Monday, March 21, 2005

Moments of Truth in Banks

The website from The McKinsey Quarterly has an article titled Better Customer Service in Banks (free registration required). Here’s a copy/paste from the first paragraphs:

How can banks improve the customer experience? A survey of 2,100 retail-banking customers in the United States suggests that institutions should start by examining the everyday events that most affect, for good or ill, a customer's perception of them.

The main attraction of this short article is a chart listing ten events -or “moments of truth” - faced by a sample of bank customers, the number of customers who experienced such events, and the percentage of respondents who experienced resolution of the event as positive.

The ugly “moments of truth”? Mistakes in customer’s account, unexpected fees, problems with availability of funds, and change of bank’s fees, terms, or balance requirements.

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