DENVER (3/16/11)--Tellers have a giant effect on how members/customers feel about a credit union or bank, according to a new study, “Customer Experience with Teller Transactions” by Prime Performance, which advises financial institutions on improving the client experience. Prime Performance data indicate that the net score for credit unions was 91%. The comparable score for small-bank customers gives their teller service a net score of 92%. and for large banks it was 87%, which is also the national average. Falling below that were: Chase, 77%; Bank of America (BofA), 82%; and Wells Fargo, 84% (PRWeb
March 15). A net score is the percent of satisfied customers minus the percent of dissatisfied ones. A score of 100% is perfect. Credit unions led all financial institutions in these three areas:
* Credit union members are most likely to say they would recommend their credit union, with 87% of members saying they would and 2% saying they would not (next best--small banks, 82% and 2% respectively); * When asked the likelihood of switching financial institutions in the next 12 months, 88% of credit union members said they are content to stay put (next best: small banks, 86%); and * With a net score of 64%, credit union members showed the strongest response when asked how important their individual business was to their credit union (next best--small banks, 52%).
“Tellers can affect customer loyalty, satisfaction and retention. Successful service depends on simple actions,” said Jim Miller, Prime Performance president. “These include greeting the customer immediately upon entering the lobby, smiling, using the customer’s name, saying ‘thank you’ and being helpful. Quick, accurate transactions are crucial, but most banks excel at this. So, it isn’t a competitive advantage.” Prime Performance survey results measured how teller actions affected member/customer satisfaction in four areas:
* Transaction speed and accuracy. A quick, accurate transaction satisfies 90% of members/customers and displeases 1%. However, slow and inaccurate transactions satisfy 27% of members/customers and dissatisfy 22%. * Wait time. The net satisfaction score drops from 90% to 23% when members/customers wait too long for service. This occurs in 5% of teller transactions. * Valuing members’/customers’ time. The net satisfaction score falls from 92% to 27% when members/customers feel their time is not valued. * Friendliness. About 90% of members/customers are satisfied--and 1% are dissatisfied--when tellers are friendly. This results in an 89% net score. Unfriendly tellers cut the net score by 74%-- to 15%. Friendliness is demonstrated by thanking members/customers, smiling, making eye contact, greeting members/customers and using the member’s/customer’s name. Other friendliness indicators include starting the transaction by asking “How may I help you?” and finishing with “Is there anything else I can help you with?”
“All teller interactions with customers must be genuine,” Miller said. “Going through the motions is not enough to deliver a superior emotional experience. Customers overwhelmingly react positively to authentic warmth. Conversely, they respond negatively to feigned sincerity.” Selected data from the study on teller performance show these net scores for financial institutions:
* Value my time. Credit unions and small banks did best, scoring 92%. All other institutions fell below the 88% national average. Other scores were: Chase, 79%; large banks and BofA, 85%; and Wells Fargo, 86%. * Used members’/customers’ names. All institutions need to do a better job, the study found. The national average is 59%. BofA and Wells Fargo did best with scores of 64%. Other net scores were: Small banks, 61%; credit unions, 60%; large banks, 59%; and Chase, 45%. * Teller enjoys the job. Small banks led in this category with a net score of 91%. Credit unions followed closely with 90%. Wells Fargo scored 87%, which was the national average. Other scores were: Chase, 77%; BofA, 82%; and large banks, 86%.
These findings and others come from the Prime Performance 2010 Bank and Credit Union Satisfaction Survey. The survey polled more than 6,000 customers of credit unions, small banks, large banks and three mega-banks--Bank of America, Chase and Wells Fargo. For a complete copy of the Prime Performance Customer Experience with Teller Transactions study, use the link.