Here Are Your Customer Experience Benchmark Banks

Bank customer satisfaction

Put negative press, technology problems and low deposit rates aside, because banks just hit an all-time high in the gold standard of surveys – JD Powers. Their 2014 Retail Bank Customer Satisfaction survey talked to 80,000 customers in 11 regions and rated banks above $2B in assets on channel, problem resolution, products, facilities, fees and account information (Rankings are based on numerical scores, and not necessarily on statistical significance).  The bottom line is that bank satisfaction is improving as banks hit a record score of 785, up from 763 last year.

 

The ironic thing is that fees are up over the last couple years, and yet satisfaction continues to climb. The reality is that service satisfies customers and trumps pricing.

 

Here are a some key findings from the report:

 

    • If you want to emulate a bank, Frost and United Community had the two highest scores and are consistent high finishers
    • There is room in the West, Mid-West and New England for improvement as these areas had the lowest average scores and the least number of banks above 800
    • Regional banks (those between $33B and $180B in deposits) had the largest improvement over last year as they increased their standings by 24 points to an average of 784
    • Big banks (the six largest) improved the second most as their score rose an average of 23 points for a composite score of 782
    • Community banks, while improved the least, increased an average of 11 points for a composite score of 796, or the highest of any group
    • The affluent customer is the least satisfied segment
    • Large banks improved their satisfaction more than regional banks, but regional and community banks had higher scores (but statistically insignificant)
    • Last year 16% of customers had complaints, down from 18% in 2012
    • “Problem Resolution” is an area banks most improved on as satisfaction from that activity increased 25 points and hit 620

 

The survey also dove into satisfaction from customers switching banks. Here, the findings are summarized as:

 

    • 28% cited poor customer service as the reason
    • 21% claimed that branch locations were inconvenient
    • 19% said that interest rates weren’t competitive enough
    • 15% cited high fees

 

If you are looking to increase your customer satisfaction level at your bank, this survey supports some of our previous experiments and findings. Namely, the top five things to work on if you want to increase your score:

 

  1. Quick and efficient problem resolution
  2. Be anticipatory or proactive in alerting customers how they can gain a greater value in products and services
  3. Capture customer information to share through the organization so that everyone is better informed as to status, preferences and past customer experiences
  4. Invest in electronic banking (mobile) as it is becoming a larger and larger component of customer satisfaction
  5. Alerts, notifications, confirmations and similar communication all serve to keep the customer informed, keep your bank top of mind and increase satisfaction

 

Since we have a customer experience initiative at CenterState (it is work in progress) we have studied customer satisfaction extensively and have written about problem resolution, factors that drive satisfaction AND revenue, how to increase satisfaction with emails, how to WOW in customer service, and many others. Please check them out or forward this link to someone in your bank that might benefit. Alternatively, if you have ideas that help increase your customer satisfaction, we would love to learn about them. 

 

Here is the geographical breakdown:

 

Bank Customer Satisfaction

 

Bank Customer Satisfaction

Bank Customer Satisfaction

 

Bank Customer Satisfaction

 

 

Bank Customer Satisfaction

 

 

Bank Customer Satisfaction

 

Bank Customer Satisfaction

 

Bank Customer Satisfaction

 

 

Bank Customer Satisfaction

 

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