Online Banking Satisfaction Increases After Off Year in 2010

by Mercator Advisory Group 0

Not being beat up in the press everyday has a number of benefits, and for large U.S. banks one of them is a significant increase in customer satisfaction. According to ForeSee Results, who provides website satisfaction measurement services to a wide range of industries including banking, satisfaction with online banking rebounded in 2011 after dropping last year. The 2011 ForeSee Results Online Banking Study also found that for the first time the large banks outscored credit unions.

As the financial sector and the economy slowly recover from a crisis that nearly froze credit markets and cost hundreds of billions of dollars in bank bailouts, ForeSee Results shows that satisfaction with online banking overall regains two points to 83 on a 100-point scale one year after dropping by the same amount. Customer satisfaction with banking overall (as measured by the American Customer Satisfaction Index in December 2010) scores 76 using the same methodology, 8% lower than satisfaction with online banking.

The study further reports on customer satisfaction with online banking according to the size or type of banking institution, breaking banks down into the Top 5 banks , Top 6-10, large banks, community banks, and credit unions. While nearly every category improved since last year, large banks gained the most, surging 5 points to overtake credit unions for the first time this year, which climbed two points.

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, president and CEO of ForeSee Results and author of the report. “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.”

For more information about the study read the press release from ForeSee Results: http://www.foreseeresults.com/news-events/press-releases/e-banking-satisfaction-outpaces-offline-banking-2011-foresee.shtml

Or download a free copy of the report at: http://www.foreseeresults.com/research-white-papers/thankyou-u.s.-2011-online-banking-study-foresee.shtml

Graphic from the report

US Bank satisfaction