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The Importance of Customer Satisfaction for Banks

Customer satisfaction is the key to ensuring business success for banks. With almost every bank offering the same products and services, providing your customers with a great experience is what will make your bank stand out in a sea of competition.
 
Great Customer Experience, Better Financial Results
 
Providing good customer experience is often linked to better financial results. For banks, connecting with your customers will have a huge impact on your financial success because your current customers will be more likely to use more of your banking services such as a mortgage or home loan, or deposit more funds with you if they've had a positive experience. Customers who are happy with your services are also more likely to provide positive word-of-mouth and recommend your bank to their family or friends. Hence, for banks, being able to measure customer satisfaction will increase the lifetime value of your business and profits.
 
How Do You Track and Manage Customer Satisfaction?
 
As a bank, before you decide on a survey tool or software, you need to decide what measurements you wish to track, and here are some ways you can do it.
 
(1) The Net Promoter Score  
 
The Net Promoter Score, or NPS, uses a numeric system on a 0 – 10 scale to find out how likely it is a customer is likely to recommend a brand to a friend or colleague. Respondents are grouped into Promoters (score of 9 – 10), Passives (score of 7 – 8) or Detractors (score of 0 – 6). Subtracting the percentage of Detractors from the percentage of Promoters yields the NPS, which can range from a low of -100 to a high of +100.
 
For more information on the Net Promoter Score, click here for our free ebook.
 
(2) The Recommendation Question
 
Built on the basis of the Net Promoter Score, this question is usually asked in this way: "Would you recommend us to your family and friends?" This simple question allows you to find out how good your products or services are and whether your existing customers will recommend your bank to others. One thing to note though is that this measurement does not take into account factors such as which product the customer has used or where he has used it.


 
Customer Satisfaction for Banks  

(3) The General Customer Satisfaction Question
 
Some banks measure customer satisfaction using a combination of measurements, and they also include this satisfaction question, which is usually one of the most popular ones being asked by the retail banking industry: "How satisfied are you with us?" With this question, you can also ask about the customer service employee, the bank’s operating hours, bank rates or products.
 
(4) Rating Your Customer's Satisfaction
 
This is the most complicated question that you can ask as it provides you with the most information from your customers. Here is how the question is often asked, especially with relevance to your products or services: “On a scale to 1 to 10, how satisfied are you with our banking services today?" This question is good because you can now track customer satisfaction with your products or services and understand how satisfied or unsatisfied your customer is.
 
No matter which method you use, having an effective digital system to measure customer satisfaction will result in a strategic advantage for your bank, and one of the best ways to measure customer satisfaction for the retail banking industry is through a smart solution like Sondos Customer Experience Measurement and Management System (Sondos CEMMS), which has been created for companies to link their customer needs with their internal operations so as to create the best customer experience and hence ensure their financial growth. This smart solution is designed to help banks like yours monitor customer satisfaction easily and improve your profitability. Get in touch with us to learn more about Sondos CEMMS now!
 
Request a demo here: https://www.sondosmr.com/sondosen/index.php/request-demo
 
Click here to learn how to ensure customer satisfaction with your digital teller machines such as ATM or ITM

How to Ensure Customer Satisfaction with Digital Teller Machines

Automated teller machines (ATM) and interactive teller machines (ITM) are some of the most useful technologies today. An ATM is an electronic banking outlet that allows customers to complete basic transactions without the help of a branch teller, while an ITM enables customers to perform these basic transactions but also allow them to engage in deeper, more personalised banking activities with remote tellers who might be located in a centralized call centre elsewhere. Besides dispensing cash, some of the more unique transactions include ordering of replacement cards, process savings bond redemptions, advise on credit card applications, open or close accounts and more.
 
Challenges Faced by Customers Daily with the Digital Teller Machines
 
Banks face challenges daily and so do their customers. Some common problems faced by the customers with the ATM/ITM machines include having their bank card declined or retained by the machine accidentally, an unclear voice from the teller machine, not getting receipts or slips of their account balances at the end of their transaction, and the inability to withdraw the cash in the denominations of their choice – for example, they need ten dollars, but all the ATM/ITM machine has at that moment was twenty dollars.
 
Banks can use the ATM/ITM machines to deliver an incredible customer experience if they can find a way to track customer satisfaction and rectify problems immediately when they occur. Here's where Sondos CEMMS comes into play. It can be used to measure your customer experience, improve customer relationship and achieve your financial objectives by linking your digital teller machines with our system.

 
Digital Teller Machine
 
The Sondos Advantage
 
Sondos CEMMS provides a smart solution that's integrated with your bank's business system and that's also consistent with its strategies and goals. It also has an automated and responsive smart monitor where you can watch what's happening in real-time, with analytics and customer feedback updated instantly and sent to the bank's management.
 
