Pub. 7 2019 Issue 1

Issue 1. 2019 15 1 J.D. Power, 2017 U.S. Retail Banking Satisfaction Study 2 We also know that satisfaction is particularly important when it comes to problem resolution. According to J.D. Power’s 2017 U.S. Retail Banking Satisfaction Study, “Unsuccessful problem resolution is highly correlated with low levels of satisfaction and high levels of customer attrition.” The study says that overall satisfaction among customers whose problem was not resolved was only 564 points on a 1,000-point scale, and only 20 percent of these unsatisfied customers said they would reuse that bank. But when the problem is resolved, the satisfaction score rises to 812 — and loyalty increases to 58 percent. 1 Where do account holders go when they have a problem to resolve? The contact center. What’s most important to your financial institution? My bet is that growth and customer satisfaction are vying for the top spot. Of course, the two are inextricably linked. Satisfied customers are loyal. They are more likely to engage deeply with your institution and turn to you for more products and services. Satisfied customers help build your reputation— and grow your business.