As more consumers look for convenience and demand a variety of options from their financial institutions, banks are finding it increasingly necessary to enhance customer service options and give clients access to new technology. By employing mobile banking solutions, offering customers the ability to use remote deposit capture technology, extending hours and installing a coin counter kiosk onsite, financial institutions are improving their status in the eyes of clients.
What customers want
A new survey by Harris Interactive on behalf of Yodlee Interactive revealed convenience is a major reason customers stick with their banks. Sixty-three percent of respondents said they were with their current financial provider because of this factor, while 48 percent enjoyed the customer service and 42 percent enjoyed the low costs associated with their accounts. One-third said their financial institution's mobile banking options, like a branch app or remote deposit capture, are reasons they opt to stay with their bank.
"Customer loyalty is a primary concern for banks," says Joseph Polverari, interactive general manager at Yodlee. "Our findings suggest a corollary between one of banks' biggest priorities - customer loyalty - and consumers' usage patterns for mobile banking. With the anticipated growth of mobile banking in the next four years, banks that want to boost customer loyalty should strongly consider developing apps that increase the convenience of consumer banking."
Big banks have the resources to make these changes
The convenience and plethora of options big banks are able to provide may explain why customer satisfaction has increased among big bank clients, according to a study from J.D. Power and Associates.
The research showed customer satisfaction jumped to 763 points on a 1,000-point scale - a leap of 10 index points when compared to last year's results. The biggest positive change was seen among larger banks, which saw satisfaction increase by 16 points year-over-year. Thanks to their devotion to new technology and the added ability to enhance customer service options by investing in things like mobile banking and installing a self-service coin counting machine, these institutions have been able to narrow the customer satisfaction gap they used to face when compared to smaller banks. If regional, mid-sized or small financial institutions keep up with changing client demands by investing in these solutions, they may be able to once again pull ahead and gain new clients.
June 5, 2013