The Burst - Straight from SXSW (Ep. 7)
Thanks for checking out this episode of BanktasticTV’s “The Burst.” Here are some important notes about this episode:
The Banktastics at SXSW
Brad & Lisa have been at SXSW and brought you some fantastic footage, so watch and learn! We asked people what they didn’t like about their bank and got some great answers. We’ve included in the show notes the responses of people that were not willing to participate in our video podcast. We thank everybody for participating and helping us to better our industry.
We felt it was very important to talk to people at SXSW as it’s generally a very young crowd that’s very tech savvy, a group of people many banks & credit unions are targeting these days. Learning about their thoughts on how their banks could improve is extremely important. When talking to people about what frustrated them about their bank, one of the most brought up issues was overdraft fees with poor customer service being a very close second. Many people that we spoke to said they didn’t feel as if the overdraft fee was a “convenience service” at all and felt the fee was extremely high.
As I said above, poor customer service was a big complaint among those interviewed. One woman said that she signed up with a bank because of an alluring offer, but has yet to receive it even several months after her account has been opened. She told us that once her reward has been received, she’s definitely going to close this account due to the lack of help from this particular bank’s employees & automated systems.
We spoke with an up-and-coming filmmaker who told us that she hated her bank and switched to a credit union because they’re easier to work with and much more like a friend to her than a place that just holds her money. However, another person told us that they liked having their personal accounts in a credit union, but realized that they just didn’t work well on an international business level, so he had to switch all his business accounts to banks.
Others said they felt that their bank’s online banking service was just not up to par with other banks. Some felt that their bank’s site was overly-secure and difficult to use, while others felt that they weren’t provided enough options.
Many people we spoke to said that they were generally happy with their banks and didn’t have a very strong complaint, and those who said they had run into issues said that they weren’t great enough to really consider switching to another bank. The most highly praised bank of all was Bank of America with people saying that they felt very secure with their systems and rarely ran into any issues.
If any of these comments ring true to you or if you have any rebuttal, please start a discussion on Banktastic so others can weigh in on what SXSW attendees had to say.
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Feel free to email comments or suggestions about “The Burst” to brad@banktastic.com, or post your thoughts on the Banktastic Community.
See you next week!
-The Banktastics
Tags: ATX, Austin TX, banks, banktastic, BanktasticTV, Brad Garland, lisa randolph, SXSW, The Burst