How to translate a good reputation into customers in consumer finance

Oct 2, 2023

U.S. Bank performs fairly consistently on our current customer metric…

but that doesn’t tell the whole story.

Beyond the quant, U.S. Bank current customers often mention some specific complaints:

  • Customer service

  • Inconvenient banking procedures

  • Non-intuitive online platform

  • Difficulty navigating services for customers who only have loans and no account

Breaking these complaints down, there is a steady increase in dissatisfaction with age:

18-29 year olds: 0% expressed grievances

30-44 year olds: 8% expressed grievances

45-64 year olds: 14%  expressed grievances

Digging deeper, we can compare US Bank to Chase, the top performer for our reputation metric.

Here, the model zeroed in on the specific selling points people care about in relation to both of these banks, finding that they have very different associations.

U.S. Bank is reputable because of:

  • Conservative lending practices

  • Support for social issues

While Chase is reputable for:

  • Customer service

  • Online offering

We can also see that women are more likely to talk about Chase as a reputable brand, while men are more likely to talk about U.S. Bank as a reputable brand:

Chase: 59% women, 41% men

U.S. Bank: 41% women, 59% men

We can see that U.S. Bank’s reputation metric outperforms its current customer metric, meaning that its good reputation isn’t translating into customers.

So how could it improve?

This all tells us that, while U.S. Bank is well-perceived by many, improving their online services is a clear area for improvement. Some customers are happy with their customer service, however, other have complaints. This is clearly an important factor based on the comparative analysis with Chase, meaning this should also be an area of focus.

Our demographic breakdown of grievances also tells us the bank should focus on appealing to older consumers, who we know care about customer service (24% of 45-64 year olds prioritise customer service in choosing a bank and 30% of 65+ year olds).

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