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Did you know...
- An average household will have as many as eight
different accounts to handle their financial needs?
- If a customer has only one account with your
bank, the chances that they will close that account
within a year are almost 50%?
- The customer turnover rate in the banking
industry is 10-20% per year?
- Less than 25% of banks will attempt to salvage
a "threat to close" situation?
With competition in the market place, and a bank on
every corner, how can you keep your customers
happy? What methodologies are you using to be sure
you are keeping every customer? Many banks utilize
call centers to determine customer satisfaction. This
is an excellent method; however, it does not reveal
the entire picture.
Mystery Shopping is also another very effective
method that is employed throughout the banking
industry to evaluate how potential customers are
treated when they walk in the door. The proper
program will be very beneficial for learning more
about
your customer service levels and how to improve.
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What's Missing?
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What you may not be measuring with these two
methodologies could be the two most important
factors in customer retention:
? Cross Selling ? when a customer
opens their first account at your bank, are your
employees learning the customer?s needs fully and
recommending appropriate products, or are they
simply filling the customer?s request? If customers
have multiple accounts at your bank, the chances
are good that they will stay long-term. Cross
selling becomes vital at this point. If you are using a
standard mystery shopping program, you may not
know what your employees are doing to cross sell
and keep the customer bonded to your bank with
multiple accounts.
? ?Threat to close? ? When a
customer leaves your bank, there could be many
reasons why ? they could be moving to another area,
or possibly have found a bank that offers programs
better suited to their needs. More seriously, though,
they could be dissatisfied with the customer service
or have had an issue with an account that was not
handled satisfactorily. Do you know why your
customers are leaving? Do you know if your
employees are attempting to save a threat to close,
or are they simply filling the customer?s request?
A
standard mystery shopping program will not divulge
this information, nor will surveying customers through
a call center.
So, if ?typical? mystery shopping and the use
of call centers aren?t the answer, what is?
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We have a Solution!
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Ann Michaels offers financial institutions many
creative products and programs to capture and
analyze this information. The most effective program
we can offer is our Plant a Shopper Program ? this
program will give you invaluable information from your
customers? perspective and will ?fill in the blanks? as
far as the information you know about your customer
service. With this program, you can learn everything
from:
- How potential customers are treated when they
first visit the bank
- How opening an account is handled
- If employees take the time to get to know the
customer and offer appropriate programs/services
- The level of service provided to customers on a
day-to-day basis
- How the "threat to close" situation is handled
We create our Plant a Shopper program based around
your specific needs for outstanding results. Many of
our standard services can be included in this program
for added benefit.
In addition, we offer
online reporting that is accessible 24 hours a day,
seven days a week. With over 20 different analytical
reports available, you can use the wealth of
information you receive from our evaluations to drill
down into the depths of your customer service
issues. Using this information, you can improve all
levels of service and watch your retention rates
soar!
Call us today for a free phone
consultation and demo. We welcome the opportunity
to show you what we can do!
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About Ann Michaels & Associates
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Ann Michaels has been providing customer
service
solutions since 1998. We partner with customers
across North America and serve a variety of
industries. Send
us an email today to learn how we can partner
with
you
to improve overall customer satisfaction and
retention rates. We are certain you will be pleased
with the results!
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