Recent Banking Survey – Missed Opportunity to Improve Customer Experience

The following paragraphs are extracts from a recent survey done by Pegasystems into how the banking industry are not meeting the service expectations of their customers.

…more than half of those questioned feel poorly served or informed by their banks. Yet 78% said it was important or essential that their bank knew and understood the customer as an individual with specific needs.

Asked to describe their relationship with their main bank, 17% said “my bank does not know who I am”, 10% said “my bank does not communicate with me” and 6% described their bank’s service quality as “poor”. A further 19% stressed their bank’s inability to communicate its benefits to them with the statement “all banks’ products and services are the same”.

And in the recent financial crisis with great uncertainty in the banking sector, consumers were asked if their bank had done anything to allay any concerns they may have. An emphatic 89% answered no.

The survey clearly shows that banks need to focus more intensively on customer-facing issues, particularly at this time. With renewed talk of charging for current accounts and continuing concern about banking performance, it is vital that the banks communicate well with their customers, getting over the information about their unique strengths and targeted offerings. With one in five people believing that all banks offer the same products and services it is clear that this communication is failing… 

Lets hope the banks have the forethought to be able to take action and invest for the long term…

The complete press release can be found here.

 This post is licenced under a Creative Commons Licence.
Individual report extracts are Copyright of Pegasystems.

3 thoughts on “Recent Banking Survey – Missed Opportunity to Improve Customer Experience

  1. As a long time customer of the chains of Forcht Bank, I am sad to say that I have never been so frustrated about money in my life. Recently, the systems at Forcht bank were hacked. This putting all customers at risk of losing private information, the banks sent out new debit cards and a letter explaining the problem in question. I have still not recieved a letter or a new debit card and it has been three months. All banks including this one need to communicate better with customers and try to fix the problems as soon as they arise, otherwise they could lose a customer like me.

  2. Pingback: How to Become a Customer Driven Organisation « Business Process Management (BPM) - InSights

  3. Pingback: Survey - Top 10 Insurance Industry Issues for 2009 « Business Process Management (BPM) - InSights

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