Canadian Retail Banking Survey 2013

Get the basics right

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Securing customer information, quick customer issue resolution and the customer on-boarding process are critical basics for banks to master before they start considering strategies that can “wow” their customers.

Customers feel strongly that securing their personal information and issue resolution are particularly important when they consider switching their main financial institution. Over 85% of respondents stated that they would be likely to switch their main bank if their current financial institution failed to properly secure their financial information and there was an unanticipated personal information leakage.

Similarly, over 85% of respondents noted that they would switch to another bank if their current bank could not resolve an issue after the first contact or multiple contacts, and did not follow up on the issue.

Approximately 70% of respondents would switch their main financial institution if their current bank made an error when opening or closing their account.

Financial institutions need to focus on key customer interactions such as account opening, lost/stolen cards and complaint handling. Having met fundamental customer needs at each key touchpoint, financial institutions will have a solid foundation to go above and beyond with additional value-adding strategies that can help them retain existing customers and attract new ones.

EY - Likelihood of switching financial institution if situation were to occur