New Study Uncovers Opportunities For Improved Acquisition And Retention For
BOSTON, Oct. 24, 2012
BOSTON, Oct. 24, 2012 /PRNewswire/ --ath Power Consulting, a leading
financial services research and strategy firm, today announced key findings
from their customer experience study conducted at the four leading banks in
Brazil – Banco do Brasil, Bradesco, Itau-Unibanco and Santander. Based on 300
in-person audits performed by prospective customers, the study found that
fewer than 2 out of 3 would become a customer based on their experience, and
only 56% would be likely to recommend the bank to their family and friends.
28% of participants said they were "very satisfied" with their visit,
indicating a clear opportunity for these institutions to improve sales and
service processes, and ultimately attract and retain more customers.
The average score of the banks measured in this study was 57 (on a scale of
0-100). Santander achieved the highest score at 67. In similar ath Power
studies, the largest U.S. banks achieve average scores 13 to 18 basis points
higher, with top performers averaging in the 90s. To determine scores, study
participants answered a variety of sales and service-based questions to
describe their experience. Questions were based upon banker behaviors in four
key categories - Opening, Interaction, Closing and Overall Satisfaction. Lower
evaluation scores are indicative of deficiencies in customer experience.
Many participants in the study mentioned long waits before being attended to,
with 1 in 5 saying the wait was "unreasonable." Once acknowledged, 40% of
prospective customers did not feel that the banker they spoke with provided
them with options based on their specific needs, and only 60% cited that their
banker interaction made them feel like would be making the right choice for a
Michael McEvoy, ath Power's Managing Director, notes, "By making simple
changes to their sales and service protocols, these banks could dramatically
improve the experience for both prospects and existing customers. This would
help bolster acquisition, retention and revenue."
Despite recent public controversies and ensuing negative press, U.S. banks
still achieve respectable scores with regard to customer experience, as it has
become a standard, yet vital, element in a bank's business strategy. Many
institutions have developed approaches that pay off for both the bank and its
"As ath Power continues to expand its reach, we are thrilled to be helping
financial institutions across the globe to maximize their potential and
achieve their business goals, as we have done in the U.S. for nearly two
decades," stated Frank Aloi, ath Power CEO.
To request a Summary of Findings from ath Power's study on Brazilian banks,
please click here.
About ath Power Consulting
ath Power Consulting is a premier provider of customer experience solutions
for the financial services industry, offering customized survey research,
mystery shop study, competitive intelligence, market analyses, training and
development, and strategic brand planning. Our fully customizable solutions
help our clients improve customer retention, build brand loyalty, ensure
compliance and increase profitability, performance and market share. To learn
more, please visit www.athpower.com.
ath Power Consulting
978-474-6464, extension 107
SOURCE ath Power Consulting
Press spacebar to pause and continue. Press esc to stop.