CX Best Practices for Banks

A national customer experience research and consulting firm recently released their 2014 Experience Ratings – which rank the customer experience of 268 companies across 19 industries based on a survey of 10,000 U.S. consumers.

Consumers were asked to evaluate their recent interactions with businesses, using a seven point scale, to rate three components of their experience.

Functional – To what degree were you able to accomplish what you wanted to do?

Accessible – How easy was it to interact with the company?

Emotional – How did you feel about your interaction?

For financial institutions, Regions Bank topped the list with a score of 81%. Following close behind with scores of 80% were TD Bank and USAA. On the opposite end of the spectrum, HSBC received the lowest rating for any of the 16 banks included for the second year in a row with a score of 56%.

Without purchasing the full report, the behaviors that influenced the ratings are unknown to us. However, Electrum Branding has conducted enough telephone and in-person shops for financial institution client to know what actions repeatedly result in both positive and negative scores.

What employee behaviors make the customer smile all the way to the bank?
• Immediately acknowledging them when they enter the bank
• Establishing a rapport with them
• Asking questions about them in order to recommend the best account
• Offering full support as their personal banker
• Using an enthusiastic tone

What breaks the bank?
• Automated telephone menu/not being able to reach a human
• Not using customer’s name
• Not asking questions, just product dump

Not surprisingly, short pen chains, locking customers in the bank, and keeping deposit slips at the entrance did not make the list. Someone should tell TD Bank’s advertising agency.

Founded by a former banker, Electrum Branding has the banking expertise required to customize mystery shopping programs, customer satisfaction reporting and competitive analysis in order to gather insight on behaviors with the most potential to influence growth for your bank. We work closely with the stakeholders to tailor programs based on your sales and service objectives as well as your budget. Then, we identify, track and trend behaviors that can make a difference in your institution’s overall performance.

Contact Electrum Branding today for improved market share tomorrow.