Online Satisfaction On The Rise

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ANN ARBOR, Mich.-Customer satisfaction with online banking increased its lead over customer satisfaction with the overall banking experience, according to the newly released U.S. 2011 ForeSee Results Online Banking Study.

The study ranks customer satisfaction with online banking according to the size or type of banking institution, breaking banks down into the Top Five banks, Top Six to 10, large banks, community banks, and credit unions. While nearly every category improved since last year, large banks gained the most, surging five points to overtake credit unions for the first time this year, which climbed two points, according to the company.

When survey respondents were asked which channel they were most satisfied with, 55% selected the online channel while 28% chose the branch, 13% chose the ATM, and only 2% chose call center and mobile banking.

"Brick-and-mortar banks will never go away, but the huge lead online banking has over other channels when it comes to satisfaction emphasizes its importance to a bank's relationship with its customers," said Larry Freed, CEO of ForeSee Results. "The roadmap for improving satisfaction will vary from bank to bank, but the only way to manage and improve the customer experience is to measure it."

The report shows that when compared to online bankers who are less satisfied, a highly satisfied online banker reports being 41% more likely to continue to use online banking services; 52% more likely to continue to use the website instead of other, costlier channels (branches, call centers); 50% more likely to purchase additional services, and 63% more likely to recommend the bank. Highly satisfied online bankers even report being 63% more likely to trust their banking institution overall and 56% more satisfied with their bank overall, regardless of channel. These figures are based on likelihood scores and help to quantify the multi-channel value of a satisfying online banking experience.

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