Though Internet banking is still the most prevalent & favored method among banking customers in Canada for banking transactions, face-to-face communication is still popular.
Though Internet banking is still the most prevalent & favored method among banking customers in Canada for banking transactions, face-to-face communication is still very much important for developing a positive influence on customers, as per a JD Power & Associates' study released on October 17 2006.
The survey found that 77% of Canadian citizens use Internet banking services & 60% admit it as their preferred banking method. Charles Schade of JD Power & Associates said that online banking couldn't replace the experience & satisfaction that comes from bank branches. That personal communication can never be replaced by the Internet.
TD Canada Trust, was ranked highest with respect to overall satisfaction of customers in the survey which examined 12,053 customers of Canada involved in retail banking. Scotiabank took the second spot followed by Royal Bank of Canada (RBC) taking the third position in overall customer satisfaction.
"Need for online banking emerged when long queues at bank branches were becoming a big inconvenience for customers. Thus, contribution of online banking can't be overlooked due to a single disadvantage. However, there's no denying to the fact that face-to-face communication is indeed the de-facto to achieve customer satisfaction in banks," said an analyst at RNCOS.
Overall customer satisfaction is evaluated considering six factors: transaction process; account setup & product benefits; facility; bank account statements; costs & problem resolution.
As convenience has now become the top priority of customers, banks are at risk of moving away from customers & hence, missing the prospects that in-person communication can offer including an opportunity to impress their customers & display appreciation toward their business.
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