How Bad Are Banks at Customer Service?
By Hal M. Bundrick
NEW YORK (MainStreet) One-third of bank customers are still smoldering over a problem that they couldn't get completely resolved. With that fact as a backdrop, nearly two-thirds (65%) of bank customers surveyed by the Carlisle & Gallagher Consulting Group say their primary financial institution is not as good as -- or much weaker than -- great customer service companies like Zappos, Amazon or Disney.
And nearly three-quarters (72%) of the problems that were resolved required two or more interactions.
Apparently there are a lot of things that can go wrong with banking services. The survey reveals that core banking products are frustrating consumers most. More than one third (38%) of complaints focused on personal checking, 14% on credit cards, 12% on mortgage related issues and 12% on debit cards. Some of the issues most difficult to resolve were:
- Mortgage problems -- 88% of the issues reported required 2 or more interactions. Most involved loan modification and loan servicing.
- Credit cards -- 72% of credit card problems required 2 or more interactions and centered on fraud and disputed transactions.
- Debit cards -- 66% of debit card problems required 2 or more interactions and involved fraud and frozen accounts.
- Personal checking -- 64% of personal checking problems required 2 or more interactions and were in regard to erroneous fees and missing or misapplied payments.
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