By: Joe Gillen
Bank and credit union customers who feel that their institution cares about their financial wellbeing and provides valuable products and services are likely to be more confident in their financial futures and experience less stress. This data comes from new customer satisfaction research conducted by TD Bank, which found that customer service, innovative products and personalized attention play a strong role in consumers' financial-related stress.
According to the results,�60 percent of consumers who are happy with their bank reveal they have low or no financial stress. In addition, more than half of happy respondents are optimistic in their financial future. The study found that good customer service is the primary factor that impacts a consumers' level of confidence and sentiment in their financial institution. For example, 82 percent cited friendly service as the most important characteristic in feeling appreciated by their institution, while 62 percent cited knowledgeable representatives. Another 60 percent said their ability to trust their institution as a reliable financial resource played a role in their happiness with their bank.
"All banks are not the same when it comes to the service they provide," said Ryan Bailey, executive vice president at TD Bank. "Research shows those who feel valued by their bank are more likely to be happy with their financial state."
Establishing a unique atmosphere
Many consumers are focusing more proactively on improving their finances in 2013, and this trend is expected to continue in the coming years. For this reason, it's important for banks and credit unions to not only ensure that representatives are friendly and willing to help, but also that they are well-trained on the various financial products and services the institution provides. Previous studies reveal that one of consumers' biggest pet peeves is working with a customer service representative who is unhelpful or lacks the knowledge to help them. This may be more true for those who are trying to improve their financial wellbeing.�
Representatives who have the ability to provide sound financial advice and offer affordable and rewarding products may not only ingrain customers with a stronger sense of loyalty, but may also be in a position to cross-sell a number of additional products in the future. Relationship banking is one of the core ways to build a loyal customer base and improve customer satisfaction over the long-term.