Financial institutions strive to provide exceptional experiences for their customers, often by integrating the latest technologies like self-service coin counters. The overarching goal is to provide convenience and exceptional services through a variety of channels. However, banks still face challenges in retaining customers and preventing churn. A recent from TD Bank highlights the aspects of financial services that consumers are satisfied with and those that fall short.
Consumers satisfied overall
One of the main highlights from the TD Bank survey is that banking customers in the U.S. are largely happy with the services they receive at their branches. In fact, 86 percent of respondents said their everyday experiences are very good or excellent. Meanwhile, 85 percent said their banks perform equally well when it comes to accessibility.
What causes the greatest dissatisfaction?
In large part, financial customers demand transparency in their relationships with banks and similar institutions. For instance, nearly 40 percent of consumers would consider closing their accounts or switching banks as a result of undisclosed fees. Fortunately, only 8 percent of respondents acted on this sentiment, and the majority of these individuals did so because of a move.
How can banks maintain high retention rates?
Ryan Bailey, executive vice president and head of retail deposit and payment products at TD Bank, explained on Bank Systems & Technology that banks can still act as a single location where all financial services are offered. The key for this strategy is using all staff and technology available to their fullest extent while still managing overhead costs.
For instance, a Cummins Allison white paper titled "Save teller hours, increase foot traffic with self-service coin counters" indicated banks and other financial institutions can improve performance by integrating self-service coin counters. One of the least desirable situations in a bank environment is having customers wait in line for extended periods of time waiting for service. Inefficient use of resources breeds frustration and damages customer relationships.
Faster service, happier customers
When customers want to exchange their coins for bills, a self-service coin counter can do the job more efficiently than tellers, who then have more time to address the needs of other banking clientele. In fact, tellers can get back more than 40 working hours per month when banks add coin counters. At the same time, the self-service coin counters can encourage customers to make more frequent trips to a branch and provide the institution with cross-selling or up-selling opportunities.
"Tellers can save more than 40 working hours per month when banks add self-service coin counters."
There's a significant opportunity for banks to both serve the needs of customers and help their tellers become more efficient. In 80 percent of U.S. households, at least one person collects loose change, and 64 percent take this money to a financial institution for redemption.
With more options for financial services, banks need to ensure they're making use of all available technology and resources to improve service performance. High levels of customer satisfaction shouldn't mean that banks become complacent. They need to continue providing exceptional service.
December 4, 2014