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CTMA's annual industry-wide
customer experience baseline study reveals disturbing trends for the financial services
industry.
In 2005
when CTMA conducted its first annual customer experience baseline study amongst customers of
New Zealand retail
banks, the
study provided strong evidence that many banks operate with a significantly compromised customer retention
strategy. This
business risk often remains unseen because a traditional approach to
measuring customer satisfaction often fails to show the impact of poor
service on the bank’s profitability.
The
study estimated that the problems customers experience when banking, and
the way many New Zealand banks currently handle customer complaints, may be
placing between 8% and 12% of their annual profits at risk.
The
study presented participating banks with valuable insights into their
relative strengths, and identified specific opportunities for improvement.
In
subsequent annual updates, two disturbing paradoxes have been observed:
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Although
customers of some banks report fewer problems, overall satisfaction and advocacy
appears to have dropped.
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When
problems do occur, there appears to be an increase in the percentage
of customers contacting their bank for help, but a drop in
satisfaction with the action taken by banks in response.
It
appears that although most banks are attending to service quality
improvements, customer expectations are increasing. And, when
customers
go to their banks for help, the problems are
often not resolved to the customer's satisfaction.
Bank-specific client
work:
CTMA also provides a range of
bank-specific consulting and research services in the financial
services industry. These services include:
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Assistance
with service quality improvement programmes
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Baseline
studies - identifying:
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Overall
satisfaction with the banking experience
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Sources
of customer dissatisfaction
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Customers'
complaint behaviour
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Bank's
response effectiveness
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Impact
on loyalty and advocacy
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Satisfaction tracking
programmes - focussed on individual banking processes such as:
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