Bank Customers Happier for the First Time in 3 Years

Customers in the U.S. are more pleased with their banking experiences now than they have been over the past three years, according to a new annual report released by J.D. Power and Associates. The research group revealed that customer satisfaction increased four index points from last year, marking the first uptick in sentiment since 2007.

Improved In-Branch Interactions and Access to Account Info Contribute to Satisfaction

The survey conducted by J.D. Power and Associates found that on a 1,000-point scale, customer satisfaction with banks came in at 752 this year. The group revealed several reasons why customers are happier:

• Better in-person branch interactions
• Improved access to detailed account information
• A wider selection of product offerings that fit customer lifestyles (online and mobile tools included)
• Better bank debit card rewards programs
• More free mobile and online banking opportunities

The report also found that customers are happier with the perception of bank brand reputations, which have improved overall.

Customers Have a Few Banking Gripes

While the report revealed that banks are a lot stronger in the eyes of their customers, complaints have surfaced in the areas of:

• Fee structure: 18 percent of customers told J.D. Power that their fee structure had changed, compared with 16 percent in 2010. The report revealed that a change in fee structure can cause a customer’s overall satisfaction rating to drop by an average of 84 index points.
• Social media communication: The survey found that 1 in 8 customers who reported using social media said they used it to contact their bank for service-related issues. Of those customers, only 20 percent said they’d received responses from their banks. The lack of communication in this realm is taking a toll on banks’ relationships with customers.

Despite a few complaints, customers seem to feel a great deal better about their banks than they have in the past. With more consistency in fee structuring and better communication via social media, banks could see their satisfaction numbers improve even more next year.