There is no doubt that customers increasingly want more service, but service from Israeli banks leaves a lot to be desired, according to a survey by the Bank of Israel. Bureaucracy is in general one of the main obstacles in Israel hampering innovation as reported on VonNaftali.
The Banking Supervision Department (published by Bank of Israel) conducts surveys, the goal of which is to reflect customers’ perception of the quality of the services received from the bank in which they maintain their account. The results are not satisfying and an overall decline – compared to the year 2021 and before – is manifest.
Overall Satisfaction
Approximately 56 percent of households who responded to the survey would recommend to a friend or relative to manage their account at the bank where they manage theirs, compared with 57 percent in the 2021 survey. Approximately 52 percent of the business owners who responded to the survey would recommend to another business owner to manage their account at the bank where they manage theirs, compared with 54 percent in the 2019 survey.
Satisfaction Communication
Website > An average of about 88 percent of households who responded to the survey are satisfied with the level of service the bank offers them through its website, compared with 90 percent in the 2021 survey. An average of about 85 percent of business owners who responded to the survey are satisfied with the level of service the bank offers them through its website, compared with 87 percent in the 2019 survey.
Service at Branch > Approximately 67 percent, on average, of the business owners who answered the survey are satisfied with service they receive at their branch, compared with 68 percent in the 2019 survey.
Call Center > An average of about 69 percent of household customers who answered the survey are satisfied with the service provided through the bank’s call center, compared with 75 percent in the 2019 survey. An average of about 68 percent of business owners who answered the survey are satisfied with the telephone service that the bank provides them. This is the first time this question was included in the survey.
Teller Service > An average of only about 46 percent of households who answered the survey are satisfied with the waiting time until receiving service from a teller at the branch, compared with 48 percent in the 2019 survey. An average of about 54 percent of business owners who answered the survey are satisfied with the availability of the business bankers, compared with about 56 percent in the 2019 survey.
Perception of Fairness
Of the household customers, 55 percent believe that their bank acts fairly toward them, compared with 57 percent in the 2021 survey. These findings indicate low satisfaction in the issue of fairness. The Banking Supervision Department sees the utmost importance in integrating a culture of fairness between the bank and its customers, which is reflected in, among other things, the service provided to banking systems customers.
Conclusion
In sum, the banking sector needs to improve a lot in Israel. It is an indictment that, for example, only 69% are satisfied with the call centers. This means 31% are little or not at all satisfied. This agrees with VonNaftali’s subjective perception. In addition, it must be noted that the language skills in the call centers are unlikely to be given. Non-representative samples from VonNaftali show that English is hardly spoken and if it is, then very bad English.
There needs to be more competition in the banking sector.
Based on press release of Bank of Israel, selected as relevant, shortend, regrouped by VonNaftali. Introduction and conclusion by VonNaftali.