Many consumers love to hate big banks. But the largest banks have become better at making their customers happy, according to the latest study from J.D. Power and Associates.Customer satisfaction with banks over all has risen from last year, mostly due to improvements at the biggest institutions, the company’s latest Retail Banking Satisfaction Study finds. Over all, banking customer satisfaction rose to 763 points (on a 1,000-point scale), an increase of 10 index points over last year. The largest increase came from the “big banks” segment, which rose by 16 points. The study solicited customers’ opinions about their primary bank in January. The report includes more than 120 banks.The study assesses customer satisfaction in areas like account information, fees and problem resolution, Big banks are still outranked by midsize banks overall (as a group, the midsize segment ranked 785 on the scale), but are closing the gap after a period in which new fees and the elimination of free checking accounts turned off customers. Now, fees have begun to “stabilize” and big banks are doing a better job of explaining their fee structures to customers, the report says. About a third of customers now say they “completely” understand their banks fees, up from about a quarter last year, the study reports.Jim Miller, senior director of banking at J.D. Power, said in an interview that the big banks were doing a better job of reducing the number of problems that customers encountered and “executing on basic customer service. The largest banks, are also expanding their use of mobile banking technology. That makes it more convenient for customers to bank, which adds to their satisfaction.Do you use a big bank? Are you satisfied with your treatment?
Posted on: Sat, 08 Jun 2013 20:33:19 +0000
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