Individuals love to give feedback and advice. This applies to business as much as anywhere else in personal life. Customer feedback is a process of obtaining real time feedback from the customers being served.
Customer feedback is mostly associated with satisfaction or service quality surveys; however, this outlook places the emphasis on costs rather than on the real benefits of knowing consumers’ opinions, so getting rid of past paradigms becomes the first step to take.
Even though it is a fact that The Internet has provided users with the comfort of carrying out hundreds of procedures online that in the past were exclusively achieved in person, there are others whose actual face to face completion will continue unaltered for many years, either because there is no other way to fulfill them or because they will be the preferred choice for many users.
In some countries, banks made progress in earning customers’ loyalty during 2013, as indicated by a rising Net Promoter ScoreSM (NPS®). But Bain analysis shows that they are far from exploiting the full potential of that loyalty.