If you're satisfied with your bank, it's because working with the bank just keeps getting better.
J.D. Power and Associates just released the 2012 US Retail Banking Satisfaction Study, and it looks like consumers are surprisingly happy with their banks. In spite of higher fees and movements like Bank Transfer Day, banks are keeping you satisfied by making up for those annoying fees.
How are they doing it? It turns out that it's easier to do business with banks, and that makes customers happy; branch interactions go well, problems get solved quickly, and new technology helps you get things done. For example, J.D. Power's director of banking services Michael Beird notes:
"the percentage of customers who use ATMs to make deposits has more than doubled over the past four years, from 19 percent in 2008 to 40 percent in 2012."
The main challenge for banks seems to be fees. Consumers are not reacting well to new fees on products that used to be free.
Further reading:
- 2012 U.S. Retail Banking Satisfaction Study
- Make ATM Deposits
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