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What do customers expect of Banks?

 Ron has a deep understanding of Banks, and Bank customer research.  He discusses the Net Promoter Score, and finishes with three types of customer/bank relationships, based on his experience. 

What is interesting here is the reality that most/all Banks seek a ‘relationship’ with their customers, yet customers have different needs.  As a Bank customer, do you seek a ‘relationship’ or something different, and more practical.  Here are Ron’s three types.

  1. Interpersonal excellence
  2. Advice and guidance
  3. Operational excellence

Source: The ONE Question To Ask Customers « Marketing ROI: Whims from Ron Shevlin

The only qualification I would place here is that customers will slide between those three.  I think customers need all three, but not at any one point in time.  If they are buying a home 3. is the need, but if they inherit money, then its 2.  1. is more personal, and may apply to a group of customers just because they like/ need that.

Anyhow, I buy the point the Bank segmentation is Bank focussed, and fails to recognise how customers need Banks.

 

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One thought on “What do customers expect of Banks?”

  1. Colin, thanks for picking up this thread. I would agree that customers “slide” between the three… but not as fluidly as you paint.

    First off, I believe that many customers want all three TO SOME DEGREE, but want one much more than the others.

    There are some underlying demographics at play here. Older consumers (>50) tend to want the interpersonal connection. Younger, less affluent consumers are looking for objective help w/ their financial decisions.

    And the Crankys like me just want the bank to not mistakes, make it easy to do business, and leave us alone (p.s. thanks to a press release announcing a new position I have, in the past 24 hours I’ve received 2 phone calls from one bank — one from the wealth mgmt group, and one from the private banking group, soliciting my business. That kind of “left hand not knowing what the right hand is doing” makes us Crankys go crazy).

    Anyway, the funny thing is that this isn’t the argument I wanted to get into — instead, that whatever the segments, whatever the needs, consumers have EXPECTATIONS — and if I were running the bank, I’d be more interested in knowing what those expectations were, and how well we were meeting them. Asking them “will you refer us?” does NOT give me answers to those questions.

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