One of the six largest financial institutions in the United States* implemented a comprehensive strategy for their small business banking division, but they were not seeing the desired and expected improvement in customer satisfaction performance in their own internal metrics or in the J.D. Power Small Business Banking Satisfaction Study.SM The bank needed a credible third party to determine whether the bank’s small business initiatives were effectively addressing self-identified shortcomings, identifying performance gaps and opportunities to improve competitive positioning, and determining whether the bank has the right measurement tools and metrics in place.
The bank engaged J.D. Power to conduct a Customer Experience Strategic Assessment for its small business banking division. This solution not only helped the client identify service gaps through a series of performance assessments, but also provided a blueprint for developing a sustainable customer experience strategy, accelerating improvement initiatives, and achieving meaningful results.
J.D. Power recommended targeted strategies to improve small business banking customer satisfaction that focused on five key areas:
- Problem management
- Small-business customer value proposition
- End-to-end customer relationship
- Measurement and accountability
- Sales and service integration
By applying J.D. Power’s recommended strategic improvements, this bank was able to significantly improve its customer satisfaction performance in the Small Business Banking Satisfaction Study within 2 years.
*based on total deposits ($180 billion or more) as reported by the FDIC