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in: Loyalty Industry
Benchmarking Against Indirect Competitors
Big banks get a big push by being benchmarked against smaller banks.

Looking around at the competition, it's easy for the big banks to look at each other and set their internal customer satisfaction benchmarks in the 50% to 60% satisfaction range - as the top performing big bank (Wells Fargo) was given.

It's easy to assume that there's a "satisfaction ceiling" for banks -- maybe because of the general bad press of the industry or their fee structure. But the independents have show that satisfaction levels in the 80% or even 90% range are possible.  

Is your benchmarking setting a high enough standard for your company?