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FIs losing ground in customer satisfaction, study finds

October 16, 2017

On an academic grading scale, banks have fallen from B-minus to C-plus within the past year in terms of customer satisfaction, according to the annual Bank Satisfaction Barometer.

As measured on a 0–100 scale, customer satisfaction has dropped 3 points year over year — from 82 in 2016 to 79 currently.

According to CFI group, a provider of customer experience measurement and business insights, this year's results have two implications for banks:

1. Banks must reboot the in-branch customer experience

Instead of looking to fully automated branches, banks should retain staff while infusing the branch with new technology that promotes an enhanced interaction between customers and branch staff. Technological improvements make banking smoother, faster and simpler, while the personal connection and assistance make it a great experience.

2. Banks must pursue product and service innovation

As customers connect to a web of financial tools and touch points, they need a central point of administration to actively manage these financial connections. Banks should pursue innovation on account management tools that allow customers to easily oversee their network of financial connections.

The BSB is calculated based on feedback from 493 consumers who have a current financial relationship with a bank. Request the full Bank Satisfaction Barometer report.