Increased governmental regulation, low interest rates, and an increasingly competitive marketplace have placed enormous pressure on banks to raise revenue from their existing customer base, while reducing the cost to serve their customers. Furthermore, the evolution of digital banking channels and the emergence of new customer segments, i.e., millennials, has impacted traditional methods of servicing customers and building relationships.
In response to these demands, it is imperative that banks understand how effective they are at meeting customers’ needs and expectations and how their performance compares with competitors. Knowing what drives satisfaction and identifying operational strengths and weaknesses enables banks to make informed decisions regarding where to invest and where to cut in order to achieve maximum profitability and increase ability to grow.
The J.D. Power 2016 U.S. Retail Banking Satisfaction StudySM explores customer satisfaction with their primary financial institution and the impact satisfaction has on bottom-line metrics, such as retention, loyalty, and advocacy. The study provides critical benchmarking information on more than 100 banks throughout the United States and identifies the dominant factors that drive retail banking customer satisfaction, based on survey responses from nearly 80,000 customers.
The study publishes in four waves, allowing subscribers to more accurately track their results throughout the year. A study subscription will provide access to the tools needed to gain a comprehensive, in-depth understanding of your company’s performance and to identify areas needing improvement. Study wave deliverables that will be provided four times during the year include:
- An analyst briefing that provides insights into key industry trends allowing your company to maximize performance
- Access to a personalized competitive data set, allowing you to see how your company stacks up against competitors, the industry, and the highest performers
- A detailed performance analysis that displays key performance metrics and frequencies
Full study deliverables that will be provided once at the completion of the fourth wave include:
- A full PDF report of insights obtained across all four waves of data
- An executive presentation that provides a summary of your company’s results, compared with those of key competitors
Banks that subscribe to the study will be better able to understand their competitive position at a detailed level, allowing them to pinpoint critical areas for improvement and make prudent investments in the service attributes that matter most to customers.