Introduction

In a financial services world where product differentiation is being constantly eroded and price competition remains as fierce as ever, offering a high level of customer service is often a differentiating tool in acquiring and retaining customers. One of the multi-facets of offering a first-class customer service is to effectively and efficiently deal with customer complaints.

Scope

This briefing draws upon Datamonitor's European Branch Manager Survey, conducted during September 2006 to November 2006, to provide analysis. 18 countries are covered in Datamonitor's European Branch Manager Survey : Western Europe (EU-15), Poland, Hungary and the Czech Republic. The focus of this briefing is on customer satisfaction and complaints management.

Highlights

It is not surprising that Datamonitor’s European Branch Manager Survey 2006 confirmed that branch managers in the Big Five Western European countries (France, Germany, Italy, Spain and the UK) consider customer service initiatives as a means to maintain and retain customer loyalty. The survey also highlights that Finland and Sweden generally measure customer satisfaction more frequently than other European countries. Indeed, 96.7 per cent of bank branch managers surveyed in Sweden and 92.0 per cent of bank branch managers surveyed in Finland stated that they measure customer satisfaction at a weekly or monthly interval. Making the most of customer complaints depends on the way financial institutions approach the task of handling complaints and their attitude towards this specific exercise. Indeed, many still view complaints management as a necessary evil, that is, as a damage control exercise rather than considering how to make the most of complaints.

Reasons to Purchase

Gain a thorough understanding of measures used by your competitors to gauge customer satisfaction. Understand the importance your competitors place on complaints management.