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Banking customers more satisfied

By David McMillin · Bankrate.com
Saturday, December 22, 2012
Posted: 6 am ET

While plenty of consumers have been complaining about the banking industry, it looks like banks are working to quiet their voices.

A new study from Ath Power Consulting highlights an increase in the number of customers who are happy with where they park their money. In 2012, the number of customers who are satisfied with their banking institutions rose to 41 percent, a 4-point climb from 2011.

While credit union members reported higher satisfaction rates than customers at large regional and national banks, the study shows that some big banks are making strides in delivering a positive customer experience. At the nation's biggest bank, JPMorgan Chase & Co., the percentage of satisfied customers jumped 14 points in 2012.

New services overshadow new fees

Many customers have been frustrated by rising bank fees, but Michael McEvoy, managing director of ath Power, says that the banking industry is overcoming much of the negative public sentiment that surrounded financial institutions over the past few years.

"While banks have looked to replace lost revenue as they adapt their business models to the new environment, they have also added new services and leveraged new opportunities for reaching out to their customers," McEvoy says.

If banks continue to deliver innovative tools like mobile banking and offer interaction via social media channels, McEvoy predicts that banks have opportunities to reach a new level of satisfaction.

"Banks have leveraged technologies to improve effectiveness, and if they continue on this path, I expect that they will get closer to wowing their customers in much the same way that Amazon and Apple do today," McEvoy says.

However, don't expect big banks to win any awards just yet. The study shows that customers of the biggest 20 banks in the U.S. are three times more likely to switch banks than credit union members.

What do you think of the results? Have you been more satisfied with your bank or credit union this year?

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3 Comments
Unhappy TD Bank Customer
January 01, 2013 at 12:28 am

Did anyone check TDBank and their fees??? Charging $2.50 to use a ATM at Wawa which use to be free. Charging $10.00 tranfer fee for a transfer from a credit line to cover an overdraft, which use to be free. Here a fee, there a fee. This 23 year Commerce Bank/TD Bank customer is leaving to another major bank free of fees.... Goodbye to You! TD Bank!!!!!!!!!!!

Lynn J.
December 23, 2012 at 4:39 pm

Great, it nice to know there is a bunch of high priced crooks such as Libor.
What should be done: The Attorney General of U.S. should go after them criminally and get as many years in prison as possible. Then the A.G. should then go after them in civil court.
All past and future bonuses taken by the crooks should be returned with at least 15% interest; to include any investments made by them.
All their holdings and properties should be confiscated and sold to retrieve all funds back to the U.S. Citizens.

Lets put pressure on on representatives and president to make sure this happens.

Lightrider
December 22, 2012 at 10:17 pm

Well, they must be brain dead! Credit Union is THEE only way to fly. I wouldn't give ANY bank the sweat off my ba**s!!