Bank Waits Have 75% of Customers Complaining
NEW YORK (TheStreet) -- Bank customers face high fees, low savings rates and fewer bank branches -- but cooling their heels is what really drives them crazy.
Banks don't have a monopoly on slow customer service. A 2013 study from Radware, a U.K. technology security services provider, noted wait time is an issue for consumers of all retailers.
"Our study proves that brand perception is based on more than a powerful logo or smart marketing strategy," said Tammy Everts, a Radware spokeswoman. "A consumer's online shopping experience greatly affects their feelings about a retailer, and because these feeling are happening at a non-conscious, pre-cognitive level, they are beyond the control of site owners. A slow site and poor user interface can be detrimental -- potentially negating other, more expensive, branding efforts."
TimeTrade's canvassing of 1,000 retail banking customers shows that 75% feel they "wait too long" for customer service from their banks. Another 65% say that even when they get a customer service representative, they don't get the answer they need."Banks and retailers are suffering from the same problem: They're selling what customers want, but they're doing it the wrong way," said Gary Ambrosino, president of TimeTrade, a customer service expert that works with banks. "This new data confirms the 'satisfaction gap' -- customers just want someone smart enough to help them and fast enough to be useful."
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