COVID-19 Retail Banking Customer Satisfaction Survey

In retail banking, the standard of service delivery is an important tool in nurturing a favourable image and in developing customer loyalty. How successful have retail banks been so far in adapting to the dramatic changes in shopping behaviour that the virus has triggered? How exactly has it affected the way customers deal with banks and how has any switching to alternative service channels affected customer satisfaction? Which banks have fared better than others in this respect?The “COVID-19 Retail Banking Customer Satisfaction Survey” is designed specifically to addresses these questions. It is a syndicated survey, which means the cost is shared by more than one client and this leads to cost efficiency.

The survey is being rolled out in three countries, namely the United Arab Emirates, Saudi Arabia and Greece. If you are interested in subscribing to this survey in other countries, or have other queries, kindly contact us by submitting an inquiry below.

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Description

 

How are retail banks weathering the COVID-19 storm?

Against the backdrop of the coronavirus, businesses need to adapt to changes in consumer behaviour with safety high up on the priority list. The virus has affected some business sectors more than others, but it is fair to say that none has been immune to it.

In the service sector such as retail banking, the standard of service delivery is an important tool in nurturing a favourable image and in developing customer loyalty. How successful have retail banks been so far in adapting to the dramatic changes in shopping behaviour that the virus has triggered? How exactly has it affected the way customers deal with banks and how has any switching to alternative service channels affected customer satisfaction? Which banks have fared better than others in this respect?

The “COVID-19 Retail Banking Customer Satisfaction Survey” aims to provide banks with a better understanding of how successful their efforts to adapt to the changed retail environment have been. Included topics are as follows.

General

  • Awareness of initiatives banks have taken in response to the rise of COVID-19.
  • Do customers consider these actions appropriate (and adequate) to the threat of infection?
  • Generally, how have customers experienced these measures and how has it affected their convenience to inquire about services, arrange transactions and deal with problems? What are the levels of satisfaction?
  • Which bank or banks have been the more responsive to the rise of the virus? Are there any that are considered safer than others?
  • Retail image in the context of the virus.

Service Channels

  • Awareness and usage of service channels.
  • Main channel used – i.e. branch visits, mail, online banking, telephone banking, ATM – before the rise of the virus compared with the one currently used the most. What percentage of customers made this switch?
  • Obstacles customers faced when moving from their familiar service channel to another. What efforts have banks made to support in this transition.
  • How have banks fared in maintaining their service standard in branches under the more challenging circumstances. What are the satisfaction levels among customers, and do they feel safe visiting a branch?
  • How are customer service staff coping with the more challenging environment? Any changes in standard that affected service delivery?

Communication

  • How effective has the communication from banks been to inform their customers about which measures they have taken to ensure the safety of their customers.
  • Which have been the more effective means of this communication; e.g. emails, online alerts, SMS messages, POS material in branches, conventional and social media etc.
  • How satisfied are customers with the efforts their bank has made to keep them informed?

Satisfaction Levels

  • The measurement of satisfaction is on a 10-point scale and each section (listed below) includes a number of attributes for measurement.`
  • In addition to satisfaction, the survey includes a measurement of importance in order to navigate through all service aspects in order to identify those that are:
    • critical (low performance, high importance);
    • nice to have (low performance, low importance);
    • good to know (high performance, low importance);
    • excellent (high performance, high importance).

Service Categories for Measurement


Service Topic Branch ATM Online Banking (App/Web) Telephone Banking (Menu) Telephone Service Agent
           
Service accessibility
“Keep Safe” info
COVID-19 resistant environment        
Appearance of staff      
Professional conduct/demeanour      
Efficiency in responding to general inquiries    
Standard of communication  
Sharing product details  
Courtesy in communication (respectful, friendly)    
Proactivity in sharing info    
Efficiency in executing transactions
Efficiency: applications/inquiries services  
Dealing with complaints    
Promotional alerts

Image

An effective brand positioning presents a brand as relevant and distinctive. As part of this study we will run a brand image measurement based on a series of attributes relevant to the coronavirus, designed to understand how banks are positioned relative to each other in the mind of consumers. A correspondence analysis visually – spatially – plots the position of banks in relation to the attributes and to each other. Please scroll down the page to see an example.

Methodology

  • Online self completion questionnaires administered in English and/or local language.
  • The questionnaire takes 15 minutes to complete.
  • The sample size for this survey ranges from 500-1,000 depending on the country. The sample base for each bank varies depending on the incidence rate as it falls naturally. The sample for any bank subscribing to this survey is at least N=100, which we arrange by a targeted sample boost if necessary.
  • The sample is distributed across the different government regions in the country, in line with population statistics.
  • The sample represents the population of consumers with a bank accounts by gender, age group, socio-economic group and, where relevant, ethnic origin.

Reporting

Reporting is through an on online interactive data interrogation dashboard and a fully narrated PowerPoint report that consists of:

  • Introduction: objectives, methodology, timings, introduction etc.
  • General executive summary.
  • Client specific executive summary: customised to reflect the findings for each subscribing client to the survey.
  • General main body of the report.
  • Client specific body of the report: more detailed analysis for the subscribing client.
  • The general content of the report will be accessible to all subscribers, but the customised chapters (both in the executive summary and main body of the report) are exclusive to each subscribing client.
  • The report includes analyses for the major banks and that of the client in great depth. Also covering variations by gender, ethnic origin, socio-economic group and region.

Deliverables

  • Online interactive data interrogation dashboard.
  • PowerPoint report.
  • Supporting data tabulations and graphs used in the report.

Cost Effectiveness/Timings

This is a syndicated survey, which means the cost of data collection, analysis and reporting, is shared by more than one client.

Fieldwork for this survey stretches over 28 days with the report available 5 days thereafter.


Examples of Correspondence and Gap Analysis

Correspondence Analysis


Gap Analysis

Additional information

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