Global Consumer Banking Survey 2014

Three opportunities for banks

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Although segmentation is an effective way to differentiate between different types of customers, it is important for banks to identify what all customers want from their banks.

Our Global Consumer Banking Survey 2014 identifies three key improvement areas for banks:

Make banking simple and clear

Consumers are constantly flooded with information and struggle to understand choices, charges and changes. To make banking easy for customers, banks should be transparent and concise around fees, rates, services and other communications.

Customers depend on web, mobile, social media, telephone and in-person channels, so banks should offer an omni-channel experience that combines both traditional and digital banking. To stay competitive, financial institutions need to continue building channel capabilities to provide seamless 24/7, real-time access to banking.

Help customers make the right financial decisions

Many consumers want help developing their financial plans and goals. The banks that provide that advice are likely to grow their businesses.

More than 70% of respondents say they would increase business with their provider if advisory services improved. Banks have the opportunity to create a mutual exchange of value by personalizing the experience, based on a holistic perspective of the customer’s unique situation and needs.

Banks can augment this experience by leveraging both internal and external resources. This could include a skilled network of financial advisors, data about what similar customers have spent and personal financial management tools that help customers save, invest and spend more wisely.

Be proactive in anticipating and solving problems

Effective problem solving is vital to any bank-customer relationship. Problems are inevitable, but survey data shows that there is astounding upside if customers are satisfied with their problem resolution versus a downward spiral in trust and business if dissatisfied.

Of the customers who were very satisfied with how a problem was resolved, a majority (58%) gave more or all of their business to the institution. Conversely, 19% of customers dissatisfied with the resolution and 32% of customers very dissatisfied with the resolution reported closing some or all of their accounts/services.

Making it easy for customers to raise issues, equipping the front line to handle certain problems and escalate others, explaining why the issue occurred and following up to ensure resolution is complete are crucial to successfully handling problems.

Technology and increased competition are loosening the traditional bonds of customer loyalty. See why banks must act now to manage the changes.