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Customers Find Most Banks Less than Ideal in ath Power Consulting's 2010 Ideal Banking Survey
Boston, MA [April 12, 2010] -- ath Power Consulting, a leading market research and strategy firm, today announced the results of its survey of nearly 4,000 US banking customers showing that fewer than 50% of customers were highly satisfied or likely to recommend the bank where they have their primary relationships. Among the nation's largest banks, the percentage of customers who were highly satisfied was less than a third.
"The largest financial institutions are trying to replicate the positive experience most customers enjoy in smaller institutions," notes Frank Aloi, President of ath Power Consulting. Community banks and credit unions as a whole scored significantly higher than large banks on measures of customer satisfaction and likelihood to recommend. Aloi explains, "Customers are most interested in strong service, personal relationships and personal advice. This is where the smaller institutions have an edge."
What Makes An Ideal Banking Relationship?
While 45% of those surveyed listed personal relationships and service as the most important factor they want in a banking relationship, other elements of the ideal banking relationship include convenience, cited by 24% as most important, followed by rates and fees (23%) and trust in the institution (8%).
The survey found that problem resolution is not being adequately addressed by most financial institutions. Only 25% of customers who have experienced a problem felt that it was resolved to their satisfaction. Customers whose problems were resolved satisfactorily were likely to remain satisfied with their banking relationship. However, over half of those who did not receive an adequate resolution to their problems were likely to change banks.
"When customer service expectations are met or exceeded, the outcome is a substantial increase in advocacy/referrals, additional product sales and long-term loyalty," explains Aloi. "This study shows that banks need to do a better job of meeting and exceeding customer expectations."
A summary of the survey results can be found at http://www.athpower.com/summaryrequest/
About ath Power Consulting
ath Power is a premier provider of customer experience solutions for the financial services industry, offering audit and mystery shop studies, surveys, market research, employee development and strategic brand planning. ath Power owns the largest database of financial services field representatives in the nation, and executes the largest number of proprietary banking audits in the industry. ath Power delivers increased sales results and heightened customer service -- the cornerstones of differentiation in a crowded marketplace. For more information, please visit www.athpower.com.
ath Power Consulting
978-474-6464 Ext. 107