As the COVID-19 quarantine winds down, some financial institutions are noticing their NPS and overall satisfaction scores acting erratically. If it were charted like stocks or futures, ratings for many credit unions and banks would probably look like the year-to-date S&P chart, peaking at a dizzying high, then plunging to a stomach-dropping low. Though they seemed to nail it in the heat of the crisis, as all businesses reopen, financial institutions can’t continue in the holding pattern they’ve established these past few months. You have to move forward and stay ahead of the game to keep customers happy and coming back for more.
It’s Not Just You
First, you and your team should know that your credit union or bank isn’t the only one seeing a decline in scores. It’s happening all over the country, so it’s not just you. The issue stems from increased demand for personal-touch channels and consumers’ growing restlessness with prolonged lock-down orders. While it may be a relief to know dropping scores are a nationwide issue, it’s essential to understand that NOW is the time to do something about it.
The Underlying Cause
So much has been made of the so-called “new normal”, that people assumed things had reached the point where they were going to stay. But long hold times waiting to speak with a CSR, long lines at the drive-thru windows, and pared-down services were never supposed to be business as usual. Initially, customers were understanding about the situation. After all these months, however, everyone has had plenty of time to adjust protocols to not just maintain basic services but to offer more levels of products and assistance—and to do it all with a smile and a few personalized pleasantries. Consumers aren’t chalking dismal service up to the virus anymore, and they’re less likely to be sympathetic about making do with what’s available. They’re noticing when financial institutions have settled into a mentality of providing the minimum, and they’re not happy with it.
Don’t Drop the Ball Give ‘Em What They Want
You don’t have to dig very deep to devise a plan to get those satisfaction and NPS scores back up. Just take a look at the things your financial institution did at the beginning of the COVID crisis as everyone was trying to adjust. Most banks and credit unions stepped up their game and got personal—real personal. Even though their employees were dealing with customers over the phone and through drive-up windows, they were doing it cheerfully, greeting customers by name, chatting about the weather and asking about the family, upselling, and offering advice on products and services their institution had that could help.
Additionally, you can’t assume that by now everyone has gotten used to navigating your website or the digital tools your institution offers. Some customers might still need help with such things, so always being willing to help with tasks like walking them through signing on or using an app to make a remote deposit can make all the difference in their experience.
Keeping Current with Customer Feedback
Just as NOW is the best time to start your recovery plan, it’s also ideal timing for refocusing on essential customer feedback. Over the past few months, you may have felt like it’s all you can do to keep things going day-to-day but if you’ve let customer contact fall through the cracks, don’t wait any longer to make the connection again. Let them know you’re there, you’re listening, and you want to know how they’re doing and what they need.
Avannis can help with fundamental service metrics as well as customized surveys. Whatever you want to know from your customers and members, we can get the answers you need. And, with our extensive experience in the industry, we’ll also help you interpret and categorize the data you collect, so you can make the most of customers feedback. Contact us today to learn more about Avannis surveys, services, and insights and how we can help improve your customers’ experience and their satisfaction—it’s the first step in raising your institution’s scores.