DENVER – A new survey of more than 8,000 U.S. bank and credit union customers/members show satisfaction levels remain at their highest at credit unions and small banks, although large banks are showing significant improvement and all institutions are slipping in some areas, according to the 2011 Bank and Credit Union Satisfaction Survey released by Prime Performance.
While Bank Transfer Day has been high profile, consumers are actually less likely to switch banks this year than they were in 2010, according to the company. Among the findings in the study, which defines a net satisfaction score as the percent of satisfied customers minus the percent of dissatisfied ones:
* Based on a recent interaction with a representative, credit union members rate their overall satisfaction a net score of 89%. The comparable score for small banks (banks with less than 300 branches) is 88% and for large banks (300 to 4,000 branches) it is 80%. The industry average is 82%. Falling below that were: Bank of America, 73%; Wells Fargo, 75%, and Chase, 79%.
A net satisfaction score is the percent of satisfied customers minus the percent of dissatisfied ones. A score of 100% is perfect.
* The industry average net satisfaction score increased five percentage points over 2010. Chase and large banks increased faster than the industry rate, at 12 and 6 percentage points, respectively. Increasing slower than the industry rate were Bank of America at three percentage points, and credit unions, small banks and Wells Fargo, all at two percentage points.
“Contrary to most press reports, banks have made significant progress in creating a more satisfying experience, mainly with younger customers. Small banks have pulled even with credit unions among Gen Y and Gen X customers, while credit unions have increased satisfaction among older members,” said Jim S. Miller, president of Prime Performance. “Large banks and Chase had the greatest increases in satisfaction but still have work to do to win back their customers' trust. Customers told us they experience more problems or had more complaints with the big banks and are not sure the banks are acting in their customer's best interest particularly when it comes to fees,” said Jim S Miller, president of Prime Performance.
While customer satisfaction is improving, banks and credit unions are slipping in some key behaviors that make customers feel better about their banking experience, according to the company. Using the customer's name dropped by 5% and thanking the customer fell by 3% from 2010. “While known for their personalized, friendly service, credit unions and small banks are not better than the industry average at thanking and using their customer's name,” Prime Performance said.
“While credit unions and community banks enjoy high satisfaction and customer loyalty, their larger competitors are closing the gap, especially with younger customers,” Miller said. “If small banks and credit unions don't live up to customer expectations and provide a more personalized service they run the risk of losing their service advantage.”
