Do Banks Really Care About You?

Does your bank care about you? If so, how do you know? How do they treat you differently/better than they treat prospective customers – those they don’t already have locked in to a few accounts?

Results of a recent Ernst & Young survey in Canada suggest that “although banking confidence varies between nations, the “battle” to win new customers is likely to focus on improving customer service.” One of the key quotes from an E&Y exec is “Thirty-four percent of respondents say they receive occasional or absolutely no personalized attention from their banks, making them easy targets for competitive offers … Banks looking to grow and retain their retail customers will need to make big improvements in these two key areas.”

The conclusion about ‘winning new customers’ would have been better stated to ‘keep current customers.’ If 34% get no personal attention, then banks communicate with you no better than they communicate with “Dear Occupant” or “Dear Small Business Owner.” You are generic to them. So this study is clearly a wake-up call to banks, credit unions, and any other business that wants to retain you as a customer.

They need to communicate with you and treat you as an individual, as a person.

CSS consulted for a credit card company once that would send out literally millions of marketing pieces at a time; that may have been a way to attract new customers, but the decision by a customer to become a new customer of a business is often very different than the decision to stay with a business.

Compare how your company treats “suspects” and “prospects” versus current customers, and make sure that you convey that you care about each current customer as an individual, as a person.

Read our New Book – “Ask Yourself…Am I GREAT at Customer Service?”

Interested in improving your company’s customer service? See more at our new website!

Posted on in Business Advice

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