With their initiation of  “Meine Bank vor Ort.de“ (My Local Bank), the Institute for Asset Accumulation  (IVA) offers private bank customers a unique portal where they can obtain valuable information and advice for free.

The portal is thus a platform for all matters related to hedging, occupational pension schemes, financing of building projects, and investment. Yet, the portal has much more to offer. The My Local Bank blog provides customers the opportunity to discuss specific matters with experts as well as to build a contact network with other bank customers, or to directly address their queries to bankers.

A detailed evaluation carried out through the CityContest provides the customer with an overview of the top ranking banks in his local area and the results of the test interviews conducted by the IVA. The independent platform allows the banks to create their own profiles so as to provide potential customers with valuable information on their services and to establish direct contact with the bank consultants.

Based on objective criteria, the “Focus Money-CityContest“ has been successfully applied to assess the consulting quality of banks since three years; however, what´s the opinion of a bank´s regular customer? Are the recommendations and advises of the bank actually useful when considered from a subjective viewpoint? Does the customer obtain significant information about pension schemes, financing and tax related matters? And apart from all of this, does the customer actually know whom to contact regarding any queries?

In cooperation with a Munich-based market research company, the Institute for Asset Accumulation (IVA) developed a survey to gain a better understanding of the customer-bank relationship. As is the case with the “CityContest“, the most significant aspects of the survey were broken down into the categories: initial consulting and follow-up services, atmosphere and interaction, as well as customer orientation and expertise in order to conduct a nationwide survey.

Information on the topic customer satisfaction. What is the meaning of customer satisfaction?

Customer satisfaction relates to the satisfaction of the customer. It is considered as an essential aspect in the corporate policy of companies based in the service provision sector, as it, in the long run, may bring about an increase in the sales while facilitating the acquisition of new customers.

Satisfied customers are more likely to give a recommendation for a bank, than it is the case with unsatisfied customers. Therefore, every company should consider promotion by word of mouth as an important means in terms of success and growth of their business. After all, satisfied customers usually turn out to be more loyal towards their house bank and show a higher level of tolerance when it comes to any discrepancies.

But what are the crucial factors with respect to customer satisfaction? Such things like the perfect solution haven´t been found yet, however there are some general guidelines to bear in mind regarding customer satisfaction. These include e.g. the initial meeting with the customer, as politeness is of utmost priority. Other important factors are the initial consulting and follow-up services, as well as customer orientation and expertise, and the atmosphere and overall communication with the customer.

In conclusion, it can be said that the bank consultant should convey a good feeling to the customer, so that he knows to be in good hands and not regarded as a product or deal. The common saying: “The customer is king“ is and should always be top priority.