A number of recent research studies reveal that consumer confidence in financial services continues to rise following the fallout from the financial crisis of 2008.

In fact, global consumer trust in banks has risen 4 percent since 2009 to 51 percent, according to the 2014 Edelman Trust Barometer. Additionally, a Satmetrix report reveals that 19 of 22 banks earned higher NPS (net promoter scores) scores this year compared to 2013 – and those numbers have continually improved over the past several years.

Net Promoter Score measures the willingness of a customer to recommend a brand to others on a 10-point scale. In the Satmetrix study of retail banks, customer ratings include the ease of doing business with a particular bank as well as the perception that the bank is acting in the customer’s best interests.

Retail banking leaders can leverage these positive trends by using predictive analytics and customer data (customer sentiment, demographic data, product ownership information) to identify high-value or target customers who are most likely to act as brand advocates to help attract comparable prospects.

A global study from Ernst & Young also demonstrates that satisfaction with problem resolution among banking customers has a significant impact on a customer’s likelihood to recommend a bank – even more so than satisfaction with a bank’s products or services.

Retail banking leaders can parlay this goodwill by using customer data and analytics to determine which aspects of the customer experience are most likely to lead satisfied customers to recommend their banks and their specific products to their friends and family.

Decision-makers can then use these insights to optimize the aspects of the customer experience that offer the greatest potential to attract new customers.

Next Steps:

  • We invite you to watch our complimentary, on-demand webcast, “Retail Banking & Insurance: Customer Data Analysis.” In this webcast you will learn how leading financial institutions are using customer data to drive superior decisions, improve customer experience and make the most of their marketing budgets.
  • Subscribe to our blog to stay up to date on the latest insights on big data and data analytics in finance.

 

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