Retaining customer satisfaction in turbulent times

Abstract

Purpose

This paper aims to provide an insight into the actions required by trust officers to improve customer satisfaction during a time of difficult economic and regulatory conditions.

Design/methodology/approach

A total of 96 bank trust officers located in the USA were surveyed using a mail questionnaire.

Findings

Increased compliance regulation and financial industry problems during 2008 and 2009 have had only a minor negative impact on customer satisfaction. Success in maintaining satisfaction levels has come from customer‐focused corrective actions including more frequent customer meetings, improved electronic/print mail communications and the provision of more friendly financial information.

Practical implications

The paper makes three recommendations to senior managers to help them maintain customer satisfaction: 1, continue to focus on the basics of customer focus; 2, use existing and emergent technology to provide customer friendly support; and 3, constantly review and update the financial value proposition offered to customers.

Originality/value

The study provides insight into the issues of customer satisfaction in the current difficult economic and regulatory climate.

Citation

Fram, E.H. and McCarthy, M.S. (2011), "Retaining customer satisfaction in turbulent times", International Journal of Bank Marketing, Vol. 29 No. 7, pp. 555-562. https://doi.org/10.1108/02652321111177821