In-Depth Audit of Small Business Customers to Begin in March
Opportunity for Banks to Participate in Annual ath Power Analysis
Boston, MA [February 22, 2010] -- Banks are under the gun when it comes to small business customers. The government is pressuring them to lend more at the same time that regulators are demanding higher credit standards. Small business customers feel the credit squeeze yet remain a critical profit center for most banks.
What can banks do to improve how they handle small business customers? What kind of job are banks doing in acquiring and retaining small business banking customers? What specific measures can they take to improve their small business efforts?
These questions and many others will be answered in the 2010 ath Power Consulting Customer Experience Audit for Small Business Banking, which will begin gathering data in late March. As sponsors, banks will have the opportunity to receive customized results at a fraction of the cost of a full-service, proprietary audit.
- Sponsoring bank branches will be visited by qualified small business banking prospects and results will be made available on an individualized basis.
- Sponsors may recommend specific questions of interest regarding their bank’s small business efforts.
- Sponsors may suggest banks in their market whose results they would like to see included.
About the ath Power Consulting Customer Experience Audit (CEA)
The results of the ath Power CEA: Small Business in 2009 were eye-opening, as reported in American Banker, Forbes.com and hundreds of other media outlets. Owners of profitable, established businesses made 600 in-person visits to 22 large and mid-size banks nationally.
The 2009 analysis found that customer experience associated with front-line sales and servicing protocols fell far below anticipated benchmarks. More than a quarter of these qualified small business prospects would choose not to become a customer of the bank they visited based on these experiences.
The study shows that the impact of banker behavior was dramatic in capturing a new prospect’s banking relationship. For example, if a banker made an effort to determine what is important to the prospect, 90% would become customers. If they failed to do so, only 37% would go on to become customers.
The study showed how banks scored on the key drivers of loyalty:
- Determining Needs;
- Ease of Doing Business
- Knowledge of Products and Services
More than 20 of the nation's leading banks participated in the 2009 study. The 2010 study will expand to include banks of all sizes. While public results will be reported at a macro-level only and names of banks will not be disclosed without sponsors' permission, sponsors will receive analyses at a micro level, with highlights on specific areas of concern.
To view a summary of the 2009 ath Power Consulting Customer Experience Audit for Small Business, please visit www.athpower.com/WhitePaperRequest.
About ath Power Consulting
ath Power is a premier provider of customer experience solutions for the financial services industry, offering audit and mystery shop studies, surveys, market research, employee development and strategic brand planning. ath Power owns the largest database of financial services field representatives in the nation, and executes the largest number of proprietary banking audits in the industry. ath Power delivers increased sales results and heightened customer service ‐‐ the cornerstones of differentiation in a crowded marketplace. For more information, please visit www.athpower.com.
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Media Contact:
Jessica Hamel
ath Power Consulting
978-474-6464 Ext. 107
jhamel@athpower.com
