SystemicLogic is in the process of finalizing the 2010 Innovation Study. Although there is still some way to go, the initial analysis has revealed some very surprising findings. Every year in our survey we ask our respondents who the most innovative bank is and who the most hated bank is. We then ask to them to elaborate and provide us with reasons in support of their answers. The results this year have been staggering!
Banks are rated as “innovative” primarily because of their products and technology. As illustrated in the table below, Products, Technology and Marketing are clear innovation leaders. “Customer Service”, the cornerstone of every Bank’s philosophy, strategy and Annual Report, is a very distant contributor with a lowly 4% of the responses.
This is in sharp contrast to the “Hated Banks” where the outright number one reason for hating a bank is for their customer service. A rather vague “Negative Perception” follows closely, which will be difficult to change due to the connotation attached to it.
The items you would expect a bank to be hated for – Fees and Processes- are very distant contributors with 5% and 2% respectively. The message is clear – banks are loved for their products and technology and hated for their customer service.
The tough lesson that can be drawn from these initial insights is to please get your people out of the way and let me interact with you how I want, when I want and through what ever channel I prefer.
|Reasons for Rating a Bank as Innovative||Reasons for Hating a Bank|