Regions Delivers Top Banking Experience

In The 2011 Temkin Experience Ratings, we examined the customer experience across 12 industries. For this post, we will take a closer look at the 16 banks in the ratings.

Banks, as a group, had an average rating of “Okay” and ended up in the middle of the pack; the 5th ranked industry out of 12…

Let’s take closer look at the results for all of the individual banks…

As you can see, Regions is the only bank with a “Good” customer experience rating, but is closely followed by USAA, credit unions (as a group), and TD. At the other end of the spectrum, five banks ended up with “Poor” overall customer experience ratings: HSBC, Citibank, Capital One, Bank Of America, and Citizens.

Let’s take a look at the three components of the Temkin Experience Ratings…

While 10 of the 16 banks crossed the “Good” line for the Functional component of their experience, only the top three made it to that level for the Accessible component.

For more access to the data, visit the Temkin Ratings website.

The bottom line: Banks need to make it easier for customers

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Does Your Bank Make You Smile?

nwbankposter

This morning I presented at Digital Insight’s user conference in San Diego. After I discussed why customer experience is important for banks (especially small and mid-sized banks) and explained how to apply the principles of Experience-Based Differentiation (EBD), Doug Zernow told the story about Northwestern Bank.

ICDT webIt turns out that everyone in the bank wears a button that says “I can do that!” But it’s not a slogan, it’s the essence of the bank; they’ve infused a sense of ownership and accountability to customers in everything that they do.

Doug described the four values that underlie “I can do that!:”

  • Customer focus (the customer is the boss)
  • It’s about “I/we” not them (keep silos from getting in the way)
  • Energy givers, not energy takers (engaged employees)
  • Minimal policies and rules (employees are empowered to waive fees, negotiate rates, and spend money to make the customers happy)

What has “I can do that!” meant for Northwestern Bank?

Growth! When the bank started the program in 2002, it had 7.2% market share in its geographic footprint. Since then, it’s market share has grown steadily — hitting nearly 13% in 2008. During that time it has also grown larger than three of its main competitors in the region: Citizens, Huntington, and BankOne.

My take: Northwestern Bank’s “I can do that!” program is a great example of EBD’s Principle #2: Reinforce the brand with every interaction.

The bottom line: Make your customers smile.

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