How Good Accountholder Service Can Increase the Bottom Line

Posted on Mon, Jul 21, 2014

Accountholder satisfaction plays one of the most important roles in a financial institution’s daily operations. Recent studies have shown that there is a financial gain for institutions that get accountholder satisfaction right. According to a study by the Aberdeen Group, when accountholders are satisfied, they will increasingly:

  • Expand Financial Services: As an accountholder ages, their financial needs change based on their life-stage and, as a result, individuals will need additional products offered by your institution. This means that by providing a millennial accountholder with quality customer service during their years struggling through college, you could have the future opportunity of providing them with a home loan based on their positive experience. 
  • Promote Your Brand: In today’s digital world, word-of-mouth referrals are significantly more powerful as the reach of references has grown exponentially. Satisfied accountholders can become your biggest cheerleaders, assisting in growing your financial intuition’s number of households.

We all understand it’s less expensive to retain a current accountholder than gain new ones. So, how do you know if your frontline team is really leaving accountholders feeling good about your financial institution? 

  • Go Online: Looking online is a good way to evaluate how your accountholders feel about your financial institution. Sites such as Yelp, Google and Facebook are platforms where consumers can voice their frustrations or accolades. These reviews shed light on how your branches are performing and what potential issues could be occurring at your financial institution.
  • Take a Survey: Another method to get an inside look into accountholder satisfaction is through performance surveys. By carefully drafting sales and service surveys to send to accountholders, you’re able to look closely at your financial institution’s consistency of experience and time-to-issue resolution through the eyes of your accountholders. 
  • Get Shopped: Mystery shopping is a key piece of the puzzle when it comes to determining and enhancing accountholder satisfaction. Through this looking glass, you’re able to better gauge how your staff interacts with accountholders and how products and services are explained and implemented. This service will also call attention to employee training needs and performance compared to your institution’s expectations.

Don’t leave money on the table, tap into your most valuable resource by engaging current accountholders to increase profitability at your financial institution. Take the first step to better accountholder service by understanding and evaluating your financial institution’s current strengths and weaknesses through proper evaluation. To speak to one of our mystery shopping consultants -click here-.  

Tags: Mystery Shopping, Mystery Shopping Consultation