Test Your Institution. Learn more about the value
of customer satisfaction to your specific institution by using
The Cost of Poor Service Calculator. The calculator employs
well-established industry formulas pertaining to the cost of losing and
replacing customers. Punch in a few numbers and find out how much money your
institution could be saving every year - just by improving customer
satisfaction.
Achieving a high level of customer satisfaction
has never been more important - or more valuable - to financial institutions
than it is today.
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Financial services are increasingly viewed as a commodity, something that can
be purchased from any source with little difference in quality.
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Consumers are becoming increasingly sophisticated and are beginning to
understand their long-term value to financial institutions.
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The convenience of on-line transactions has fed the consumer's desire for
quality service at every contact point.
Key Facts. Common sense tells you to take good
care of your customers; consumer research tells you why.
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A 5% increase in customer satisfaction can increase profitability from 25% to
125%. Harvard Business Review
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If you can improve your level of customer retention by just 5%, and sustain
that improvement over five years, you can improve operating earnings by as much
as 100%. American Banker
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Service quality is not a cost but an investment in a customer who generates
more profit than the margin on a one-time sale. Bank
Marketing
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Businesses typically spend five times as much to gain a new customer as they do
retaining or cross-selling an existing one. Technical
Assistance Research Program
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Businesses spend an average of only 5% of their service time preventing or
eliminating problems and 95% of their service time addressing them.
Technical Assistance Research Program
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