Thursday, May 13, 2010

Customer Satisfaction with Online Banking Slips





Customer Satisfaction with Online Banking Slips, But Still Significantly Beats Offline Banking

Study from ForeSee Results and Forbes.com Reveals Credit Unions Provide the Most Satisfying Online Experience
ANN ARBOR, Mich.--(BUSINESS WIRE)--According to the 2010 Online Financial Services Study out today from ForeSee Results and Forbes, customer satisfaction with online banking fell two points in 2010, from 83 in 2009 to 81 (on a 100-point scale). While a statistically significant drop, the score remains high (80 is considered the threshold for excellence) and, in fact, is far superior to offline banking and most other online industries. The full report can be downloaded on ForeSee Results’ website at: http://www.foreseeresults.com/research-white-papers/foresee-results-forbes-online-financial-services-study-2010.shtml
“When it comes to customer satisfaction, big banks, with relatively unlimited resources, are not performing as well as smaller institutions with fewer resources”
http://www.foreseeresults.comThe study, the sixth such collaboration between ForeSee Results and Forbes, employs the methodology of the American Customer Satisfaction Index (ACSI), and measured satisfaction with online banks and credit unions, including Bank of America, BB&T, Capital One, Citibank, JP Morgan/Chase, PNC, Regions Bank, Sun Trust, US Bank, and Wells Fargo, as well as smaller, regional institutions.
“Despite everything that’s gone on in the financial sector over the past several years, including a stumbling economy, bailouts, and credit freezes, financial institutions have turned to their websites as a way to maintain and even increase customer loyalty,” said Larry Freed, president and CEO of ForeSee Results. “While the dip in score could predict more trouble for the recovery, it also shows that the online channel continues to be the most effective marketing channel for banks and credit unions.”
The five largest banks in the country (Bank of America, Citibank, Chase, PNC, and Wells Fargo) scored the lowest in the study, while credit unions tend to have the highest online customer satisfaction scores. However, with all financial institution categories scoring higher than 80, online banking (81) is clearly providing superior satisfaction to offline banking (75).
“When it comes to customer satisfaction, big banks, with relatively unlimited resources, are not performing as well as smaller institutions with fewer resources,” added Freed. “While the big companies try to outdo each other with lots of flashy bells and whistles, the small banks have had to keep their focus on satisfying the customer because that’s the only way they can compete. And as the data shows, it’s paid off.”
The study also found that highly satisfied online banking and credit union customers report being:
  • 56% more likely to purchase additional products and services and 65% more likely to increase online bill payment,

  • 64% more likely to use the website as a primary channel for interacting with the bank,

  • 76% more likely to recommend the bank overall and 63% more likely to recommend the bank’s website, and

  • 56% more satisfied with their bank overall and 41% more likely to continue to use their bank’s services than unsatisfied customers.

“More than ever, reputation management is a critical element of financial services marketing,” said Bruce Rogers, Forbes Chief Brand Officer. “Measuring and tracking online customer satisfaction is a key component of this process, because highly satisfied online customers are much more likely to purchase more services, open more accounts, and recommend both the company and its website, all of which have bottom line implications.”
About ForeSee Results
As the leader in online customer satisfaction measurement, ForeSee Results captures and analyzes online voice of customer data to help organizations increase sales, loyalty, recommendations and website value. Using the methodology of the American Customer Satisfaction Index (ACSI), ForeSee Results identifies the improvements to websites and other online initiatives with the greatest ROI. With more than 45 million survey responses collected to date and benchmarks across dozens of industries, ForeSee Results offers unparalleled expertise in customer satisfaction measurement and management. ForeSee Results works with clients across industries, including: retail, financial services, healthcare, hospitality, manufacturing and government.
ForeSee Results, a privately held company, is located in Ann Arbor, Michigan, and on the web at www.ForeSeeResults.com.

Contacts

ForeSee Results

Sarah Allen-Short, 734-327-3852

sarah.allen-short@ForeSeeResults.com

or

Kearns & West

Chaat Butsunturn, 415-391-7900 x114

cbutsunturn@kearnswest.com
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