For example, after a customer has finished his transaction on the ATM/ITM machine, a customer satisfaction survey will pop up and ask: "How was your experience with this ATM/ITM service?", with a scale of 1 to 5 for him to choose his satisfaction level. If the customer chooses a negative rating like 1 or 2, Sondos CEMMS will immediately send a notification to the bank's officer-in-charge who may then decide on the right course of action, such as calling the customer immediately to solve his problem. This will help steer the customer's opinions to the bank's advantage. Here's a little video for you to understand the process: 
 

This funnel is important because we need to capture that customer's experience instantly, communicate with him based on his feedback and keep him satisfied. It is even more critical with VIP customers as the bank can use the power of Sondos CEMMS to deepen the bank's communication and relationship with them, and this is likely to result in more advocates for the bank's products or services.
 
This smart solution is designed to help banks like yours monitor customer satisfaction easily and improve your profitability. Get in touch with us to learn more about Sondos CEMMS now!
 
Request a demo here: https://www.sondosmr.com/sondosen/index.php/request-demo

Click here to learn more about the importance of customer satisfaction for banks or you can also check out our free e-book on how to develop effective business strategies to improve your Net Promoter Score. 

Service Culture Plays a Key Role in Improving Satisfaction Index

Each brand represents a product, service or idea delivered to specific customers, but when it comes to differentiating your brand and increasing sales, you have to think deeply of the service culture of your brand, the professional people you hire and train to impress the customer by this culture.

Starting from setting the behaviour of serving customers through top management, communicating the brand culture to employees, and up to motivating them to apply this service culture during their regular duties and work activities; you can create a unique brand positioning that is hard to be followed.




Then, how can you ensure that your service culture is working well inside the organization and does impact the customer satisfaction the way you want?

Simply, it is done by measuring and tracking the critical to satisfaction metrics that fit your brand objectives.

A good satisfaction index most probably means a good reputation and then high sales volume. Your success in delivering a differentiated service culture strongly impacts your brand image and customer satisfaction.

 

Is first impression as important as we have been told?

Many cases have proved that “first impressions are lasting impressions”. If you don't ensure your guests satisfaction and you don't wow them from the first minutes, you are definitely losing them forever. In addition to the risk of losing your digital reputation on social media websites and its consequences.
 


Top ranked hotels worldwide are aware of the importance of controlling their guests’ first impressions, and how it affects their guests’ loyalty and their positive word of mouth to leverage the hotel guests’ base and therefore increase revenue. They develop their brand standard and implement key techniques to wow the guests from the first moments to create an outstanding first impression. Then, what can we do to satisfy our guests and “wow” them from the very beginning?
The best way after developing the hotel brand standard according to guests’ expectations is managing guests’ first impression and create corrective and preventive actions to keep them satisfied and wowed by the hotel exceptional services. You can use the “welcome call” to collect guests’ feedback about their first impression since it is considered as a pleasant surprise which the guest wowed by. It enables you to define the areas which didn’t meet guests’ expectations and take corrective actions and catch them before check out. The “welcome call” also makes guests feel free to request any personal service to satisfy them during their stay and guarantee positive online reviews accordingly.



Again, “first impressions are lasting impressions” so you need a comprehensive advanced and smart solution to control your guests first impressions through their first experiences with the hotel in the real time to achieve the full occupancy. 

7 smart qualities of smart customer insight solution in the modern era

If someone told me that (s)he will travel to China on horseback or even by sea, I would directly remind them of the invention called airplane.

How would you feel my dear modern-age leader if you know that someone in 2016 does not use a smartphone, still uses a pager - floppy disk - DOS operating system, still makes old fashioned music mix tapes, or worse still uses old yellow pages or encyclopedia to look up information!



Now, what if I told you that there are some organizations that still get customer insight through old-fashioned comment cards or through simple email or SMS message where the only thing they acquire from it is how satisfied or unsatisfied a customer is and maybe if they had a problem. It is proven that there is a number of issues with this outdated system. One of them is that reports come too late to do anything to win customers. Another issue is that this out of date system does not give enough insight analysis on the important subjects that matter for modern organizations. Or worse, it does not help you as a leader in taking the right actions and decisions to get your organization to a better position than yesterday.


Smart organizations in this modern time use smart solutions. A smart solution means:
 
  • Fully integrated with the organization systems where the solution is consistent with your organization strategies, objectives and goals (financial and non-financial).
  • Fully automated Smart Monitor where all you have to do is watch an up-to-date state of the art insight dashboard of customer and employee meaningful analyzed data, it tells you what actions you need to take every day to improve your financial and non-financial Key Performance Indicators.
  • A user friendly modern mobile responsive portal that you and your employees can use to monitor progress or increasing quality, enhancing organization reputation, improving customer and employee retention, reducing business loss, and improving revenue plus profits.
  • Assist you in the process of taking the right decisions that affect your organization present as well as future models, products, services, and performance.
  • Support B2B as well as B2C transactions both locally and internationally.
  • Support instant alerts, actions, and follow-up in order to take the right actions instantly when it is not too late to steer results in your desired direction and in the organization favor.
  • Support social media integration and smart insight features where you don’t only use social media feedback and actions individually or partially but connectivity and wholly. 

