Decreasing customer “pain points” at banks

In a Ipsos-Insight consumer survey of banks, less than half of customers surveyed fit into the “Loyal” or “Diehard” categories. The other 56% were split between”Switchers” (31%) and “Movers” (25%).

And where your ATM’s are located is just one of the reasons customers might leave your bank.

Decreasing “penalty pain” is an effective way to keep Switchers and Movers, and even your Loyal and Diehard customers as well.

In an article from Neuromarketing, Roger Dooley talks about one of the negative “drips” of dissatisfaction when banks process checks in reverse order of magnitude, increasing the chance that more checks will be overdrawn.

Roger writes:

“Businesses should weigh the short-term boost in profits from penalizing otherwise good customers against the pain these penalties will cause and the damage to their brand in the minds of those customers.”

While “Switchers” are ready to move on to a new bank that offers them fewer fees, and higher interest rates, even “Loyalists” will consider moving when they feel mistreated.

So what are those pain points?

  • Unclear fees
  • “Free” services that don’t remain free
  • Negative interactions with tellers
  • Navigating confusing Auto-Attendant greetings
  • Being placed On-Hold to just silence, or “beeps”
  • Not enough ATMs or Branch locations

We’re living in a society that values genuineness and authenticity. Clearly stating when and what you intend to charge for is a lot better then leaving a customer feeling like they’ve been “had”.

The next time you consider raising fees, or push that “Hold” button, understand that you’re giving your customer one more “drip” into an intravenous artery of unhappiness. How many “drips” will it take to make him look for another bank?

Identifying and removing as many “pain points” as possible is a great strategy for moving “Switchers” to “Diehards”!

Would you like an outside the box perspective on YOUR Caller Experience? We’d love to help you!

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