Tag: Customer Satisfaction

Focusing On Budgeting As A Value Driver For Customer Experience

Adding Customer Value

Financial planning is like working out; we all know we should do it, but we probably don’t do enough of it. What if your bank was that financial personal trainer? Banks are in an ideal position to offer financial advice, and your bank can start on the most basic level.

What Does That One Perfect Experience Look Like in Banking?

Improving Bank Customer Experience

If you want to build a service culture that is truly unique, you have to create a banking experience that gets customers to rave about you to their family, friends and business associates. A “good” experience will earn you a four-star rating, but it won’t create a fan. A “Wow” experience, on the other hand, has to be good enough to fuel emotion and passion to the point where you just have to tell someone else about it. In this article, we look at how banks can create that experience.


How To Use “Strategic Product Communication” In Banking

Better Customer Communication

A recent survey from the CFA Institute caught our attention on why wealth management clients leave. 47% of the respondents said they left because of the poor portfolio performance. That makes sense. But, do you know what the second highest reason for leaving your wealth manager was? Communication. 43% of the respondents left because of the lack of communication. That got us thinking about how we can improve communication with our commercial customers.

Why Your Customers Don’t Want A Personal Banker

Personal Banking

Some banks make heavy use of personal bankers under the belief that having a dedicated person to help with problems would make a difference in the customer experience. Up until this month, we believed this notion. We were also jealous of other banks that use a personal banker model. A survey we conducted last week shows that approximately 22.4% of bank customers either have a personal banker assigned to them or have a banker that they have selected that they use as a personal banker. However, the belief that a personal banker helps customer satisfaction may be misplaced.

How Many Steps To Solve Your Customer’s Problem?

Bank Customer Problem Resolution

If your bank truly wants to be known for service, the very first step is to get your problem resolution process right. When it comes to problem resolution, the two metrics that matter the most is the number of interactions required to solve the problem and the time it takes to solve the problem. The less number of touches you have and the faster you can solve the problem, the higher your post-resolution customer satisfaction.

A Case Study on Bank Product Positioning Strategies

Bank Competition

Almost every bank we talk to complains about the level of competition in their market. The most common statement we hear is “Banking is more competitive in this city than anywhere else in the country.” While many bankers lament about pricing and structure, few banks take the necessary steps to overcome this market challenge. One way to combat these market pressures is to conduct product positioning strategies.

Why Banking Needs More Transparency

Improving Bank Transparency

We recently worked with a bank that was closing a multi-million dollar commercial loan.  Exactly one day before the scheduled loan closing we met with the borrower to discuss the final steps to closing and funding.  We were astonished to learn that the borrower did not know how the loan would be priced or what index would be used to set the rate.  Except for the short commitment letter, the borrower had not reviewed any marketing materials from the bank.  The borrower did not know the conditions or covenants for the loan and knew only the amort

How a Simple Gift Can Make a Difference in Customer Satisfaction

It is likely your bank gives away plenty of gifts. For example, you likely have branded pens in your branch for the taking or have a bowl of candy. While nice, that does very little to help customer satisfaction. However, if you take that same gift and present it a different way, it can make a difference. In this post, we explore that art of bank gift giving and at the risk of sounding too Machiavellian will discuss how you can make that gift more meaningful.


The Academic Research

10 Ways To Earn A Customer Love Letter

Memorable Banking

Go take a look at all the adoring letters and emails your bank has received over the past year. If you don’t have too many, we can tell you why. If you do have them, look at what prompted your customer to write them. We would bet that not one is from a customer thanking you for a low rate on the loan or an above market rate on a deposit. In our experience, customer thank you letters are never about rates, term, product or branches. They are not about the inputs to banking, but about the outputs.



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