Introduction

A customer satisfaction survey for banking sector is essential for understanding client needs and improving services. These surveys help banks measure satisfaction, refine their offerings, and stay competitive. In this article, we'll explore best practices to enhance customer satisfaction surveys in the banking sector.

4 Types Of Customer Satisfaction Survey

Customer Satisfaction Score (Csat)

You can use CSAT surveys to measure customers' satisfaction with their experience. Typically, the survey would present simple questions like "How satisfied were you with your experience today?". Respondents would often score that question from 1 to 5 on a scale. 

This survey can be applied anywhere along the customer journey. So, it is flexible and suitable for collecting feedback on individual interactions, products, or services. The results can help you understand customer problems and find ways to change.

Customer Effort Score (Ces)

CES is about how much effort customers put into using your product to get what they want. Common questions are "How easy was it to use our product (service) to achieve your goal?" The aim is to remove friction from the customer experience. 

A low effort score means that the customer does not have to struggle while using your product, something that increases customer satisfaction and loyalty.

Net Promoter Score (NPS)

Net Promoter Score (NPS) evaluates customer loyalty and the chances of customers referring a business to others. It is expressed by the question, "On a scale of 0-10, how likely would you be to recommend us?" 

Depending on the answer, customers fall into one of three categories: promoters, detractors, and passives. NPS reveals customer sentiment and loyalty, highlighting both supporters and potential issues. It's also a better predictor of company growth than basic satisfaction scores.

Product-Market Fit

A survey for PMF could ask users how they would feel if they could no longer use the product. The answers might be "not disappointed," "somewhat disappointed," or "very disappointed." 

If many users say they would be very disappointed, the product is a must-have for at least some users. It is a useful measure for startups if there is a product-market fit.

4 types of customer satisfaction survey - Source: Needpix.com

How To Create The Best Customer Satisfaction Survey For Banking Sector?

Set Objectives

You need to clarify the purpose of your surveys. It helps assess overall satisfaction, collect information on specific services (e.g., loans), or gather feedback on various contact points with the bank.

Survey how customers feel about their interactions, whether in the branch, online, or over the phone, and learn what can be done better.

Also, you need to set measurable goals, such as improving a satisfaction score by 15% or reducing the incidence of complaints by 20%. They are easier to track.

Use specific Key Performance Indicators (KPIs) rather than vague objectives. Example: "Improve customer satisfaction with our mobile banking app" is more meaningful than "Understand customer views."

Choose The Right Survey Format

Online surveys are generally the most convenient and least expensive. It's one of the best options for banking customers already more comfortable with the online world. 

However, phone surveys can also create high-quality data. It's especially helpful if you need to collect a lot of free-form feedback from elderly or very young respondents.

Use all kinds of questions you can think of to maintain respondent engagement. Mix multiple-choice questions with satisfaction rating scales and image-based questions about preferences.

The survey will be more engaging, providing richer and more complete data. Customising the method and types of questions for the banking industry can help you obtain a complete picture of customer satisfaction.

Sharing the questionnaire across social media platforms and tracking all responses via StringeeX is also a smart move!

Select A Targeted Group Of Customers

It is important to define groups of customers. You might do this based on age, geography, or even their banking behaviour. For example, younger customers might prefer banks on their mobile phones, and older customers might use bank branches.

It's necessary to design questions specific to each group's needs and preferences. Tech-savvy customers are more likely to want to tell you about their experiences with the mobile app than what they see at the branch.

Conversely, traditional customers might be more engaged by the opportunity to talk to you about what they see at the branch. When writing descriptions, use examples and language that appeal to the customers to make the survey interesting and get more thoughtful responses.

Choose The Right Questions

It is very important to formulate clear, simple questions that are easy for the respondents to answer. Mixing closed- and open-ended questions lets you get quantitative and qualitative data. 

Closed-ended questions like rating scales allow you to quantify the level of satisfaction. On the other hand, open-ended questions enable customers to provide rich, unprompted feedback in their own words.

Choosing the scale is also critical. A numeric scale (e.g., 1 to 5) is intuitive to online consumers who have seen many surveys. A descriptive scale (e.g., "excellent," "good") might be more appropriate for older respondents. Remember to use different types of questions: CSAT for overall satisfaction, NPS for loyalty, CES for effortlessness of service, …

Open-ended questions drive more unprompted feedback - Source: Needpix.com

Design A Visual Appeal Survey

Focus on incorporating your brand's identity throughout the survey. You can use the bank logo, colours, and fonts to activate your brand in the survey environment. It also makes your survey-takers more at ease when giving you feedback.  The layouts of the pages will echo the website's design.

Visual elements like progress bars can improve the user experience by demonstrating how far along the survey is and are associated with lower drop-off rates. Clear instructions should be provided at each step to guide respondents smoothly through the survey. This makes sure they understand what's required and feel encouraged to complete it.

Provide Incentives

If you want to increase response rates to a survey in the banking area, offering attractive incentives can be very useful. Opportunities to win prizes, gift certificates, and discounts on banking services can boost response rates.

The trick is to select meaningful incentives for the survey takers and enhance their banking experience. By doing so, you both increase response rates and encourage people to provide more honest responses.

Attractive incentives are useful for customer satisfaction survey - Source: Picpedia

Gather And Analyse The Responses

If you are conducting a satisfaction survey for a bank, you should present it (in-person, online, or over the phone) in whatever form is most appropriate. Set a deadline for responses and send reminders to maximise participation. It ensures your feedback is up-to-date.

Once responses are gathered, analyse the results. Identify what trends, good or bad, exist regarding customer satisfaction, and locate where your services need improvement. This approach also helps you spot ways to improve services. Banks can use this information to decide how to enhance customer service and happiness.

Implement Appropriate Changes

Another critical factor is making changes based on survey feedback. Start by improving the survey design gradually. Review past surveys to understand what went well, what didn't, and why, then make changes to make the survey as appealing as possible.

Feedback from previous surveys can also be used to make the next one better. You should respond to customer advice as it can show you're taken seriously and improve engagement with the survey.

Lastly, stay updated with industry trends and best practices. Continuously adapting your survey design to incorporate the latest advancements can help surveys remain effective and relevant.

Feedback from previous surveys can make the next one better - Source: Pxhere

Conclusion

To sum up, a customer satisfaction survey for banking sector is a key tool for enhancing service quality and growing your customer base. It provides valuable feedback and shows your commitment to continuous improvement. If you want to collect feedback from various sources effectively, StringeeX's omnichannel contact centre can help!