Despite significant efforts and investments to improve their standing with SME customers, banks still face low satisfaction levels, particularly among those customers that do not have a dedicated Relationship Manager. A survey conducted by RFI into small business banking found that up to 20% of customers are likely to switch banks with a further 30% possibly at risk. This propensity to switch presents both an opportunity and a threat to the banks.
SPP has found that applying a simple Convenience, Simplicity, and Insight (CSI) framework can help managers improve their value proposition and in turn, grow revenues. CSI helps focus on what is important to customers. This simple framework to help business banking leaders and product managers capture this customer feedback and apply it to their SME strategies and offers.
Convenience focuses on the ease with which customers can access services
Simplicity or “being easy to do business with” is another vital ingredient to satisfaction
Customer Insight considers both customer knowledge and customer insight or advice