Consumer satisfaction in retail banking drops
Hate those overdraft fees and ATM fees? Hate calling your bank only to listen to an automated voice? Hate the hoops you have to jump through to resolve a banking problem?
Join the angry crowd.
The third annual J.D. Power survey on banking, which was released yesterday, found that overall satisfaction in retail banking decreased considerably since last year — down 26 index points on a 1,000-point scale to 737 in 2008.
Contributing to the banking industry's image problem in particular is the growing dissatisfaction with fees. Fees are the most commonly reported problem by customers, as well as the second-most common reason for switching financial institutions, the survey says. Customers are also less than happy with a rise in the number of problems experienced and problems that go unresolved, increases in wait times to see tellers or speak to phone representatives, and declines in the ease of accessing branches all contribute to the drop in satisfaction.
The study, which was based on responses from 19,602 households, analyzed customer satisfaction through six factors: transactions, account statements, account initiation/product offerings, convenience, fees and problem resolution.
Best performing banks by region are:
Mid-Atlantic Region: Commerce Bank (Bancorp) ranks highest in the region with a score of 781 points, performing particularly well in convenience. First National Bank of Pennsylvania (764) follows in the regional rankings.
Midwest Region: Commerce Bank (Bancshares) ranks highest in the region with a score of 750, performing particularly well in statements. WaMu (742) and Comerica Bank (739) follow in the region.
Southeast Region: BancorpSouth Bank ranks highest with a score of 782, performing well in the transaction factor. First Tennessee Bank (774) and WaMu (768) follow in the region.
Southwest Region: With a score of 802 points, Wachovia Bank ranks highest in the region, performing particularly well in the transaction factor. Bank of America, Capital One and Zions First National Bank follow with scores of 740, in a tie.
West Region: Bank of the West ranks highest in the region with a score of 772, performing particularly well in the transactions factor. Citibank (759) and Union Bank of California (746) follow in the regional rankings.
Guess which four banks scored lowest in the Mid-Atlantic region?
(Image courtesy of stockxchng.com)
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Comments
hey i'll tell thems right up front. they'll bees some feez. and some not so gentle collecting if needed
Posted by: robie | May 29, 2008 8:01 AM
I wonder if Provident and BCSB (Baltimore County Savings Bank) are on that bottom four list? My wife and I both had pretty pathetic experiences with Provident recently and my dad has had his own woes with BCSB over the years. But both of these are regional/local banks so don't know if they were covered by JD's survey.
Posted by: bob | May 29, 2008 10:23 AM
Sorry to leave everyone hanging there, but I was wrapped up in finishing my Sunday column yesterday. The worst rated banks in the MidAtlantic, in no particular order, are: KeyBank, North Fork Bank, PNC Bank and Sovereign Bank. This link will take you to the rest of the ratings http://www.jdpower.com/finance/ratings/retail-banking-ratings
Posted by: dan thanh | May 30, 2008 11:37 AM