primary bank is driven by two service-related factors: bank employees and issue resolution.
• One and Done - Resolving customer issues the first time was cited as the most important factor in the primary bank relationship by 29 percent of respondents. Nearly half of all calls into the contact centre involve an issue or dispute.
• Anytime, Anywhere Access - Retail banking is truly a multi-channel experience as 4 in 10 customers contacted the bank through the web, the phone, and by visiting a branch in the last year.
• Bank Branches Remain Vital - 89% of customers who contacted their bank online in the last 12 months were satisfied with the experience, yet 72% of all banking activity reported occurs in the branch.
• Loyalty Focus - Slightly over half, or 55%, said they would stay with their bank if another bank offered an incentive to switch.
• Up-sell Opportunity - Approximately 40 percent of bank customers would consider new products and services, with financial/estate planning and online brokerage services generating the most interest.
“Banks face turbulent economic times, stiffer competition, and increasing legislation. At the same time, they have to balance cost of service, an increasing focus on customer satisfaction, building loyalty and profitability. In order to do this, banks need to be nimble in supporting their customers regardless of service channel while also providing their customers with the highest level of security and identify theft protection,” said Jim Boyce, President, Global Business Units for Convergys.