The Importance of Customer Satisfaction for Banks.
Customer satisfaction is the key to ensuring business success for banks. With almost every bank offering the same products and services, providing your customers with a great experience is what will make your bank stand out in a sea of competition.
Great Customer Experience, Better Financial Results
Providing good customer experience is often linked to better financial results. For banks, connecting with your customers will have a huge impact on your financial success because your current customers will be more likely to use more of your banking services such as a mortgage or home loan, or deposit more funds with you if they’ve had a positive experience. Customers who are happy with your services are also more likely to provide positive word-of-mouth and recommend your bank to their family or friends. Hence, for banks, being able to measure customer satisfaction will increase the lifetime value of your business and profits.
How Do You Track and Manage Customer Satisfaction?
As a bank, before you decide on a survey tool or software, you need to decide what measurements you wish to track, and here are some ways you can do it.
(1) The Net Promoter Score
The Net Promoter Score, or NPS, uses a numeric system on a 0 – 10 scale to find out how likely it is a customer is likely to recommend a brand to a friend or colleague. Respondents are grouped into Promoters (score of 9 – 10), Passives (score of 7 – 8) or Detractors (score of 0 – 6). Subtracting the percentage of Detractors from the percentage of Promoters yields the NPS, which can range from a low of -100 to a high of +100.
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(2) The Recommendation Question
Built on the basis of the Net Promoter Score, this question is usually asked in this way: “Would you recommend us to your family and friends?” This simple question allows you to find out how good your products or services are and whether your existing customers will recommend your bank to others. One thing to note though is that this measurement does not take into account factors such as which product the customer has used or where he has used it.
(3) The General Customer Satisfaction Question
Some banks measure customer satisfaction using a combination of measurements, and they also include this satisfaction question, which is usually one of the most popular ones being asked by the retail banking industry: “How satisfied are you with us?” With this question, you can also ask about the customer service employee, the bank’s operating hours, bank rates or products.
(4) Rating Your Customer’s Satisfaction
This is the most complicated question that you can ask as it provides you with the most information from your customers. Here is how the question is often asked, especially with relevance to your products or services: “On a scale to 1 to 10, how satisfied are you with our banking services today?” This question is good because you can now track customer satisfaction with your products or services and understand how satisfied or unsatisfied your customer is.