Retail
banking customer satisfaction in Brazil ranks bottom of five major
banking countries surveyed by marketing consultancy JD
Power.
According to the 2011
Brazil Retail Banking Customer Satisfaction Index,
low customer satisfaction is mainly due to customers experiencing
problems with their lenders.
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In Brazil, 34% of customers
surveyed say they had a problem with their bank. In comparison,
problems are reported by only 16% of bank customers in Canada and
22% of customers in the US.
JD Power’s inaugural
Brazilian study measures customer satisfaction with their retail
banking experience across six factors.
In order of relative
importance to overall satisfaction, they are: account activities
(28%); account information (18%); product offerings (18%); facility
(15%); fees (11%); and problem resolution (10%).
Overall satisfaction is
reported as an index score based on a 1,000-point scale, with a
higher score indicating higher satisfaction.
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By GlobalDataOf the five countries
surveyed by JD Power, the Canada banking sector ranks highest with
an average customer satisfaction index score of 756.
The US follows with an
average score of 752, ahead of China (685) the UK (683) and Brazil
with 679.
Itaú ranks highest among the
major retail banks in Brazil with a score of 707 and performs
particularly well in facility and product offerings.
HSBC follows in the rankings
with a score of 693, performing particularly well in personal
interactions within the account activities factor. Brasdesco (667)
and Banco do Brasil (661) were ranked the worst two performing
banks.
Brazilian bank customers who
visit bank branches also report having longer wait times and
transaction times, compared with the other countries. For instance,
wait times in Brazil average 19.2 minutes, while wait times in the
US average 3.1 minutes.
JD Power research director
Célia Bastos said: “The high rate of problems reported by Brazilian
retail banking customers is only made worse through ineffective
communication of products, services and fees.
“To improve satisfaction,
banks must ensure they are building effective and personal
connections with all of their customers.”
Bastos added that both Itaú and HSBC stand out by
effectively and proactively communicating with their customers,
especially regarding fees and service charges.