The question is: Does your organization have such a smart solution that provides all of the above benefits?
 

 
In this day and age, our competitors will not give us the chance to wait for next year to take the right move(s). By the time we obtain or get to a decision, our competitors would have already taken many steps to win customers over us.
 
We don’t want to be like BlackBerry, TWA, Woolworth's, Blockbuster, or Borders where competition pass them by in a warp-speed while they were on an old wagon.
 
On the contrary, we want to be like Apple and show the world products like the iPhones, iMacs, iPods, and iPads. Your organization may not be in technology like Apple but you can still show the world what success really means through customer insights that drive financial and non-financial results.
 

Organizations goal should always be to get a warp drive better than the competition in every way and take quantum leaps while they trail behind you. Let’s not wait for things to happen, let’s take action now.

The Effect of Solving Only 20% of Customers Problems

One of the basic tools of quality control is the Pareto principle. When it comes to apply it within the organization, you need to find out the root causes of each problem through different Root Cause Analysis (RCA) methods like the “5-Whys” or the “Fish-Bone Diagram”. Start with identifying customers problems continually by an advanced system that customizes feedback for organizations units, then you need a real-time reporting tool to enable you to see which problems are most repeated as shown in the below chart no.(1).  

(1)

From here, the importance of listening to your customers and managing their feedback appears, you need to apply the science of solving customers problems (solve 20% from the organization problems to satisfy 80% from the organization customers). The question is: Do I have in my company a system which measures our customer problem experience or not?

Sondos Market Research (SMR) presents a customized Customer Experience Measurement and Management system (CEMMS)to define, measure, analyze, improve and control the root causes of the problem experience, and link the symptoms with the defect and the opportunity to occur from each main process. Sondos platform has proved its ability to assist companies in solving their customers’ problems and increasing their satisfaction and happiness to stay around and ask for more.

The below charts (2.1 & 2.2) show one of Sondos success stories in assisting organizations to increase the power of problem resolution almost three times, and improve their customers’ satisfaction to more than 88% without any other improving factors. 

(2.1)                                                                                 (2.2)

Also the below chart (3) indicates how the organization with implementing Sondos CEMMS succeeded to decrease the problem experience by 25% and to increase the overall satisfaction from 77.40% to 88.7%.

(3)

 As a result, we have five tips to improve the problem resolution:

  1. Identify the problems that your customers may experience in any moment of truth, and link these problems with the departments/units processes, people, product or service.
  2. Measure and analyze your customers’ problem experience to see the most repeated problems which have the biggest impact on your customers’ satisfaction.
  3. Take these most repeated problems and analyze them to find out the root causes of each.
  4. Suggest a solution to improve the internal operation processes linked with the problems and proceed with it.
  5. Measure again your customers’ problem experience to control the improvement.

Reasons why FMCG companies should seek for the optimal sales organizational structure in ME!

Based on Sondos latest market research results and analysis on thousands of responses distributed within the Middle East, the impact of setting the right sales structure is obviously noted in raising the overall customer experience, loyalty, NPS scores and sales growth.

 
 

Among the findings was that the best practice is having the structure of sales agent, coordinator, customer relationship manager and territory manager. The coordinator gives directions to the sales team, focusing mainly on managing schedules and the distribution of products. The customer relationship manager handles customers’ issues, follows up and ensures complete satisfaction and maximum utilization of the product or services sold to customers. The customer relationship manager will not only solve customer requests but will proactively offer ideas and insights to improve the customers’ issues and challenges. This will make each customer feel special and eventually gain their loyalty and good word of mouth to the consumers. Keeping in mind, the importance of existing a territory manager to control sales performance of the whole area. By this structure, you would have full control on sales process which pushes extremely the effectiveness and the efficiency of sales performance. 

As a result from this study, if you are looking for providing high levels of quality and achieving your sales target, you must not ignore the importance of setting the right structure for your sales department as a fundamental requirement for your success before looking to operation quality. If your sales structure is poor with just sales agent and supervisor, you will lose around (22%) from the accuracy of completion the site visit process and your Net Promoter Score (NPS) will be decreased by (15%) approximately. Sondos Customer Experience Measurement and Management System (FMCG-CEMMS) role comes here to help you monitor your sales process and improve it. 

About Sondos

CONTACT US

Sondos Market Research
Amman Office: + 962 (6) 200-3456
P.O. Box 2523, Amman 11941, Jordan

Dubai Office: + 971 4 518-5777
P.O. Box 118587, Business Bay, Dubai, UAE

Email: contact@sondosmr.com
Skype: sondosmarketreserch
Website: www.sondosmr.com

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