Winners & Losers

2.28 Million Northeast Households and Businesses to Switch Banks this Year

Banking New England Sept/Oct 2018
Published on Oct 16, 2018

In this special marketing issue, learn how to optimize your mobile site, understand why customers can be easily enticed to switch banks, and get an inside look at the New England Financial Marketing Association conference, featuring an article by Bruce Paul.

High Percentage of CT Customers Say They’ll Switch Banks This Year

High Percentage of CT Customers Say They’ll Switch Banks This Year

Financial institutions tend to hear unsolicited feedback from two kinds of customers – those who are very happy, and those who are very upset.

Even those banks and credit unions that try to survey a representative sample of their customers may end up with inaccurate results. This is because many customers are not completely honest because they do not want to get their favorite teller or commercial banker in trouble, and sometimes a bank’s employees will try to coach respondents to give good scores. This can lead to an inaccurate view of a bank’s customer base and lead to business decisions based upon imprecise customer intelligence.

Customer Experience Solutions takes a different approach and in this article, we have the top-rated banks for overall quality in each Connecticut county, as ranked by their own retail and commercial customers. The overall quality index is a combination of servicing, tools, problem incidence and resolution, policies and trust. We will examine some of those particular metrics in upcoming issues. The top tier performers include a range of large and small institutions, showing that size does not necessarily translate into results. Worth noting, there are a number of institutions that fell just below the top tier and may be able to capitalize on their strengths to achieve the top level in the next survey, scheduled for Q2.

We also have the top-rated banks for reputation as a strong bank. This index is based upon the perceptions of each bank’s prospects (non-customers), since reputation is a strong driver when considering a new banking relationship. While larger national or regional banks have a possible advantage in terms of assets or name recognition, a number of smaller banks also achieved the top tier. Worth noting, a number of institutions had reputations that varied starkly from market to market, indicating an inconsistency in marketing effectiveness across their footprint.

Continue reading “High Percentage of CT Customers Say They’ll Switch Banks This Year”