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What Factors Affect Bank Customer Satisfaction?

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  • Written By: Autumn Rivers
  • Edited By: Angela B.
  • Last Modified Date: 29 November 2016
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Bank customer satisfaction is a measure of whether a bank customer is happy with the service provided by his banking institution or is unhappy, especially if he’s unhappy enough to consider switching banks. As with any business, it typically depends on factors customers consider important, including good customer service. Increasing customer satisfaction in a banking situation often starts with lowering the fees associated with accounts and educating customers on how to avoid incurring fees. When fees do occur, it is typically important to allow account owners to contact representatives, who can increase bank customer satisfaction by removing the charge or better explaining the actions that led to it. In addition, many customers depend on the ability to access their money when they need it, not just during typical banking hours.

Few customers are interested in watching their money leave their account as a result of fees, especially if they do not understand why they are being charged. When choosing a bank, many customers compare the fees on account overdrafts, transfers and online bill pay, because these are some of the most common banking expenses. In other cases, customers do not mind some fees as long as they understand them. Banks with high customer satisfaction rates tend to keep their customers informed of what will lead to fees, allowing them to avoid them when possible.

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When customers are charged fees, they tend to want to talk to a banking representative about it, and problem resolution is one of the main factors of bank customer satisfaction. It is the goal of many customers to get the fee reversed by talking to a banker about the issue; if this is not possible, they usually at least want to understand the logic behind it. For this reason, having good customer service is typically important, because few customers want to deal with bank employees who are rude, unhelpful, or refuse to discuss a matter with them.

Accessibility is another major factor of bank customer satisfaction, because many people expect to be able to access their money any time they desire. This is why many of the most popular banks have several branches, as well as automated teller machines (ATMs), so customers can deposit and withdraw money when the bank building is closed. Many modern banks also allow customers to manage their account from home, via a website that features the ability to transfer money to savings accounts, pay bills online and apply for new lines of credit. Those in the banking industry who are not continually offering new technology for the convenience of their customers may experience low bank customer satisfaction, especially because some of the most popular banks are continually at the forefront of evolving banking technology.

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