Sorry bankers, your customers do not want to be your Facebook friends, or follow you on Twitter, or see your Pinterest or Instagram pictures.
According to findings released yesterday by Carlisle & Gallagher Consulting Group, the consultancy, fully 87% of customers find banks’ use of social media “annoying, boring or unhelpful.” The findings show negative attitudes toward interacting with banks on social media for problem-solving, and show that customers doubt the overall effectiveness of banks’ use of social media.
I was at the ServiceSource headquarters in San Francisco last week when the afternoon “I need caffeine or I’ll lose it” feeling hit. You know what I’m talking about.
As I found myself wending my way on autopilot towards the closest Starbucks, I stopped for a moment to ponder why I keep on returning to a coffee chain in a city that’s known for having some pretty incredible coffee. As I took my place in a long line of other people feeling that same afternoon slump, it hit me.
After a period of relative stability, the primary bank switching rate jumped by more than 40 percent in late 2013, with 60 percent of smartphone/tablet users reporting mobile banking capabilities as being either “important” or “extremely important” in their decision to Switch.
I really enjoyed the presentations in Oslo, particularly the case studies by Nordea and ValYou.
Nordea spoke about their experiences with social media usage. This, in itself, is fascinating as just a few years ago no bank spoke about social media in finance. Now, I am building case studies about how banks see this as both a customer service channel, and a platform for full deposit account usage (mBank and ICICI).
But there is still quite a spectrum of banking from those who ban the use of social media in the office ot those who embrace it for communications.
Financial institutions have so many choices regarding service delivery in every aspect of customer interaction. There are packaged applications, traditional CRM packages, in-house custom solutions, as well as modern business process management (BPM) suites. All of these solutions have advantages and disadvantages, so let’s look at how well they solve the problem of improving the on boarding experience for corporate banking Clients.
Even though most Gen-Y consumers admit they haven’t ever been taught anything about managing money, the majority feel confident about their finances. And most are still relying heavily on branches.
When consumers look for new a bank, data reveals that they consistently pick institutions with branch and ATM locations near where they work or live.
On FindABetterBank, we constantly examine the frequency consumers’ “top three” choices to see how and why they pick the banks and credit unions they do, and which institutions enjoy the greatest Advantages.
According to the new 2014 Trends to Watch report from analyst firm Ovum, consumers will lean most towards mobile payment and digital wallet services associated with financial brands.
This is supported by Ovum’s Consumer Insights Survey, which shows that 43% of respondents chose banks as their most trusted mobile payments service provider, followed by credit card companies (13%), online payment providers (9%), and then mobile operators (6%).
Can Improving Your Global Client Experience Create a Strategic Advantage in Banking?
Late last year, The Banker hosted a roundtable session at the Association of Financial Professionals (AFP) annual meeting for treasurers and chief financial officers. At the roundtable*, 12 transaction bankers from top-tier banks reflected on the state of the industry and shared their thoughts on the topic of client experience. Their insights provide a valuable perspective, even today.
Data from the 2013 U.S. Retail Banking Satisfaction Study finds that satisfaction and loyalty metrics among Affluent customers are lagging those of Non-Affluent customers. In turn, financial institutions are jeopardizing their ability to deepen the share-of-wallet they hold with their most valuable segment of customers.
Contrary to findings within the retail banking segment, data from the 2013 Full Service Investor Study finds that Affluent investors are significantly more satisfied than Non-Affluent Investors (818 vs. 785, respectively), leading to lower levels of intended attrition. Therefore, financial institutions have an opportunity to identify the drivers of Affluent customer satisfaction from the wealth management experience and translate them into the retail banking experience.
Read more at JD Power
Improving Affluent Customer Satisfaction to Increase Loyalty