This blog post was written by Erica Winters, Sr. Research Analyst & Social Media Strategist, and is a summary of a recent project completed by Research & Marketing Strategies, Inc. (RMS).
Background: A banking institution recently partnered with Research & Marketing Strategies, Inc. (RMS) to conduct closed account research with members who have voluntarily closed their account. The client wanted to better understand why it lost those customers, understand its competitive position in the marketplace relative to former customer perceptions, and identify potential areas of opportunity. The market research objective was to capture the reasons for account closures, including the identification of any unmet needs of those former members, and where those former members currently obtain their banking services.
Approach: To address the objectives mentioned above, RMS administered a telephone survey to a list of closed account member records provided by the client, dating as far back as nine months for the account closure. The telephone survey included approximately 20 questions and lasted 5 minutes or less. Fieldwork lasted approximately one month. Following the data collection and analysis period, a comprehensive report was delivered to the client, which included a visual dashboard of the findings, as well as next steps and recommendations.
Results: Here are some highlights from the study:
- A total of 208 completes were received for the telephone survey.
- RMS obtained feedback regarding the following:
- Awareness of the banking institution’s services
- Satisfaction with the banking institution’s services
- Respondent usage of other financial institutions
- Primary reasons for closing the account
- Important factors when choosing an institution
- Percentage of respondents who are considering re-opening an account with the banking institution
- Percentage of respondents that still hold other types of accounts or services with the banking institution, other than the one account which was closed
- Most common competitors
- Suggestions for how the banking institution can build a better relationship with members
RMS is a full-service market research firm located in Syracuse, NY. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Senior Director of Business Development & Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422.