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Customer Satisfaction and the Banking Industry

Customer Satisfaction and the Banking Industry

It’s a tough time to be a banker or credit card company in this country. When Gallup polled Americans for their opinions about the 25 biggest industries in the country, banking was the third least-beloved industry in the survey. There are a wide range of reasons why Americans are dissatisfied with their banks, but the good news is that there are many ways you can ensure that your customers stay happy and stay loyal.

Take a look at the Consumer Complaints Database that the Consumer Financial Protection Bureau set up and browse a sample of the complaints people have about some of the nation’s largest banks. Customers are upset that banks seem to lack consistency with their documents and procedures, they’re unhappy that they aren’t learning about new and helpful services that banks offer and think that banks aren’t being run as efficiently as they should be.

Many of these problems could be solved by taking a different approach to the documents you send to your customers. Improved banking statements, effective communications software, and a different approach to customer satisfaction and interaction could be what you need to keep your current account holders and future clients happy with your services.

The American Banker recently published an article on how banks and credit card issuers should be paying more attention to their customer’s usage habits so that they can use them to better the individual customer experience. If you use analytics to keep track of how your clients use their accounts, you can leverage your invoices and account statements to advertise relevant services to them. Instead of leaving blank white margins on statements, you can include an advertisement for refinancing services on the account statement of the client who has an interest fee that could be reduced. Or place an ad about your new and improved frequent flyer options on the monthly statement of the client who uses their credit card to travel.

Even though a personalized touch can be helpful, you can also utilize extra white space on your documents to communicate with your customers in general. You can announce upcoming changes to company policy in margins that would usually be left blank, or you can advertise about upcoming services customers could use. Your customers will love having a predictable and reliable way to learn about your offerings and may even start utilizing services they wouldn’t have otherwise known about.

DataOceans’ customer communications management platform enables banks, credit unions and other financial organizations to improve revenue and reduce customer attrition by delivering personalized communications to their customers across channels like direct mail, email and SMS. Learn more.