Monthly Archives: November 2015

Banking Satisfaction Factors

A recent survey of more than 3,800 consumers by Market Force Information found four major factors that impact customers’ satisfaction in banking:

  1. Transparency & Fairness
  2. Security & Reputation
  3. Ease of doing Business
  4. Location Convenience

The vast majority of credit unions have items 1 and 2 well covered, but many continue to work on items 3 and 4, which are in many ways closely intertwined.

One of the best ways to unite the Ease of Doing Business and Location Convenience factors is via online and mobile appointment scheduling. This is particularly true when it comes to financial advice; in fact, the report concludes that “in-person interactions, such as advisory services, present some of the strongest opportunities for retail banking to increase customer satisfaction and drive referrals.”

Key Takeaway: Appointment setting for advisory services – and many other important financial decisions – will be the norm in the next few years at credit unions looking for ways to increase member satisfaction and boost branch staff productivity levels.

Managing Wait Times

Studies have shown that perceived wait time – the amount of time a consumer thinks they have waited – goes up rapidly after the expected wait time is surpassed. Why is this important? Because customer wait time is one of the most reliable leading indicators of customer satisfaction in survey after survey.

As many credit unions reduce their branch staff levels, member wait times are likely to increase, which can drive down member satisfaction levels. Yet overstaffing at branches increases operational expenses. How do you get the balance right?

Perhaps the best solution is migrate some of your walk-in traffic – which is random – to scheduled appointments – which is under the credit union’s control when a robust scheduling system is in place.

Key Takeaway: Implementing an appointment setting solution online, in the call center and via mobile devices helps to effectively address wait time issues and improves both member satisfaction and loyalty.