Financial Services Business: One mistake or bad experience and the customer is gone forever.

[Fidelia]

There are certain businesses that customers don't give you a chance to redeem yourself when you have messed up or they had a bad experience with your service. One of such businesses is financial services. When a customer has one bad experience with your financial services, they won't want to risk it again.

 

[Kross]

Even if it is a bank that gives a terrible experience, a customer is willing to switch banks. People don't joke with their money.

 

[Augusta]

Yes if you mess up with a customer they are gone and for good so it is better to avoid making this mistake and be good to them

 

[King Belieal]

It is always best to be open with customers as you are offering financial services and place a disclaimer too when transactions are not totally in your control.

 

[Min George]

Financial institutions are ran based on trust. And that has many indicators. Massive failure erodes that trust from a customer on a financial institution forever.

 

[Stardom22]

Of course yes. Some customers are very emotional and wouldn't accept any forgiveness of any kind. Provided they are offended, they never look back.

 

[kit_hung]

It is always best to be open with customers as you are offering financial services and place a disclaimer too when transactions are not totally in your control.

When you provide financial services, you must be honest and transparent with your customers. Don't do things in a mysterious way and then expect to be understood. If there is something you cannot control well, such as delays or price changes, it is better to put a disclaimer in advance. This helps avoid blame and is more reliable. When customers know the truth, they become more patient and understanding. If you don't explain in advance, it is like driving a car without brakes. The financial business requires transparency like a car mirror, cleanliness and honesty are the basis.

 

[eLdavis]

These days customers don't even have the patience to try again once you make a mistake, cause they have a lot of options to try. This is why business owners have to be extremely careful.