Big Banks Close the Customer Satisfaction Gap

Big Banks Close the Customer Satisfaction Gap
  • Big Banks Close the Customer Satisfaction Gap:  Overall satisfaction in the retail banking industry improves to 793 from 790 in 2015. Satisfaction with Big banks improves 6 points to 793 from 2015, compared with 797 for Midsize banks, down 5 points, and 790 for Regional banks, remaining flat. Big bank segment satisfaction improves by 56 index points, nearly closing a 34-point gap with Midsize banks from 2010.
  • Getting Tech Right: Big banks score highest in mobile (851), ATM (837) and online satisfaction (838). Mobile banking in particular has a direct impact on overall satisfaction, which is 27 points higher among customers who use mobile banking than among those who do not. Among mobile users who are satisfied with the mobile offering (mobile satisfaction score of 800 and above) the gap in satisfaction is 197 index points higher than among dissatisfied mobile users, those scoring below 800 index points (868 vs. 671, respectively).
  • Winning in Growth Segments: Big banks have been most successful at acquiring and satisfying millennials, the fastest growing customer segment.  Millennials represent the biggest growth potential for retail banks, but also pose much higher risk of attrition.
  • Evolving the Branch Model: While the overall number of bank branches in the United States declines, brick and mortar branches are still a key channel for servicing customers in those moments of truth (e.g., resolving problems and dealing with more complex transactions). This is evident in user preference patterns, with the percentage of customers opening accounts online steadily increasing but the branch continually performing higher in terms of enhancing product understanding and reducing future problems.

“While customer satisfaction with Big, Midsize and Regional banks falls within a tight 7-point range, establishing customer service tools for competitive differentiation is key to a successful path forward,” said Paul McAdam, senior director of banking services at J.D. Power. “We clearly see that the customer satisfaction leaders in retail banking excel by hitting the sweet spot of providing a great digital experience backed by personal service.”

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