Retail banking satisfaction improves in USA

Overall, customer satisfaction with retail banks has improved in the last 12 months, according to the J. D. Power and Associates 2013 U.S. Retail Banking Satisfaction study.

Overall, customer satisfaction with retail banks has improved in the last 12 months, according to the J. D. Power and Associates 2013 U.S. Retail Banking Satisfaction study.

The study measures customer satisfaction across six factors: account information, channel activities, facility, fees, problem resolution, and product offerings in 11 regions: California, Florida, Mid-Atlantic, Midwest, New England, North Central, Northwest, South Central, Southeast, Southwest, and Texas.

Overall customer satisfaction has risen to 763/1000 in 2013, from 753 in 2012. Satisfaction with large banking groups has risen from 759/1000, which is up from 743 in 2012.

Smaller banks have historically performed better than big banking groups when it comes to satisfying customers; however the satisfaction gap between big banks, midsize and regional banks has narrowed in the last year.

Jim Miller, senior director, J.D.Power and Associates, said: "While big banks have traditionally had an advantage over smaller banks in terms of convenience of branch locations and technology, their disadvantage was often in the personal service customers desired."

Miller continued: "Many of the big banks have made great strides in listening to what their customers are asking for: reducing the number of problems customers encounter and, more importantly, improving satisfaction with fees. Consumers today are likely to find banks of all sizes offering the level of convenience, technology and personal service they have come to expect."

The survey also showed a rise in mobile and internet banking. Mobile banking especially rose to 17% from 11% in 2012.

Now in its eighth year, the survey includes feedback from nearly 52,000 retail banking customers from 120 of the largest banks in the USA.

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