Timothy Drabic Describes the Most Common Complaints The Banking Industry Is Facing Today

The Biggest Complains Among Bank Customers in 2020

Complaints and negative comments make up about 45 percent of chatter on social media regarding banks and financial institutions. This worrying volume of grievances vented online should worry everyone in the banking industry especially those whose job it is to improve the bank’s reputation and public image online.

With over 20 years of experience in applying process improvement techniques to boost business results, Net Promoter Score, and the overall client experience, former director of Global Client Centric Solutions, Timothy Drabic believes that the negativity comes from the commonly occurring complaints that the banking industry faces on a daily basis.

Hidden Fees

When the topic of banking comes up, people’s top complaint is usually about charges that they were either unaware of or forced to pay for a certain service. It seems that the fastest way to turn customers away from a bank is to enforce fees that people deem to be unfair or hidden from them.

According to Timothy Drabic, some of these fees are totally avoidable and the issue could be resolved within a couple of minutes. “Take overdraft protection, for example,” he says. “That’s one service that a customer can opt out of and avoid the need to pay extra fees for a service or coverage they may not even use in their lifetime.”

In cases when the customer isn’t sure about a fee, it’s always best to call the bank directly and get answers from them. This helps clear any doubts the customer has and gives the bank the opportunity to explain the reason behind the fees and offer the customer other options and alternatives for a specific service.

Inaccessible ATMs

ATMs are meant to be a convenient way for customers to access their funds at any hour without the need to go to a physical branch. But faulty or remotely placed machines defeat the purpose and turn the convenience into its exact opposite.

One way that banks can provide a solution to this problem is to have agents monitor social media to keep track of any problem that crops up with a certain machine. That way the bank will respond swiftly and resolve the situation to increase the customers’ satisfaction. Additionally, banks should aim to place their ATMs in locations that are popular points of travel, such as near train stations or movie theaters.

Bad Customer Service

As far as customer services in the banking industry are concerned, there are two sides to that problem. The first is an ill-trained agent who doesn’t have the aptitude to handle customers’ issues and the other is the customer themselves.

“While the responsibility of hiring the right people for the customer service department,” explains Timothy Drabic, “falls entirely on the bank, an irate customer can complicate a simple problem and exacerbate an easy-to-defuse situation.” The solution usually requires cooperation from both sides. Banks need to provide good training for their staff and customers need to be patient and remain calm even when they get switched from one agent to the next. Banks can help to keep their customers calm in these situations by having the agents clearly explain what is occurring on their end so that customers aren’t left waiting for minutes without information.

Excessive Mistakes

Mistakes do happen. Every industry has its fair share of errors committed by well-meaning employees. But as with everything that has to do with money, a financial mistake, no matter how small, can have huge consequences. Approximately 40% of Americans could not cover a $400 expense and having mistakes occur on their bank statements rightfully terrifies them.

Banks can sometimes make mistakes and either freeze a customer’s account or charge them an enormous sum of money based on a miscalculation or an unintentional error. As always, the customer can get the problem sorted out by reaching the bank’s live support with the right documentation in their hands.

Complicated Mortgages

Applying for a loan or a mortgage isn’t always an easy decision. And sometimes the road that leads to the desired mortgage is a bumpy one. The customer might get frustrated with the complex process and the endless trail of forms to fill and sign.

Timothy Drabic recommends refinancing as a good option for customers not happy with their mortgages. “Refinancing,” he adds, “allows the customer to pay less every month, reduce the whole amount payable, or cut the term of the loan short.” In most cases, it’s better for the customer to discuss their options with a financial expert before taking this step.

In conclusion, Timothy Drabic believes that the complaints made about the banking industry today are all valid, there are solutions that the banks can use to improve the situation and increase their customer satisfaction and loyalty.