A great bank may have reasonable rates to attract customers, but in 2023, the best banks have something extra that makes them stand out to corporate and individual clients.
- Customers are not just looking for the best rates. They are also looking for the convenience offered by multi-channel service in the online and in-person portals at the bank.
- These banks use convenience and excellent customer service to keep customers coming back and frequently beat out the larger, more established competitors, Forbes reports.
- By offering something different from its competitors, banks can gain customer loyalty, which is especially beneficial during times like the recent uncertainty spurred by the collapse of Silicon Valley Bank.
- Having the lowest loan rate or best deposit rate can make a bank good, but what makes it great is the convenience for the customer and the level of customer service.
Why it’s news
In a recent Statista survey of customers, 48,000 people evaluated their satisfaction with their current bank based on trust, satisfaction, and customer service. While banking giants like Citibank, HSBC, and Standard Chartered Bank were high-ranking institutions, some surprising contenders ranked highly on the list.
For example, SBI Sumishin Net Bank, a Japan-based institution, has only been around since 2007. However, the disruptive digital bank is the country’s highest-ranked one on the list. Sony Bank, an online branch of Sony’s financial services, followed closely behind.
Banks with something different to offer regularly made the top of the list. Germany’s highest-rated bank, Sparda-Bank Hessen eG, specializes in retail banking. Two new recent offerings, SpardaFondsFlat and SpardaRückgabeGarantie, offer investment funds without transaction fees and guarantee their investments against losses.
The bank also emphasizes the personal touch. It makes donations of more than $1 million yearly to local causes, and its website highlights potential investing funds that promote sustainability, Forbes reports.
Some banks have found success by limiting their customer base. USAA Federal Savings Bank was among the highest-ranked U.S. banks, yet it focuses its customer base only on current and former military members and their families. Though the bank has no physical location for its customers, it stands out with excellent customer service.
The online bank allows customers to use ATMs from other banks at no charge, has no insufficient funds fee, and gives early availability for deposited paychecks—all convenient factors for military members frequently on the move.
Quick customer service and convenient perks can foster customer loyalty for generations. USAA extends its exclusive offerings to children and grandchildren of military members.
By focusing their attention on critical factors like convenience and customer satisfaction, banks can better earn customer loyalty which could mean the difference between a panicked customer and one that stays in a crisis.