Customer loyalty was one of the casualties of the financial crisis, and emerging automated service channels can play a substantial role in building the goodwill necessary for acquisition and retention in the new banking market. Unfortunately, recent research finds, still aren't getting the job done when it comes to optimizing ATMs, the Web, mobile or other channels as service plays.
Clayton Baker, an analyst for Ernst & Young, which recently completed its Global Consumer Banking Survey for 2011, says despite service quality being a key attrition lever "efforts by banks to improve the quality of service have not yet resulted in improved customer perceptions."
E&Y surveyed more than 20,000 banking customers globally, including more than 13,000 Europeans, Americans and Canadians, and found that more than 40 percent of consumers say they get no, or only occasional, personal attention from their primary bank. Similar percentages want better access to ATMs, more usable Websites and better service from contact centers. And consumers across the board report wanting service quality improvements in automated channels-including email, Web and mobile.
E&Y recommends banks implement the following strategies to improve customer satisfaction: improve incentive models to ensure that sales reps represent the bank's brand; invest in high-touch branch technology; improve personalization by better use of customer data; embrace online innovation such as social media and communities; and expand loyalty programs.
