A new survey from Convergys shows customers’ attitudes toward their primary bank, both before and after last summer’s downturn.
The company’s report based on the survey focuses on what customers consider important in their relationships with banks, which contact channels they use to interact with banks, key drivers of loyalty, and customer interest in emerging services. It also offers banks a better understanding of what customers want and expect from their financial institutions.
Based on survey results, the report finds that while nearly 22 percent of respondents hold banks responsible for current economic conditions, this attitude is not having a significant impact on customer loyalty. The important factor driving loyalty is good customer service.
Key findings from the research include the following points:
- Customer Service Is Key – Nearly half of customers’ loyalty to their primary bank is driven by two service-related factors: bank employees and issue resolution.
- One and Done – Resolving customer issues the first time was cited as the most important factor in the primary bank relationship by 29 percent of respondents. Nearly half of all calls into the contact center involve an issue or dispute.
- Anytime, Anywhere Access – Retail banking is truly a multi-channel experience as 4 in 10 customers contacted the bank through the web, the phone, and by visiting a branch in the last year.
- Bank Branches Remain Vital – 89 percent of customers who contacted their bank online in the last 12 months were satisfied with the experience, yet 72 percent of all banking activity reported occurs in the branch.
- Loyalty Focus – Slightly over half, or 55 percent, said they would stay with their bank if another bank offered an incentive to switch.
- Up-sell Opportunity – Approximately 40 percent of bank customers would consider new products and services, with financial/estate planning and online brokerage services generating the most interest.