Retaining customer satisfaction in turbulent times

Purpose – This paper aims to provide an insight into the actions required by trust officers to improve customer satisfaction during a time of difficult economic and regulatory conditions. Design/methodology/approach – A total of 96 bank trust officers located in the USA were surveyed using a mail questionnaire. Findings – Increased compliance regulation and financial industry problems during 2008 and 2009 have had only a minor negative impact on customer satisfaction. Success in maintaining satisfaction levels has come from customer‐focused corrective actions including more frequent customer meetings, improved electronic/print mail communications and the provision of more friendly financial information. Practical implications – The paper makes three recommendations to senior managers to help them maintain customer satisfaction: 1, continue to focus on the basics of customer focus; 2, use existing and emergent technology to provide customer friendly support; and 3, constantly review and update the financial value proposition offered to customers. Originality/value – The study provides insight into the issues of customer satisfaction in the current difficult economic and regulatory climate.