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.
- Financial services are increasingly viewed as a commodity, something that can be
purchased from any source with little difference in quality.
- Consumers are becoming increasingly sophisticated and are beginning to understand
their long-term value to financial institutions.
- 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.
- A 5% increase in customer satisfaction can increase profitability from 25% to 125%.
Harvard Business Review
- 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
- 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
- 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
- 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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