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Brand image and the impact of the initial visit by a potentialk customer can be paramount to the final decision regarding whichy retail bank to a national studyhas found. According to the J.D. Power Associates retail bank shopping study, released Tuesday, 36 percent of a consumer’ds decision to choose a bank is driven by thefinancial institution’zs brand image, followed by branch locatiom at 21 percent.
“Some crucial aspects of a bank’ss brand image — such as perceived financia l stability andreliability — can be difficulgt for a bank to improve, which negatively affectsd the bank’s likelihood of being said Michael Beird, director of the banking practice at J.D. “However, branch employees can positively impacta bank’s brane image by providing personal service, communicating proactively and havinb a customer-driven focus.” Nearly a third of customers who avoid usintg a particular bank have done so becauswe of a previous bad experience with that the study showed.
Word-of-mouth recommendationw — positive or negative — also figure into the selection process, with 31 percent of respondents ranking that as an important part ofthe bank’s bran d image. The study also showed that a customer’s satisfaction with settingh up a new account increases considerably when bank employeexs show alittle enthusiasm. Greeting the customerr when he or she entersthe bank, keepinfg wait times to under five minutes, callinbg the customer by name and providing a detailes needs assessment were among the itemes bank customers mentioned as important to the selectiob process. The J.D.
Power conducted in February and March, was based on responsex from morethan 7,500 bank customerxs shopping for a new bank within the past 12
Friday, September 3, 2010
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