The State 
of Financial Affairs: 
Customers' Perspective 
(Jamaica)

The financial industry is in a state of constant change with evolving regulations, new technologies, and disruptive start-ups. But one part of financial services industry has not changed: the need for financial institutions to have a great customer experience management program.

With plenty of available financial options, customers will leave within 14 months if they don’t have a good experience, and 62% of customers looking to leave say their bank hasn’t made an effort to keep them from switching.

Queritel interviewed over 870 customers of financial institutions to learn what they expect in their customer experience, and what they’ll do if they don’t get it.


I. Customer Acquisition


Concerns about financial stability

Banking customers, especially millennials, are CONCERNED about their bank’s FINANCIAL STABILITY



QUESTION

How concerned are you about the financial stability of your bank/credit union?





Customers want more transactions to be handled online. Brick-and-mortar should be used more for the resolution of financial issues. 




QUESTION

Would you consider switching to a financial institution where most transactions were only available online?   
  





II. Customer Experience


More banking happens digitally (online or mobile) than in person



QUESTION

What percent of your time banking is…






Most financial services are conducted without the primary bank


First-name relationships aren’t important to banking customers



QUESTION

Does anyone at your bank/credit union know you on a first-name basis?



Some financial customers are skeptical of advice


QUESTION

Do you believe your bank/credit union provides unbiased financial advice most of the time?




III. Customer Advocacy & Retention


Customer longevity can be measured in decades



QUESTION

For how many years have you been a customer at your current bank/credit union?




High fees are the #1 reason financial customers leave



QUESTION

Why have you considered leaving your bank/credit union?






Departing customers don’t give warning

Nearly THREE-FOURTHS of customers who leave WON’T TELL YOU IN ADVANCE they plan to go.

The #1 REASON for not saying anything was that customers THOUGHT IT WOULDN’T MAKE A DIFFERENCE. 



QUESTION

Have you told anyone at your bank/credit union that you are considering switching your bank/credit union?




Most banks don’t try to save departing customers


QUESTION

Did your bank/credit union reach out to you to keep you from leaving?




Customers who are leaving their bank have been CONSIDERING their departure FOR 9 MONTHS and plan to leave within the next 5 MONTHS, making for a decision window of 14 MONTHS.


QUESTION

For how many months have you been considering leaving your bank/credit union?





QUESTION

In how many months do you think you will make the move to leave your bank/credit union?






Half of departing financial customers are “saveable”



Lower bank fees can save leaving customers


QUESTION

What could your bank/credit union do to change your mind about leaving?





Many smaller failures cause attrition

70% of customers who PLAN TO LEAVE say it was many MINOR EXPECTATION FAILURES that triggered their decision


QUESTION

Which played a bigger role in your decision to leave? One major expectation failure or many minor expectation failures?






Poor service is more likely to cause attrition than poor products

69% of customers who plan to leave say it was DUE TO POOR SERVICE



QUESTION

Which played a bigger role in making you want to leave? Poor service, or poor products 





31% of banking customers are promoters


QUESTION

How likely are you to recommend your bank/credit union to friends and family?


Queritel through its Get Insights software allows companies to gain the capabilities of an in house market research team with faster reaction times when gathering and analyzing customer feedback for insight-driven decision making.
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