You can’t improve what you can’t – or don’t – measure. And when companies are losing $75 billion annually to poor customer service, understanding how customers and prospects view the customer service at your community bank – and having in-depth insight into how you measure up compared to your competition – can deliver powerful data that you can use to make strategic decisions to grow your community bank.
What Do the Banking Benchmarks Measure?
At Customer Experience Solutions, we have developed a scientific study that has been expanded to include New York, New Jersey, Massachusetts, Connecticut, New Hampshire, Pennsylvania, and Rhode Island, allowing us to gather insights from more than a million customers who evaluate their banks and credit unions. We accomplish this by using 53 different metrics, including customer service, technology, and contribution to the community. We also gather insights about how likely these customers are to switch banks, to help you better understand how vulnerable you are to losing customers and how much potential there is to attract more banking customers from your competition.
Banking on Benchmarks
The largest banks spend tens of millions of dollars annually to track the customer experience in their firms. These expenditures, while seemingly excessive, deliver a powerful ROI. Community banks and credit unions obviously don’t have the budget that big banks have to measure customer experience, but they need the same kind of insight about their customers, prospects, and competitors to know where they need to improve service delivery. Customer Experience Solutions levels the playing field by providing the same kind of insight, for a fraction of the cost, to community banks and credit unions.
How Community Banks Use Customer Experience Solutions Banking Benchmarks
The banking benchmarks have been used by our banking customers in the following ways:
Objective customer feedback and a more accurate assessment of your CX versus that of your key competitors
- Insight into technology and tools – helping you to determine if you actually need new technology or if enhanced employee training will result in the improvements customers want to see
- Location-specific results – so you can see how your performance differs in varied locales of your trade area
- Determination of marketing ROI and effectiveness of ad campaigns and community involvement
- Ability to understand reasons for customer attrition to reduce loss
Customer Experience Solutions provides the insight you need when it comes to understanding your existing and potential customers. From measurements of overall quality and customer service perceptions, to the ease-of-use of technology and bank practices, to evaluation of loyalty levels and vulnerability, Customer Experience Solutions provides banks with a wide range of insights into the customer and prospect experience within their competitive environments.
New Banking Benchmarks Are Now Available
If your bank is in New York, New Hampshire, New Jersey, Connecticut, Pennsylvania, Rhode Island, or Massachusetts, we are already conducting a customer experience analysis for you and each of your competitors. We would be happy to share a sample of your customer ratings and rankings with you. To request a sample or to subscribe to your banking benchmarks, contact us at email@example.com or by phone at 203-906-8923.