Not New, Still Relevant. Consumers Want Good Service From Their Bank - The MSR Group

While customers are accessing their bank accounts through numerous channels, one thing remains clear. Consumers want good customer service from their banks. 

Whether the customer steps into a branch or accesses their account from their mobile device, customers expect a good experience. The NGDATA’s 2017 Consumer Banking Survey* of more than 1,500 U.S. consumers assessed their experiences with banks, including insight into their views on loyalty, service, technology, and their banks’ level of customer understanding.  According to 2017 survey, 72% of those consumers surveyed did not see improvement in service over the last year, and there was an increase of almost 9% over last year, who are willing to switch their primary bank due to bad customer service.

Banks need to focus on their customers and what their banking needs are.  Banks that survey their customers on a regular basis across lines of business have a much better opportunity to change and deliver better service.  Being proactive and using the information gleaned from survey responses across their organization to understand their customers and provide better customer experiences.

Another finding from the 2017 survey, consumers believe that other service providers, like Netflix and Google, know and understand them better than their primary bank. This should be alarming to banks as consumer access to their money is intertwined into every aspect in their lives, so it is not surprising when consumers expectations are high.  Performing relationship studies across all business lines can help banks understand the full scope of the relationship with their customers in terms of trust, communication, and valuing their business.

Our customer feedback and measurement program with an online business portal called, Performance Monitor, focuses on the survey responses and best practices to measure, improve and respond.  The delivery is customized to the needs of the bank and its business lines.

See for yourself – Take a tour of APECS!

*Survey conducted by NGDATA. See the survey’s executive summary.