Banking News

June 2011: Low Hanging Fruit: These Stats Show Opportunities to Best the Competition

Jun 16, 2011 by Confero Inc.

Consumers say top-notch service is more  important than the bank’s reputation.   The 8thannual Capgemini  study of 14,000 bank customers in 25 countries revealed that only 27 percent felt that the bank’s brand image is a major reason for leaving a bank. On the other hand, 55% indicated that lack of service quality would motivate them to switch to another bank. The study showed that 59% of bank customers are satisfied with their banks.  Overall, a bank's success in positive customer experience delivery averaged a rating of 72.2 out of 100.

2011 Mother’s Day spending shows a positive increase.  National Retail Federation’s Mother’s Day survey showed an average of $140 spent on gifts for Mom this year, with 55% of respondents indicating that they will treat Mom to a restaurant brunch or dinner .  One third of those responding to the survey said that they would purchase Mother’s Day gifts at a department store, the highest percentage in the survey’s history.  Twenty-one percent preferred to purchase Mother’s Days gifts online. Males said that they would  spend an average of $169 on Mother’s Day, while women indicated that their purchases would average $114. 

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July 2011: Low Hanging Fruit: These Stats Show Opportunities to Best the Competition

Jul 28, 2011 by Confero Inc.

Most customers only give companies two chances in customer service.  According to an American Express study, half of Americans surveyed reported it takes two poor customer service occurrences before they stop doing business with a company.

Customers find negative online reviews more believable.  57% of consumers find negative reviews on blogs and social networking sites to be credible, as compared to 48% who said that they give more credence to positive ones.

The large majority of customers trust referrals when making purchase decisions.  88% of consumers surveyed revealed that they choose a company based on a friend or family member‘s recommendation.

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Employee Incentive and Rewards Ideas

Jul 28, 2011 by Confero Inc.

Our experience in employee recognition and on-the-spot rewards in different industries has opened our eyes to the creative ideas introduced by our clients and our client services team. 

This idea is one of our favorites. The Raleigh-Durham Airport Authority (RDUAA), a long time client, honors associates who score 100% on the mystery shops Confero conducts at the RDU airport. The airport authority changes the gift over time and tracks which employee receives which item, so that the award item is always fresh and

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August 2011: Low Hanging Fruit: These Stats Show Opportunities to Best the Competition

Aug 30, 2011 by Confero Inc.

Financial institutions did not meet the needs of over 30% of their customers in 2010.  A survey of 5,000 financial services customers in seven countries also revealed that 35% of dissatisfied financial services customers never made a complaint to someone at the financial institution. For a midsized bank, this represents a revenue risk of approximately $243 million.

Restroom conditions alone can determine if customers will visit againA recent study conducted for Cintas Corporation revealed that 94% of customers would not return to a business if they encountered dirty restrooms on their last visit. The most common types of locations (with dirty restrooms) that customers would avoid include restaurants and hotels, both at 79%.  Survey respondents also cited other businesses with unclean restrooms that they would avoid, including car dealerships, retail stores, supermarkets and healthcare facilities.

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September 2011: Low Hanging Fruit: These Stats Show Opportunities to Best the Competition

Sep 20, 2011 by Confero Inc.

Customer perception of sincerity makes a big impact on customer satisfaction.   A study conducted by Prime Performance revealed that 87% of bank and credit union call center customers believed that the representative was genuinely interested in helping them. When the customers felt this sincerity, 81% said that they were satisfied with the experience.  When respondents felt that the representative was not genuinely interested in helping, only 18% of customers were satisfied.

Do consumers want to pay more for healthcare?  In a recent Accenture survey, almost half of U.S. consumers said that they would be willing to pay more for quality customer service from their healthcare insurance providers.

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