While data from JD Power’s Primary Mortgage Origination Study has found that technology offerings (the ability to apply, submit documents, track status online) can raise customer satisfaction, it is important to note that customers still desire a ‘personal touch’ during the origination process.
Satisfaction is highest when customers work with one representative throughout the entire process. However, if a ‘handoff’ is necessary from one lender employee to another, it is critical to ensure that customers consider the transition ‘smooth’. Failure to ensure a smooth transition can significantly impact satisfaction and loyalty metrics, while also resulting in an increase in reported customer problems.
While the abundance of interactions that occur in social media provide a unique opportunity for banks to engage with their customers, many are struggling to keep up. Institutions that utilize social media are challenged in many areas:
- Measuring social media efforts within their industry and comparing them across industries
- Identifying whether the right amount and type of social content is being shared with customers
- Learning which best practices are used by the highest performers within their industry and across industries, and identifying how to adapt them
- Tracking social media performance efforts over time
- Demonstrating the value of social media to internal stakeholders
The J.D. Power and Associates 2013 Social Media Benchmark StudySM, publishing late this month, measures the consumer experience in engaging with companies via social media. The study explores consumers’ social media experiences with both marketing and service across 100 US brands in a number of industries including some of the following:
Retail Banking: Bank of America, Chase, and Citibank
Credit Card: American Express and Wells Fargo
Telecommunications: T-Mobile, Verizon, and AT&T
Airline: American Airlines, Delta Air Lines, and Virgin America
Automotive: Toyota, Ford, Kia, Dodge, and Mercedes-Benz
Utilities: Southern California Edison and Duke Energy
Join our J.D. Power research team for a complimentary preview webcast and be among the first to hear the J.D. Power and Associates 2013 Social Media Benchmark StudySM results.
Register now to learn:
- How do retail banking and credit card brands perform in their social media efforts relative to other brands within and across industries?
- What are the biggest challenges holding financial service companies back from better social performance?
- How do top performing companies across industries “do what they do” to deliver customers the best social experience possible?
DATE: Tuesday, January 29, 2013
TIME: 2:00-3:00 pm ET