حفظ رضایت مشتری در زمان آشفتگی یا توربولانس Retaining customer satisfaction in turbulent times

Abstract Purpose – This paper aims to provide an insight into the actions required by trust officers to improve customer satisfaction during a time of difficult economic and regulatory conditions. Design/methodology/approach – A total of 96 bank trust officers located in the USA were surveyed using a mail questionnaire. Findings – Increased compliance regulation and financial industry problems during 2008 and 2009 have had only a minor negative impact on customer satisfaction. Success in maintaining satisfaction levels has come from customer-focused corrective actions including more frequent customer meetings, improved electronic/print mail communications and the provision of more friendly financial information. Practical implications – The paper makes three recommendations to senior managers to help them maintain customer satisfaction: 1, continue to focus on the basics of customer focus; 2, use existing and emergent technology to provide customer friendly support; and 3, constantly review and update the financial value proposition offered to customers. Originality/value – The study provides insight into the issues of customer satisfaction in the current difficult economic and regulatory climate. Keywords Customer satisfaction, Customer retention, Economic conditions, Banking industry, Financial services, Insurance Paper type Conceptual paper As the effects of the 2008-2009 recession hopefully decline[1], it is a good time to assess, the actions financial institutions developed to retain customers during this turbulent period. The purpose of this article is to provide a summary of some of the initiatives bank trust officers undertook to weather this period. Prior the recession, trust officers were already challenged to maintain positive customer relations by the demands of greater regulations arising from the legislative response to the war on terror. For example, the Patriot Act forces financial institutions to require clients to sign a number of new and complicated documents and provide more personal financial disclosures. In addition, recently implemented regulations from the Federal Reserve and the Securities and Exchange Commission have forced financial institutions to develop and implement internal policies and procedures that often result in client frustration and alienation. Another example: in some areas like California, it is no longer possible for a customer to obtain a simple signature guarantee for an asset transfer. In its place, a “medallion certification” has been developed by the industry. This certification requires the financial institution to keep an official log of a The current issue and full text archive of this journal is available at www.emeraldinsight.com/0265-2323.htm Retaining customer satisfaction 555 International Journal of Bank Marketing Vol. 29 No. 7, 2011 pp. 555-562 q Emerald Group Publishing Limited 0265-2323 DOI 10.1108/02652321111177821 transaction, including a customer thumbprint, and a log notation of a recent statement showing the value of the asset behind the transfer. Furthermore, the customer must provide additional personal documents for the transaction. These types of changes create more opportunity for mistakes to be made and for transactions to take longer than they previously had. In addition to these more stringent regulations, the sub prime crisis, the credit crunch and the Madoff debacle have been added to the financial industry’s cauldron of customer satisfaction challenges. It is no wonder that J.D. Power annual survey of banking customers shows customer satisfaction decreasing from 2007 through 2010 (J.D. Power and Associates, 2011). However, the current early 2011 survey results show customer satisfaction to have improved marginally by just four index points. These data are based on a 1,000-point index scale. It is evident from this report and other reliable news reports that banks and other financial institutions such as insurance firms continue to face customer satisfaction challenges that cannot be ignored. Learning from the recent past Given what happened in the recent recession, there is significant value to better understand the intensity of client frustration and what actions were taken to improve the situation. To assess these actions, the authors conducted an analysis of the steps bank trust officers took to maintain and to enhance customer satisfaction during this difficult period. The conclusions found in this banking analysis can easily apply to other areas of the financial sector, such as insurance. Both of these two sectors require long-term relationships with substantial interpersonal contacts. (This particular banking group was chosen for study because bank trust officers have frequent and long-term client contacts, so client retention is critical to success.) Specifically, the objectives of this assessment project were to determine: . The extent to which client satisfaction had improved or declined, in the difficult two year period, 2008 and 2009. . The respondents’ perceptions of any changes in clients’ attitudes towards the banking organization offering trust services. . The changes, if any, in the level of job difficulty and satisfaction experienced by the respondent trust officers. . Personal initiatives that the respondent trust officers had taken to maintain or increase client satisfaction. How the study was conducted To gather the information, a questionnaire was mailed in January 2010 to 1339 bank trust officers located throughout the United Sates, the names of which were obtained from a commercial list. Respondents were asked to reply anonymously. After three weeks, without follow-up, 96 officers (7 percent) responded, a robust return for this type of mail instrument[2]. Quantitative data were developed on the extent to which client the respondents felt customer satisfaction had improved or declined in the difficulty two-year period, 2009-2009, in relation to changes in: . federal/state reporting requirements; . bank policies; IJBM 29,7 556 . increases in paper work; . flexibility in applying bank policies, fees/penalties; . the Patriot Act; . products offered; and . internal policies and procedures. In addition, the questionnaire contained three open response questions yielding qualitative information on company processes/reports, job satisfaction and other issues respondents want to cite not covered previous. The typical respondent in the study was a male, holding a “vice-president – trust officer” position, in the 50-59 age group with 16-20 years experience of trust officer experience, managing 100 to 149 clients and holding a bachelors degree. (Details on the sample’s demographics can be found in Table I.)