Smaller banks have outscored the big players
in the US banking market according to a survey rating online
customer satisfaction.
The Forsee Results and Forbes analysis
revealed that almost 3,000 consumers ranked online services at 81
out of 100, down two points from last year.
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However despite the drop in points, the rating
is still deemed as ‘excellent’ and higher than the 75 points
allocated to offline banking.
“When it comes to customer satisfaction, big banks, with relatively
unlimited resources, are not performing as well as smaller
institutions with fewer resources,” said Larry Freed, CEO, ForeSee
Results.
“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.”
Both the Forsee Results and Forbes survey and research from
comScore showed a decline in customer satisfaction for online
services at the top five banks: Bank of America, Citibank, Chase,
PNC, and Wells Fargo.
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By GlobalDataThe research also notes the benefits of ensuring online customer
satisfaction, highlighting that Happy Web customers are 56% more
likely to purchase additional products and services and 65% more
likely to increase online bill payment.
In addition they are 64% more likely to use the website as a
primary channel, 76% more likely to recommend the bank and 63% more
likely to recommend its online service. Over half are more
satisfied with their bank overall and 41% more likely to continue
to use its services compared with unsatisfied customers.
However it is not all downhill for online banking services as the
survey indicates an 18 percent rise in online bill payments. A
further 58 percent of respondents are now enrolled in paperless
statements, up five points from last year and ensuring an increase
in traffic to banking websites.
