Study Shows Banks Would Be Wise to Integrate Electronic and Personal Channels, Increase Community Involvement

CFI Group's 2015 Bank Satisfaction Barometer shows satisfied, stable customer environment

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Oct 20, 2015, 08:30 ET

ANN ARBOR, Mich., Oct. 20, 2015 /PRNewswire/ -- While overall customer satisfaction levels with the banking industry remained nearly identical from previous years, two clear satisfaction-building opportunities emerged from the CFI Group's 2015 Bank Satisfaction Barometer release today.

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The third edition of the CFI Group's bank customer survey resulted in an overall score of 79 (on a 0-100 scale), which is down one point from 2014 and the same as 2013. Those scores indicate a relatively satisfied and stable banking customer environment.

The two areas of potential competitive advantage drawn from respondents include:

Seamless integration of electronic and personal channels. While the use of electronic banking continues to increase, customers still want to speak to a live person when needed. Having a branch location nearby is viewed as Important or Very Important by 67 percent of respondents. The branch also remains a key driver in initial bank selection, overall customer satisfaction and determining where customers go for advice/problem resolution.
Increased community involvement. Fifty-seven percent of customers think it's Important or Very Important to bank with an institution that contributes to their community. Not coincidentally, respondents who believe their bank is Very Involved in the community have significantly higher satisfaction scores.

"The bottom line is most banks are offering the same services. Understanding the needs of the customer and tailoring products and services to fit their lifestyles is the key point of differentiation," CFI Group CEO Sheri Petras said. "In today's world, that means integrating face-to-face interactions with digital transactions. It's not about digitizing the employee or humanizing the digital channel. It's about making them work together."

Visit www.cfigroup.com to obtain the complete 2015 Bank Satisfaction Barometer, which includes in-depth examination of key satisfaction drivers such as branch staff, branch convenience, online and mobile banking, ATMs, products and services, rates and fees, and information and communication.

About CFI Group (www.cfigroup.com)

Founded in 1988, CFI Group delivers customer experience measurement and business driver analysis from headquarters in Ann Arbor, Michigan and a network of offices worldwide. The founding partner of the American Customer Satisfaction Index (ACSI), CFI Group uses patented technology and top research experts to help companies maximize return-on-investment by analyzing every aspect of the customer experience, identifying key business drivers, benchmarking performance, interpreting results, and recommending key areas for business improvement.

Media Contact:

Rich Rezler
Rezler Communications for CFI Group
734-358-1910
Email

SOURCE CFI Group