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Ask any large
corporates across Asia what their preferred source
of advice on trade finance matters, and the majority
(57 percent) of them will tell you that word of
mouth and referrals trump any other channels.
Consultants and their current relationship bankers
are just not seen to be as helpful as colleagues and
friends.
Given the vital role
advocacy can play in banks’ customer acquisition and
retention strategies, what are corporates saying
about their incumbent trade banks?
Customer Advocacy is
Mediocre at Best
Although the average
advocacy scores for primary and secondary trade
providers in Asia are slightly higher than their
counterparts in Australia, at 7.02 and 7.71
respectively (on a 0-10 scale, with 0= not at all
likely to recommend and 10= extremely likely to
recommend), these scores still effectively represent
“passives”.
Corporate customers,
whilst they probably would not spread any negative
word of mouth about their providers or services
offered, they are also not enthusiastic enough to
actually promote them.
Happy Customers Do
Not Necessarily Translate Into Brand Promoters
Perhaps counterintuitively,
the latest research by East & Partners suggests that
satisfied customers are not necessarily the ones who
will talk or recommend. This pattern of a
disconnected, broken link between customer
satisfaction experiences and advocacy is most
evident in JP Morgan and BAML.
Although both banks achieve above average customer
satisfaction ratings at 1.95 and 2.01 respectively
(on a 1-5 scale, where 1= satisfied and 5=
dissatisfied), their advocacy ratings are well below
average at 7.00 and 6.87 respectively.
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