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Most financial institutions focus on attributes that customers don't care about, unintentionally ignoring what is really important to them. Customers value a positive experience and that positive experience has a direct impact on your institution's bottom line.
Among the nine industries measured in a 2008 Forrester report*, banking had the highest correlation between level of customer service and loyalty. According to the study, "a large bank with customer experience in the top quartile can end up with $43 million of additional purchases and $51 million of lost business avoided."
To surpass the competition, you must keep pace with the evolving needs of your customers.
Results Achieved By Your Peers
It takes five new customers to replace one good customer. Frequently, financial institutions spend more time acquiring than nurturing existing relationships.
With our help, clients are able to proactively manage change and stay ahead of the competition without compromising their focus on serving customers.
Pinnacle has helped to:
- Create consistency in the level of service provided to both customers and non-customers by pinpointing strengths and weaknesses in employee training and motivational programs at a $4.3 billion institution with 79 locations.
- Ensure established service levels were met at a $2.5 billion institution while maximizing productivity. Additionally, cost savings of more than $800,000 annually were realized by determining appropriate levels of staffing needs based on current customer activity levels.
- Diminish the loss of high-value checking accountholders at a $1.1 billion institution. Percentage of accounts closed was 34% lower than the national average for free checking accounts.
- Reduce net charge-offs by 15% on average and increase recoveries by more than 25% with a direct and dramatic correlation to increased customer retention.
Learn more about the services that make it happen. >>
* Forrester report "The Business Impact of Customer Experience" by Bruce D. Temkin, March 24, 2008.
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"We know we will receive the best advice to achieve our objectives and to help us stretch to the next level.”
- Chief Learning Officer, $2.2 billion institution, IL
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