This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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."

"No business can survive with 75% customer unhappiness," Ambrosino adds, "And this is an easy fix. Customers want convenient, one-on-one attention. It's time for banks to make that connection."

TimeTrade's data show that 95% of bank customers view "personalized service" as the No. 1 factor in choosing a financial institutions. Yet about 90% of bank customers surveyed by the firm said they had to wait for the person who could answer their question or solve a problem.

"Banks have ignored their customer service shortcomings for too long, and now they are paying the price," Ambrosino says. "If retail banks want to thrive  rather than continue on their downward spirals -- anticipating, and exceeding, customer expectations must top the priority list."

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs