EY released its 2014 Global Consumer Banking Survey recently, and found that a larger percentage of consumers cited “institutional stability” factors than did those who listed “customer experience” factors as reasons for having trust in their bank. I guess the “customer experience” isn’t that important after all, eh?
A Financial Brand article claims that the number of bank branches in the US increased by more than 250 units in 2013, while an SNL analysis claims the number dropped by nearly 1,500. Who’s right? It doesn’t really matter.
While many observers of the banking industry are critical of, or disappointed with, the speed with which the industry is moving to “new-school” banking, the industry is indeed moving towards new-school banking. Thankfully, there’s no going back to old-school banking..
Sorry that this falls on you bankers and credit unionistas, but you guys will have to provide some consumer education here. Specifically, on the differences between credit monitoring and transaction monitoring. Credit monitoring is good, and it’s needed, but it isn’t anywhere near a complete solution to protecting consumers’ card-related information.
Published my first blog post seven years ago. Nearly 900 blog posts later, I think I know a thing or two about blogging (yeah, well, we all deceive ourselves in one way or another about a lot of things). If you want to become a better blogger, you can take the following advice (or not — who am I to say that you’ll become a better blogger by doing what I tell you to do?)
The marketing pundits tell us personalization and customization is key to successful marketing. One-to-one marketing, they call it. Recognition that every customer is different, and should be interacted with differently. If I had my own business, I know how I would do it: I would ask each customer who s/he works for.
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.”