Financial Institution Marketing Goofs: Survey Tracks Customer Dissatisfaction

Here's your marketing tip for the month: Wake up and hear the customer fury! We've been so preoccupied with the attention given to privacy, money laundering, identity theft, etc., that some of us have neglected basic facts about customer service. It may be time to pay attention to some customer /member/consumer dissatisfaction in other areas.

According to Brann Worldwide, one of the world's largest direct marketing organizations, many of us may soon be in for a rude awakening. Brann conducted a survey of 1,800 consumers in the United States and the United Kingdom and discovered that many of our customers are simmering about some of our marketing and advertising practices.

According to the results of the survey, Brann said that up 50% of those surveyed said they're ready to stop doing business with a particular financial institution or company because of one of those annoying practices. Experts say that if only a small percentage of the disgruntled customers voted with their wallets, business losses could range from 15 to 30 percent.

Meantime, 38,600 credit union members participated in the first survey using questions formulated by The Callahan & Associates Online Survey Consortium* statisticians and customized to fit each credit union's website design. Among other things, it addressed browser interface compatibility and the timeliness of information. Members responded that they were unhappy with the length of time it takes to get a response online (if they get one at all) after they have sent a message online. They also complained about the difficulty accessing home banking on pay day and at other peak periods.

What are we doing wrong?
What are the offending practices? Here are some of the top U.S. findings that banks might want to ponder:
57% said they hate it when we won't take "no" for answer or repeatedly send direct mail solicitations after that "no" has been declared. (And how many home refinancing offers did YOU get in the mail this week?)

52% said they would likely stop using services of a financial institution or company that promised to call back, but never did. (Perhaps we should be paying closer attention to our Internet e-mail requests - this gripe extends to what experts say is our increasingly poor Internet responses).

50% said they hate it when they have to repeatedly give their name, address, account number, etc. at multiple levels of service. (Have you reviewed your telephone procedures lately? It takes little time for the person forwarding the call to give that information to a fellow employee?)

47% detest hearing the phrase "it's not my job." (Do your employees know this?)

43% do not appreciate our assuming that a customer will accept replacement of a service by a new type of service AND be willing to pay more for it. (Do our product development people realize this?)

42% are driven wild by having to navigate through a series of buttons on the telephone before they get to a live person. (Push the * button if you've had it up to here with recorded options!)

One of the things financial institutions have traditionally been best at is the level of customer service. It seems we're slipping.

* For more information about the consortium and the surveys call (800) 446-7453.

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 6, 7/01