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Good News-Bad News
The bad news was that less than 50 percent of bank customers would recommend their bank to a friend or relative moving into the bank's area, according to a recent study done by the Bank Marketing Association.
Questions asked in the survey attempted to determine what was important to bank customers, and in what areas there appeared to be the most and least satisfaction. Some interesting results were recorded.
The least important factor to customers was appearance and branch decor. So much for all that interior decorator work!
It is not surprising that the most important factor was service. The customer service representative and the teller are still the most important people in the banking system when it comes to satisfying the customer. And they are no better than the service they get from the "back-room" people.
The areas listed as those which needed the most improvement for customer satisfaction were products, fair and reasonable service charges, and competitive loan and savings rates.
The good news? More than 50% of the over 1500 households surveyed gave their financial institutions a 9 or 10 out of a possible 10 for overall satisfaction. Not bad for an industry that has had so much bad press during the past year!
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 2, 5/92
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