Customer satisfaction with retail bank branches is much higher than average when banks deliver the fundamentals of customer service, such as welcoming customers to the branch, delivering fast service, thanking customers for their business and calling customers by name, according to a new bank customer satisfaction survey by J.D. Power. The survey found that satisfaction with branches was 830 on a 1,000-point scale compared to the average of 707 when banks provide “the absolute basics” of service. “Every contact and every interaction influences customers’ experiences and their satisfaction,” J.D. Power said.
The survey also found that overall retail bank customer satisfaction held steady during the past year, but trust was down significantly for a second consecutive year. Among other things, 13% of respondents said they are likely to switch institutions in the next 12 months. Eight percent said they had recently changed their primary bank, up from 5% in 2018.
