Banks Need To Strengthen Customer Relationships

How customers view interactions with their chosen banks appears to be a little different from how banks view the same experience.  It seems as though there is a gap between what banks think they are doing to build trust and how their customers really feel about those services.  It may be time to reevaluate what’s being done to strengthen customer relationships and it starts by listening to them.

According to “IBM Study: Customer Loyalty Shrinking For Banks at a Time When Relationships Matter Most,” posted on MarketWatch.com, nearly 62% of banks think they are providing excellent customer service; however, only 35% of customers agree.  Why the 27% gap?  The IBM Institute for Business Value study suggests that while most banks are able to provide basic banking services, bank executives are too optimistic on many areas.  Customers don’t believe they are getting personalized services and many would gladly change banks.  The study also indicates that trust and loyalty simply aren’t there.  Approximately 96% of bankers think their customers trust them over non-bank competitors, yet only 70% of customers agree.  48% of banks believe they are succeeding with customer loyalty and only 35% of customers agree.

There is one point on which both bankers and customers agree and that’s with the growing popularity of mobile apps.  Customers are showing a preference for mobile apps and 80% of the study respondents indicated that their banking mobile apps are ‘user-friendly’ and 86% believe the apps are easy to use.  Strangely enough, about 10% of banking executives believe that the ‘majority of transactions will be conducted through mobile devices in the future’, which seems a bit out of sync with the customers who indicated the preference for mobile apps.

Banks need to find a way to close the gap between how they think customer service is being received and how customers truly feel about the services they are receiving.  A customer relationship management (CRM) solution can strengthen connections with customers.  Tapping into social media and tracking interactions, whether online or in person, can provide just the information you need to make sure you are improving the customer experience.  Contact AKA Enterprise Solutions to learn more about providing the personalized services that customers expect, which can strengthen these customer relationships and build both trust and long-term loyalty.

By | 2018-07-06T17:42:06+00:00 November 12th, 2015|Mobile|0 Comments
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Contributor: AKA Enterprise Solutions

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