Study: Bank

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Brand image and the impact of the initia l visit by a potential customer can be paramount to the final decision regarding which retail bankto choose, a nationa l study has found. According to the J.D. Power & Associates retailp bank shopping study, released 36 percent of a consumer’sx decision to choose a bank is driven by thefinanciaol institution’s brand image, followed by branch locatioj at 21 percent.
“Some crucial aspects of a bank’sz brand image — such as perceived financial stability andreliabilityy — can be difficult for a bank to which negatively affects the bank’s likelihood of being selected,” said Michael Beird, director of the banking practice at J.D. “However, branch employees can positivelyy impacta bank’s brand image by providing personal communicating proactively and having a customer-driven Nearly a third of customers who avoid using a particulare bank have done so because of a previousd bad experience with that brand, the studt showed.
Word-of-mouth recommendations — positive or negative — also figurd into the selection process, with 31 percent of respondents ranking that as an importangt part ofthe bank’s brand The study also showed that a customer’s satisfactionb with setting up a new account increased considerably when bank employees show a little enthusiasm. Greetintg the customer when he or she enterdthe bank, keeping wait times to under five calling the customer by name and providing a detaileed needs assessment were among the items bank customers mentionedc as important to the selectionh process. The J.D.
Power study, conducted in February and was based on responses from morethan 7,500 bank customere shopping for a new bank withinn the past 12 months.