Banking Strategies - JD Power Retail Bank Satisfaction Study
A friend writes: I'd like to draw your attention to a big customer satisfaction study published in current issue of BAI's Banking Strategies magazine In an article titled 'Why Can't Some People Commit?"
Read the article if you like, but definitely check out the tables. There are some really interesting results, some surprising, others not at all so:
- Retail banking as an industry has customer satisfaction in the middle of the range of industries surveyed by JD Power. Automobile financing is at the top; airlines and cable TV are at the bottom.
- Most of the banks score below the bank average (i.e., the mean is *much* higher than the median). Only 7 of 33 banks are above the average.That seems to arise because a couple of banks (especially Commerce and Downey S&L) have really high scores, and most of the others score much less well. ING also scores well, of course.
- Still, within that customer satisfaction ranking there are some interesting results. Wachovia, WaMu and Comerica are the among the Elite 7, while Wells (#20) is in the middle of the pack, and US Bank (#28) and Citi (#30) are near the bottom, even below Chase/Bank One #25 and 27.Oh, how the mightly seem to have fallen!
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