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Customer Satisfaction: A Word-of-Mouth Marketing Approach

The presence of various players in the banking industry, aside from the other players in the financial services sector, makes the customers to have a lot of options to choose from. The banks, cooperatives, microfinance institutions, lending companies, loan associations, pawnshops and so forth provide financial services and solutions that are adaptive to the needs of their respective market sets. With such premise, winning and sustaining the patronage and loyalty of the people is imperative. That’s why the Bank is firmly committed to serving, at its best, the financial needs of its multi-sectoral clientele.

This customer-service commitment of the Bank was corroborated by the survey result on its most-effective means in acquiring new clients, which was conducted during the second quarter of this year. Through this particular survey, it was found out that majority of the respondents (309 out of 660, or 46.82%), from the 31 participating operating units of the Bank in Regions I-II-III, have been convinced to avail of a loan and/or open a deposit account with the Bank via referral or word-of-mouth (WOM) marketing. Although multi-media advertisements—by way of print, radio and social media—also promote the Bank’s product-service repertoire to get more clients, they’re not as effective as the WOM advertising by the satisfied customers.

The front-line officers and back-office staff, as “brand ambassadors” of the Bank, may be delighted with this survey result. The financial products and services provided by their respective operating units meet or even surpass the expectations of the customers. It’s a fact that the prospective customers will decisively believe the words of satisfaction and recommendation from their friends and family members, who are not only happy with the financial products and services of the Bank but are also satisfied with their banking experience. Such satisfaction is a reflection of how they feel about interacting with the brand touchpoints of the Bank.

By providing the customers with a satisfying banking experience, the operating units portray a true expression of FICOBank’s corporate identity as a valuable community asset for the local populace.





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