Private Bank Clients Leaving For Better Services

A study done by JD Power indicated that only 1 in 5 customers feel that their bank representatives have spent enough time identifying their specific needs before offering products and services. This correlates to the 69% trust level reported by the customers’ whose needs were met compared to 43% of trust level from customers’ whose needs were unmet.

At least four in five customers lack understanding on the features and benefits associated with their main account (80%) and their primary bank’s fee structures (81%).

On the digital channels front, despite mobile app usage has increase to 43% in 2019, at least two-thirds of the customers are still unfamiliar with its’ services and products. While 72% of satisfied customers with the bank’s digital bank channels trust their bank, only 21% shared the same sentiment out of those who are unsatisfied.

Overall, it was reported that 54% of customers do not trust their primary banks fully and at least one-third of them are likely to switch provider. In order to increase customers’ retention, building trust is the key to satisfied customers and sustaining long-term client relationship.

For two years consecutively, Citibank ranks top in consumer satisfaction in 4 out of six study factors. DBS and Bank of East Asia follows behind in second and third place respectively.

Insights-on-Customers

Credit to original article: http://fintechnews.hk/8667/various/trust-bank-challenger-bank-customer-service/

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