First State Bank offers a wide range of banking services, including checking accounts, certificates of deposit, loans, credit cards, and safety deposit boxes. Bank managers know that customer satisfaction has a direct impact on the bank's ability to retain customers and to persuade them to add accounts. Think of your experiences with your bank. What specific measures might bank managers monitor to gauge customer satisfaction and to link customer retention with account growth?

Question

Business

Jefferson Cantrell

8 September, 07:05

First State Bank offers a wide range of banking services, including checking accounts, certificates of deposit, loans, credit cards, and safety deposit boxes. Bank managers know that customer satisfaction has a direct impact on the bank's ability to retain customers and to persuade them to add accounts. Think of your experiences with your bank. What specific measures might bank managers monitor to gauge customer satisfaction and to link customer retention with account growth?

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Brennan Smith · Answer 1

There are various measures and tools to gauging and measuring customer satisfaction in the Banking Industry:. They include: Surveys, Feedback Forms, Oral Conversations, Complaints Box. Statistics from this tools could explain the why there is an increase/decrease in the level of growth and customer retention.

Explanation:

Surveys: Customer satisfaction surveys is a good tool to learn more about what the customer feels about services rendered. Surveys allow the Management to ask question like; Which of our products do you love most. How likely will you recommend us to others, what was your experience about the Internet banking process and much more.

Feedbacks: Feedback are great for immediate response after a transaction or interaction has just been concluded. It is also commonly used after the customer has just dropped off a chat or call with a Bank Representative. Few questions requiring Yes or No. For example: Were you satisfied with how you were attended to[Yes or No], Would you visit us again[Yes or No] etc.

Oral Conversation: This involves chats, direct calls or physical visits by Customer Representatives to clients requesting to know what general issues they may have with the Bank, why the customer has not visited for a long time etc.

Physical Complaints Box: This are comments box placed in a notable section of the bank premises. Here a client document his/her experience/complaints in writing and drop it in the Box.

Linking Customer Satisfaction & Growth

The various tools outlined above can give a broad description the level of satisfaction experienced by customers. What percentage of customers were very satisfied, not satisfied from the statistics gotten. The level of satisfaction in turn will determine how loyal the customers will be. Loyal customers will recommend the bank and be enthusiastic about its products[Accounts] while disgruntled customers can damage the brand through negative comments and publicity.