Have banks invested too little in common services, because the margins are too small? While the answer to that question might no longer be relevant, improvement of these services certainly is.

This is the conclusion of a recent Dutch study, commissioned by VODW Marketing, amongst some 5000 customers of 9 large Dutch banks.

The results: the quality of common daily services makes up 40% of the trust people put in a bank.

Interaction
In an article in Dutch newspaper het Financieele Dagblad, VODW partner Roger Peverelli stresses that banks should invest in customer support and contact, because every interaction between bank and customer counts double during a crisis. “Customers are over-financed, have trouble selling their house or have debtors that refuse to pay. Now is the time to provide good service. If you fail, customers will punish you for it.”

The study also shows that 19% of the customer’s faith in banks is determined by the customers’ perception of stability. 11% is determined by the extend to which banks live up to expectations, their transparency and their accessibility.

Faith
A lack of faith in their bank has driven 6 out of 10 customers to action, according to another study performed by TNS Global Finance in April this year. This included spreading savings over multiple banks, withdrawing money or changing banks altogether. All in all, reason enough to take common services seriously.

What do you think?
Are banks on the right track to regain the faith of the customers? If so, what do you think are the most important improvements? If not, step into the shoes of a big bank’s senior strategist. What do you think banks should do?