Financial marketers must revamp how they gather consumer feedback

Busy consumers will not respond to long surveys. While they will do things like post online reviews, this catches them when they love you or loathe you. Making three key adjustments to your sentiment-gathering methodology can set your banking institution on a successful path.

A few years ago while traveling through the Atlanta airport, I stopped in the washroom. Upon exiting, I noticed something that changed how I view requesting feedback — a simple kiosk that asked only one question and allowed only two basic responses, denoted with emojis: “Happy” or “Sad.” The Atlanta airport knows that if you want to get incredible feedback, and lots of it, you’ve got to keep it simple.

Understanding the sentiment of account holders is critical to good strategic decision-making in banking. However, many institutions operate without getting the pulse of account holders.

Several years ago Professors Dholakia and Morwitz, from Rice and Columbia, studied the customer base of a large financial services company to see how requesting feedback impacted the relationship with consumers. The researchers found that soliciting their views led to new account openings, fewer defections, and higher profitability, compared to those who hadn’t been surveyed.


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