News : Bank Customer Satisfaction Up
Ann Arbor, MI, USA, Jan. 26, 2017 -- CFI Group released the results of the Bank Satisfaction Barometer, a study based on a survey of bank customers across the country. Customer satisfaction has improved from the previous year, along with the stated likelihood to remain a customer, use additional services, and recommend the bank to others.
Analysis from the study shows that banks are generally better positioned than the previous year with stronger relationships with their customers. The bank satisfaction barometer (BSB) is at a 4-year high of 82, as measured on a 0-100 scale, moving up 3 points from 79 in 2015.
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The study also identifies four opportunities for banks to focus customer service to driver business performance continue to improve BSB in 2017.
1. Engage Local Communities
Increase efforts to be active and involved in local communities
2. Enhance Loyalty Programs
Design a valuable loyalty program experience for customers
3. Promote Digital Experiences
Encourage the frequent use of the available digital services
4. Develop Millennial Customers
Ensure the needs of Millennial customers are met as a segment for future growth
"Millennials present a great opportunity for growth in 2017," said Sheri Petras, CEO at CFI Group. "61% of Millennials said they plan to sign up for additional services with their bank within the next year, compared to 51% for Gen Xers and just 18% for Boomers. Banks need to work with Millennials to help them add services in 2017, particularly checking and savings accounts."
Most importantly, banks should have a well-designed customer satisfaction measurement system that allows the bank to get an early read on the impact of a process change without having to wait until the change impacts the financial metrics. As a bank closely measures and follows its customers, it can anticipate changes in the perspectives of its customers and preemptively act to retain its customer base.
Posted by Veronica Silva Cusi, news correspondent
Source: CFI Group
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About CFI Group:
CFI Group is a customer satisfaction measurement technology and analytics firm. CFI Group provides a Customer Feedback Management (CFM) technology platform that leverages the science of the American Customer Satisfaction Index (ACSI). This platform continuously measures the customer experience across multiple channels, benchmarks performance, and prioritizes improvements for maximum impact. Founded in 1988 and headquartered in Ann Arbor, Michigan, CFI Group serves global clients from a network of offices worldwide.
Published: Wednesday, February 1, 2017
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