"It looks like the big retail banks are going to inherit the earth, but they will not get it all.."

The Art of Better Retail Banking,
Hugh Croxford
Frank Abramson
Alex Jablonwski
Market Directions'
Bottom Line
March 2008
Market Directions' Newsletter for Community Bank Professionals focuses on retail banking and servicing customers.  We want to help bankers think like marketers.
Hello
 
This month presented are the results of a recent study conducted by Talisma Corporation.  Basically, the study reconfirms, that the big banks are not measuring up to customer service standards--- even in an area where they dominate--- online banking.  Read the results below or click on the link to download the actual study. 
 
Sincerely,
 

Mary Malaszek
Market Directions

Online Banking Audit Reveals Major Opportunities for Customer Service Improvement 

A mystery shopper exercise conducted during November 2007 by Talisma queried the top banks on how to open an account and what kind of products and services are available for individual customers.  The audit revealed the following:
  • 36% of customer emails went unanswered by the banks
  • 96% of those audited did not offer live chat as a communication channel
  • 94% of banks did not offer a "true" dynamic, flexible knowledge base - the majority of banks offered little more than a list of static FAQs
Community Banks--- Knowing who you are.  
 

While products and services are being rapidly commoditized and the cost of switching is low, customer service is the primary competitive differentiator where community banks can really deliver. 

 

The complete audit findings areavailable for download Talisma Financial Services Web page

 
or click on Market Directions Website to learn how we help companies with customer service satisfaction and measurements. 



Bottom Line
 
MARCH'S BOTTOM LINE
 
Big bank's aren't delivering what they promise--- even in an enviornment that they dominiate--- the on-line customer. 
 
SEPTEMBER'S BOTTOM LINE
 
Community banks avoided financial distress by staying true to their mission and committments to their customers.  Now, can they capitalize on this, not as finaciers, but as marketers? 
 
JUNE'S BOTTOM LINE
 
Use the summer months to catch up on reading, or better yet to delve into the process of understanding your customers, so that when September comes, you will be ready for anything. 

Knowing what your customers and prospects really think and what they really want is the only way you can design the products, messaging and service protocols that keep customers loyal and comfortable enough to turn over more of their assets to your bank for safekeeping and investment.

 
MAY'S BOTTOM LINE
 
Community Banks must work diligently to find their own unique niche, which could bet be getting customers into branches, better and more on-line services, servicing under-served communities or whatever it is that YOUR customers require and appreciate---- but first, you have to ask. 
 
APRIL'S BOTTOM LINE
 
Community Banks need to be able to navigate through the commodification of the industry by relying on delivering 'real' superior customer service and customer experiences, not just another advertising slogan.  This has to be the most cost effective way for differentiating yourself from the 'big banks' who are attempting to occupy your space.

About Market DirectionsMarket Directions is a full service custom market research firm that helps companies to identify and clarify distinct marketplace opportunities. 

Since 1994, we have enabled organizations, both large and small, to understand their customers everythingin new ways. By asking the right questions and analyzing the answers, our unique, hands-on methodology enables CFOs, as well as senior marketing and sales executives, to significantly increase sales and gain measurable competitive advantage. 
  
We do this by using a variety of market research tools-from individual interviewing to broad-based electronic data gathering-and present our clients with new, exciting, and profitable ways to understand their customers and their environments.
 

Our promise to you? That as a result of our work, you will understand your customers and your business in a whole new way. You will see your products and services as your key customers see them, and, armed with this critical information, that you will save both money and time, delivering your products to new markets of eager, highly-qualified buyers.