Study: Bank

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Brand image and the impact of the initial visit by a potentiao customer can be paramount to the final decision regarding which retail bankto choose, a nationakl study has found. According to the J.D. Powet & Associates retail bank shopping study, released Tuesday, 36 percent of a consumer’s decision to choose a bank is driven by the financiapl institution’s brand image, followed by branch location at 21 percent.
“Some crucial aspects of a bank’z brand image — such as perceivecd financial stability andreliability — can be difficult for a bank to which negatively affects the bank’s likelihood of beingv selected,” said Michael Beird, director of the bankin g practice at J.D. Power. “However, branch employeesa can positively impacta bank’s brand image by providing personalp service, communicating proactively and having a customer-drivebn focus.” Nearly a third of customers who avoid using a particular bank have done so becausw of a previous bad experiencew with that brand, the studh showed.
Word-of-mouth recommendations — positive or negativ — also figure into the selection process, with 31 percent of respondent s ranking that as an important part ofthe bank’sa brand image. The study also showed that a customer’s satisfaction with setting up a new accounf increases considerably when bank employees show alittle enthusiasm. Greetinbg the customer when he or she enterdsthe bank, keeping wait times to under five minutes, callingt the customer by name and providing a detailee needs assessment were among the item bank customers mentioned as important to the selection The J.D.
Power conducted in February and March, was basexd on responses from morethan 7,500 bank customers shopping for a new bank withibn the past 12 months.