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Drivers of Customer Satisfaction in Retail Banking

  • July 2014
  • -
  • Verdict Financial
  • -
  • 29 pages

Summary
The aftermath of the 2008 economic crisis has led financial services institutions to focus on becoming more customer-centric. Understanding customers, their associated risks, and their potential profitability has become vital. This analysis across 23 key countries looks at what makes these customers more satisfied than others.


Synopsis
- Understand customer satisfaction trends for current accounts.
- Discover which factors impact on customer satisfaction and to what degree.
- Learn how to improve the satisfaction of your bank account customers.

Reasons To Buy
- What makes a satisfied current account customer?
- What demographic, provider, product, and channel factors have the greatest impact on customer satisfaction?
- How can customer satisfaction be improved?

Key Highlights
Customer satisfaction with their main PCA increases with income levels. Higher-earning customers are more satisfied than lower-earning customers. Lower-income earners are more susceptible to being charged fees (e.g. overdraft, not enough credit etc.) which has a detrimental impact on their attitude towards their bank.

Banks that have a longstanding reputation in financial services have more satisfied customers than banks that do not. This is perhaps due to the fact that a longstanding reputation suggests a certain amount of stability and long-term security. New entrants therefore need to excel in other areas relating to product, service, and channel.

Customers who rate their bank's mobile banking proposition highly are more likely to be "very satisfied" with their PCA. Having a mobile proposition is fast becoming a hygiene factor for customers. Banks must develop their mobile apps further to ensure that banking is frictionless and that customers can do more via their mobiles.

Table Of Contents

Drivers of Customer Satisfaction in Retail Banking

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