Fairfield County Bank Corp.
“Paolaworks was a pleasure to work with and a smart addition to our marketing efforts. They brought valuable answers to our questions, presenting them in an informed and actionable manner.”
- Sandy Anderson-Howell, Senior Vice President
Everybody loves customer satisfaction studies to reinforce what they think they're doing right. Fairfield County Bank wanted to be pro-active and investigate what motivates people to change banks before it's too late.
Paolaworks proposed three key objectives:
- Identify the reasons for defection.
- Identify competitive banks taking significant business from them.
- Name new product/service opportunities to improve their situation.
A telephone survey was conducted among Bank defectors going back three years. Study findings were matched with net worth, using supplied information from appended data. The study focused on retail customers, but included a small percentage of business banking customers, that netted additional perspective on that population. We then developed a profile of Ridgefield bank defectors by age, income level, net worth and length of time as bank customers.
Despite the difficulty of doing research in a sensitive category, we conducted a large number of interviews and found several opportunities the bank is using to reduce the number of account closings.