Quick Insight Blog
Customer Surveying
The best way to understand what your customers want is to have a conversation with them, and surveying is one method for engaging with clients and customers. Unfortunately, traditional customer survey tools are costly to develop and deploy and generally have low return rates. Moreover, most of us don't know what we want until we see it. In banking, or course, its a little easier to guess what your customers want: high interest rates on deposits, low interest rates on loans, no fees of any kind and, oh by the way, be open any time I need you!
But, you still need that conversation with your customers if you are to know how they feel about your products and your service, and to gauge if they are going to stay with you.
We suggest that banks implement a one question survey with their profitable customers, the 10 or 20 percent of your customer base that generate 110 percent of your profits. Just ask them two questions: how do you rate our bank on a scale of 1 to 10, and would your recommend us to your friends and colleagues and why (or why not)? Offer something inexpensive but with tangible value, such as a pair of movie tickets to a local theater for those that respond. You might be surprised what you learn. The things they like become part of your differentiation in the marketplace. What they don't like you change, if you can.
To learn more about the Ultimate Question technique, read the Quick Insight summary at the Articles tab, or visit the author's website.
If this interests you, TSG can help you implement a paper-based or Internet-based survey program.
Banking Industry Trends Surveys
In addition to consumer surveys, TSG has implemented a survey program to gather and disseminate trend information on community banking in California. We are implementing this program in concert with the Community Bankers of California. You can find our initial survey on remote deposit capture (RDC) at the RDC Survey Results tab. Our next survey will look at mobile banking.