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How Financial Institutions Can Measure Customer Satisfaction

July 25th, 2019

Customer satisfaction matters far more in some industries than in others. In the world of banking, which is filled with competition, the customer experience just so happens to matter quite a bit. If your financial institution isn’t viewed as professional, or if your mobile banking app fails to deliver a smooth transaction experience, your valued customers will quickly take their money somewhere else. In order to drive success, it’s essential for financial institutions to gain a thorough understanding of their customer base and how those customers view the banking experience. The key to getting inside the minds of your customers? Feedback—and from multiple touchpoints. 

There are a variety of ways to gather customer feedback, from the trusty phone survey to generation-preferred methods like SMS outreach. Today, we’re taking a look at several options that financial institutions can leverage to customer experience data to directly impact revenue. 

5 Ways to Monitor Customer Satisfaction

Annual Surveys

Consider this the bare minimum option when it comes to monitoring the customer experience. Too many financial institutions rely on a single yearly survey to collect data when they could be receiving more pertinent information by conducting additional surveys. After all, public perception can change much more quickly than these infrequent surveys will capture. But that’s not to say that an annual survey is irrelevant—these large-scale operations can help you analyze the customer experience year over year, shedding light on slow-moving trends and enabling you to get a general overview of the current customer mindset. Perhaps your financial institution could benefit from introducing one or more consumer loyalty programs. 

Mobile Surveys

Mobile banking customers primarily complete transactions and interact with your financial institution on a mobile device such as a smartphone. It follows that the best way to collect feedback from these types of customers is to provide the opportunity right there on the phone or other device. To make the survey process as seamless and easy to complete as possible, consider inviting customers to answer a survey within your mobile banking app.

You can also appeal to mobile users through social media platforms like Twitter and Facebook, as well as via an email, post-transaction. Any pop-up or quick form of communication that invites them to complete a survey in a simple, straightforward manner will increase your chances of getting quality feedback. And at the end of that process, you can bring things back to social media by inviting survey participants to share their thoughts in a review. 

Social Media Monitoring

Social media has become more than a way for individuals to connect with family and friends—this sphere has also become a space for brands to engage with their audience and monitor customer perception. In addition to using these platforms to funnel customers to a survey, you should also engage in passive monitoring. If your target audience is on a particular social platform, dedicate time to social media monitoring based on how often you receive mentions. That could mean doing a sweep of social platforms every day or every month, depending on how often your financial institution comes up. It’s vital to stay aware of both positive and negative feedback on these platforms, as a tweet or post that gets enough traffic could have lasting impacts on your institution.  

Comprehensive Banking Survey Tools

For an in-depth look at your existing customer satisfaction stats, consider utilizing specialized banking tools and software. At Avannis, we design our surveys and tools to provide everything you need to put a finger on the pulse of your customer experience. Whether you want a more detailed picture than your yearly survey can provide, or you need more insight into any particular pain points in the customer journey, we have a set of questions that can cut to the heart of the matter and get you the data you need to see. From there, we’ll help you figure out what those numbers actually mean and how you can make lasting changes to increase customer satisfaction and loyalty. 

Live Chat Support

If you have the resources available, consider making live chat support a feature of your website or mobile banking app. Communicating with a real representative can make customers feel supported and better able to understand your services. It can also create an opportunity for your service team to identify ways to improve that particular customer’s current banking practices. At the end of the chat session, you can ask for the customer’s feedback on the interaction and collect relevant data that way. 

Access Customer Experience Stats with Avannis

If your financial institution is ready to really understand and grow customer satisfaction, contact Avannis today. Avannis more than a software tool.   We are the right level of service, support and customization for the community bank model where you don’t have a 6-person marketing department.   We’ll collect valuable data quickly and efficiently—and then we’ll help you figure out how best to utilize it.