Bain Certified Net Promoter Score® by J.D. Power now available!

The Challenge

Traditional business models of banking are under attack. Direct banking has emerged as a potent alternative to traditional banking models. Favorable trends: 80% of consumers are now conducting banking on online; mobile adoption is increasing rapidly; cost-to-serve is lower for direct banks, creating the potential for differentiated deposit interest and loan rates. Direct banks’ links to nationwide ATM networks and/or their offers of ATM fee waivers allow access to cash and offset an advantage of traditional banking models.

Direct banks need to 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 enable direct banks to make informed decisions to drive revenue growth. It is also important for traditional banks to understand the increasing competitive threat from direct banks.

The Solution

The new J.D. Power U.S. Direct Banking Satisfaction StudySM explores customer satisfaction with their primary direct banking provider and the impact satisfaction has on bottom-line metrics, such as retention, loyalty, and advocacy. The study provides critical benchmarking information on the leading providers throughout the United States and identifies the dominant factors that drive retail banking customer satisfaction, based on survey responses from nearly 5,000 customers.

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 deliverables include:

  • 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
  • Detailed performance analysis that displays key performance metrics and frequencies
  • Executive presentation that provides a summary of your company’s results, compared with those of key competitors
  • Bain Certified NPS® by J.D. Power that includes the brand level NPS® and verbatims, a NPS rank chart and verbatim text analytics

The Benefits

Direct 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. Traditional banks will gain a detailed understanding of customer perceptions for a key set of rapidly growing competitors.

Net Promoter®, Net Promoter System®, Net Promoter Score®, NPS® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.