Customers unhappy about service
(Shanghai Daily)Updated: 2007-01-18 10:31 China's customer retaining index for domestic retail banks is below the global average due to unsatisfactory services and limited products, an industry survey said.
The index, reflecting customer satisfaction, stands at 62 in China while the global average figure is around 70 and the North American market comes in at 77, said TNS in a report based on a survey made in three major cities in China. The top mark is 100.
The survey was based on 1,500 retail bank customers in Beijing, Shanghai and Guangzhou where the finance sector is most developed on the Chinese mainland.
"More efforts are expected from the banks to improve their products and services," the report said.
Consumers expect longer business hours, cut in waiting time, faster transactions and help from the banks' staff.
It is normal for customers to wait for more than two hours in some bank outlets in Shanghai to be served, triggering complaints and a shift of customers to overseas banks.
Of all the major banks involved, joint stock commercial banks are leading the way for their fellow banks, especially state-owned banks, the survey found.
Consumers' satisfaction is not directly in line with the brand awareness or number of bank outlets.
Market recognition of smaller players like Bank of Communications and China Merchants Bank is higher than their market share.
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