Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Bank customer loyalty still tied to service

The survey focused 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.

The resulting Recent Trends in Retail Banking report notes that, while nearly 22% of respondents hold banks responsible for current economic conditions, this attitude is not having a significant impact on customer loyalty.

In fact, the company found, the most important factor currently driving loyalty to banks is good customer service.

Among the main findings of the research:

• Nearly half of customers' loyalty to their primary bank is driven by two service-related factors: bank employees and issue resolution;
• Resolving customer issues the first time was cited as the most important factor in the primary bank relationship by 29% of respondents. Nearly half of all calls into the contact centre involve an issue or dispute;
• Retail banking is truly a multi-channel experience as 40% customers contacted their bank through the web, the phone, and by visiting a branch in the past year;
• Some 89% of customers who contacted their bank online in the past 12 months were satisfied with the experience, yet 72% of all banking activity reported still occurs in the branch;
• Slightly more than half (55%) said they would stay with their bank if another bank offered an incentive to switch;
• Approximately 40% of bank customers would consider new products and services, with financial/estate planning and online brokerage services generating the most interest.

"Banks face turbulent economic times, stiffer competition, and increasing legislation. At the same time, they have to balance cost of service, an increasing focus on customer satisfaction, building loyalty and profitability. In order to do this, banks need to be nimble in supporting their customers regardless of service channel while also providing their customers with the highest level of security and identify theft protection," commented Jim Boyce, president of global business units for Convergys.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)