A Carlisle & Gallagher study concludes that first-call problem resolution is critical to customer satisfaction and loyalty. But customer service isn’t just “problem resolution.” It includes responding to inquiries regarding transactions, and providing information regarding products when asked about it. Excluding these interactions may result in underestimating banks’ first-call response rates.
The CFPB says that FIs spend US$17 billion on marketing and that just US$671 million, or about US$2 per person, is spent on financial education. Many of you don’t just believe this, but tweet it, implying that the spending is out-of-whack. My take: Comparisons of financial education spending to FI marketing spend are spurious, and belie the facts about financial literacy and what really needs to be done.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.
Ed O’Leary penned an interesting piece, published on the ABA Banking Journal site, titled Banks Need Leaders Who “Get It”. My take: Banks don’t just need leaders who “get it.” They need leaders who can “get it done.”
Coin’s initial “success” has little to do with rational, logical reasons like solving a “problem,” referral fees, or appealing to early adopters with a blend of “old” and “new.” Coin’s initial “success” is due to the TechCrunch Effect. That’s it, folks. The one — and only — reason for Coin’s “success” was coverage on TechCrunch.
Management ideas come and go. Unless we’re talking about the net promoter score, which has come, but hasn’t left. It’s the cockroach of management metrics. The utility of NPS just isn’t there anymore. There are better metrics out there. This post is about one of them: Referral Performance Score.
If you don’t know who Joe Pine is, shame on you. He wrote two of the best management books ever published. Joe’s now telling banks how they can (should?) move beyond commodities to services, experiences, and ultimately to transformations through customization. But there are some problems with his assertions.
If the title of this post is in any way demeaning or disparaging, I apologize. Mickey Mouse is way too important a cultural icon to be disrespected. The Federal Reserve I’m not too sure about. While the Fed’s intentions to solicit input is admirable, its execution leaves a lot to be desire.
At this year’s BAI Retail Delivery Conference, I had the opportunity to moderate a closed roundtable discussion of the Marketing Leaders Circle, and as an added bonus, got to interview Lee Scott, the former CEO of Walmart. Here’s a key lesson for banks from Mr. Scott’s comments.
The new buzzword in marketing is “authenticity.” And if banks are going to get on the authenticity wagon, they’re going to need to update their slogans. I, of course, have some suggestions for them.