Private Bank Clients Leaving For Better Services

A study done by JD Power indicated that only 1 in 5 customers feel that their bank representatives have spent enough time identifying their specific needs before offering products and services. This correlates to the 69% trust level reported by the customers’ whose needs were met compared to 43% of trust level from customers’ whose needs were unmet.

At least four in five customers lack understanding on the features and benefits associated with their main account (80%) and their primary bank’s fee structures (81%).

On the digital channels front, as technology advances and mobile app usage grows, at least two-thirds of the customers are still unfamiliar with its’ services and products. Although the digital banking channel was well received by 72% of satisfied customers, only 21% shared the same sentiment out of those who are unsatisfied.

Overall, it is unsurprising that due to a lack of trust in their primary banks, customers are more likely to switch provider. Therefore, it is vital for these private banks to increase customers’ retention by building trust through consistently fulfilling their service promise. This would not only achieve customers’ satisfaction but also in sustaining long-term client relationship.


Credit to original article: