Since the economic crisis, banks have experienced huge challenges with their customer relationships. How can banks create higher customer satisfaction and loyalty? In our annual banking customer survey, we asked more than 20,500 participants to share their levels of satisfaction, what they are looking for from institutions and their intentions and demands going forward.
Customer confidence in the banking industry continues to be impacted by the credit crisis with 44% of customers saying their confidence has decreased in the past year.
How can you rebuild customer confidence?
- Brand enhancement programs: All elements of the customer experience, at both the national and local level, need to be reassessed with continued investments made in customer charters and innovative approaches to marketing the bank’s ethos and service offerings.
- Personalizing banking: Personalization is a vital element of a successful customer relationship and a cohesive approach to the development of tailored products and services will help to improve brand perception.
- Create brand ambassadors: To ensure that the sales force represents the bank’s brand there needs to be a continued focus on transparent and sustainable incentive models and an adequate customer relationship model.
- Embrace online innovation: Adopting a coherent social media approach will help improve brand perceptions and leverage the benefits of online advocacy.