Some interesting findings in a survey by Accenture published in Mail and Guardian
In a bid to keep customers, banks are trying to cross-sell to existing customers (87%).About 54% are pursuing new customers and 33% are increasing the prices of their products and services to recover profit.
(How stupid can they be ? Nothing planned in the line of service improvement. They are not taking into account that customers are more and more beginning to be in control and demand service level agreements. Take into consideration that this was a world wide survey. Comment by John Brandow )
"The banks that will win the race to rebuild profitability will be those that recognise their customer relationships have changed for good," said Wendy Pienaar, a senior executive at Accenture South Africa's Financial Services practice.
What do customers want?
In a nutshell, the average person who banks expects more sophisticated customer segmentation (which will deliver more personal service) and wants to define and select banking services. More affordable products and innovative technologies are also required.
The Accenture survey points out that there's a shortfall between service demands and the current capacity of banks to meet those demands.
I rest my case. What case? The one where I say that banks does not understand the word service or relationships
They(customers) are more confident when they make financial decisions themselves and are sceptical of bank brands, moving away from banks that give poor service.
http://www.mg.co.za/article/2010-11-08-banks-will-struggle-to-meet-customers-demands-says-survey
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