Back in 2013, we sat through training at Bank of America to better learn how they train their line staff. At the time, Bank of America ranked almost dead last of all the major banks according to the JD Power U.S. Retail Banking Satisfaction Study and scored a dismal 753 out of 1,000 points. The focus of the particular training that we attended was how to deal with upset customers and how best to resolve a problem.
As you look for ways to increase your brand without driving up your cost and you are building a business model around service, having a formal process around onboarding your customer is one of the best things you can do to start a culture of service. When a new client leaves your office or completes an online transaction for the first time, the honeymoon period begins.
Put negative press, technology problems and low deposit rates aside, because banks just hit an all-time high in the gold standard of surveys – JD Powers. Their 2014 Retail Bank Customer Satisfaction survey talked to 80,000 customers in 11 regions and rated banks above $2B in assets on channel, problem resolution, products, facilities, fees and account information (Rankings are based on numerical scores, and not necessarily on statistical significance).
At a recent financial conference, after we presented on the bank customer experience, an attendee joked that she wished her bank was more customer friendly and had longer branch hours including be open on Saturdays. The funny part is that customers don’t want longer branch hours.
Lots of banks try to create a customer experience that is unique. While many succeed, more fail.
