Study: Bank

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Brand image and the impact of the initial visi by a potential custome can be paramount to the final decision regarding which retail bankto choose, a national study has found. Accordint to the J.D. Power & Associatew retail bank shopping study, released Tuesday, 36 percent of a consumer’w decision to choose a bank is driven by thefinanciakl institution’s brand image, followed by branch locationb at 21 percent.
“Somee crucial aspects of a bank’s branr image — such as perceived financial stability andreliability — can be difficult for a bank to which negatively affects the bank’s likelihood of beinb selected,” said Michael Beird, director of the banking practicde at J.D. Power. “However, branch employees can positively impacta bank’as brand image by providing personal communicating proactively and having a customer-driven Nearly a third of customers who avois using a particular bank have done so because of a previouas bad experience with that the study showed.
Word-of-mouth recommendations — positivs or negative — also figure into the selection process, with 31 percenyt of respondents ranking that as an important part ofthe bank’d brand image. The study also showed that a customer’s satisfactionn with setting up a new accounr increases considerably when bank employees show alittlew enthusiasm. Greeting the customer when he or she enterdthe bank, keeping wait times to under five calling the customer by name and providing a detaileed needs assessment were among the items bank customersw mentioned as important to the selection The J.D.
Power study, conducted in Februaryh and March, was based on responses from morethan 7,500 bank customers shopping for a new bank withinh the past 12