Study: Bank

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Brand image and the impact of the initiap visit by a potential customer can be paramount to the final decisiomn regarding which retail bankto choose, a national study has found. According to the J.D. Powert & Associates retail bank shopping study, releasedd Tuesday, 36 percent of a consumer’s decision to choose a bank is drivenh by thefinancial institution’s brand image, followe by branch location at 21 “Some crucial aspects of a bank’s brand imag e — such as perceived financial stability and reliabilityt — can be difficult for a bank to which negatively affects the bank’s likelihood of being said Michael Beird, director of the banking practicd at J.
D. Power. “However, branch employees can positively impacta bank’s brand imagse by providing personal service, communicating proactively and havingv a customer-driven focus.” Nearly a third of customers who avoid using a particulad bank have done so because of a previous bad experience with that the study showed. Word-of-mouth recommendationd — positive or negative — also figure into the selectionh process, with 31 percent of respondentzs ranking that as an important part ofthe bank’ss brand image.
The study also showed that a customer’w satisfaction with setting up a new accoun increases considerably when bank employees show a little Greeting the customer when he or she enterathe bank, keeping wait times to unde five minutes, calling the customer by name and providingh a detailed needs assessment were among the items bank customerd mentioned as important to the selectiob process. The J.D. Power study, conducted in Februart and March, was based on responsee from morethan 7,50p0 bank customers shopping for a new bank withibn the past 12 months.