Largest U.S. Banks See Highest Jump In Consumer Satisfaction Scores
BOSTON, March 2, 2015 /PRNewswire/ -- ath Power Consulting, a leading financial services research and strategy firm, today announced the results of The ath Power Ideal Banking Study™, a detailed assessment of the retail customer experience at banks across the U.S. and Canada. Findings from the study show that 46% of customers are satisfied overall with their primary banking institution, an increase of 10% from just four years ago.
The chief source of this year's gain has been among the four largest U.S. banks – Chase, Bank of America, Citibank and Wells Fargo. These banks made significant strides in customer service rankings, as compared to their regional and local counterparts in 2014.
Study findings also revealed that the number of customers likely to switch banks has decreased from ten to eight percent over the past two years. "The decrease in likelihood of attrition is a notable improvement. Most banking institutions would be thrilled to retain two percent more customers a year," noted ath Power CEO, Frank Aloi. "The leading customer-centric banks are improving problem resolution dynamics and becoming more 'right-channeling' focused to provide greater value to their customers – and, it is paying off."
Insights from ath Power's study additionally show an increased acceptance of non-bank alternatives for personal banking services and lending. Survey respondents who reported using personal banking services from a retail store, such as Walmart or Costco, over a traditional bank in the past year, cited lower fees and better locations/hours as driving factors. Those that leveraged peer-to-peer lending services similar to LendingClub or Prosper over traditional lending, said that faster access to money, better rates and an easier loan process swayed them.
About the Study
Now in its sixth year, The ath power Ideal Banking Study™ ranks the most sought-after elements in a consumer banking relationship, and reveals how U.S. and Canadian banks are performing within the retail banking landscape. Survey respondents rated their primary banking institution on an array of dimensions including customer service and product offerings.
To learn more or order this report, visit: http://www.athpower.com/home/idealbanking.php.
About ath Power Consulting
ath Power is a top research and strategy firm providing competitive intelligence, survey and mystery shop study, compliance auditing, employee development and strategic consulting to the financial services industry. We help improve customer experience, maximize operational performance, build brand loyalty, and increase profitability. To learn more, please visit www.athpower.com.
Contact:
Jessica Hamel
ath Power Consulting
978-474-6464, extension 107
[email protected]
SOURCE ath Power Consulting
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