Today, we live in an era where trust in Banks is extremely low. The majority of Banks were not the main offenders during the financial meltdown of 2008. As a result of a few bad apples, though, the whole Banking industry has suffered. More stringent regulations have arrived and the end of new rules is nowhere in sight. Heading into 2013, leading Retail, Commercial, and Community Banks with fortress balance sheets, innovative and broad product lines, and welcoming, client-centric staff are still adapting and trying to restore their brand image. Due to so many prestigious financial institutions getting their reputations tarnished, droves of consumers and businesses are re-evaluating their relationships with their Banks. Along those lines, when one thinks of the primary reasons that customers decide to leave their Bank, the following probably immediately come to mind:
- excessive fees on deposit accounts
- too high interest rates on loans
- poor quality of advice
- limited product offerings lacking sophistication and depth
- inconvenient branch or ATM locations
- bad reputation in the public eye
According to Capgemini, though, it turns out that the number one reason consumers switch Banks is due to the low quality of service they receive as seen below.
Source: 2011 Retail Banking Voice of the Customer Survey, Capgemini
Evidently, client service in the Banking arena trumps all. High-quality service combined with recurring positive Banking experiences across the plethora of channels available leads to higher client retention. Moreover, exceeding heightened client expectations and consistently delivering great service better positions Banks to rebuild or solidify the trust of their clientele and expand relationships with top-tier clients.
As Banks continue to navigate challenging economic and regulatory conditions and demanding clients, Customer Effective, the three-time defending Microsoft Dynamics CRM East Region Partner of the Year, is here to help. Our