Credit Union members (74%) are 3 times as likely as customers of Bank of America (25%) to experience a trustworthy relationship with their institution, according to a Harris Poll released in November 2011. Data from the survey indicates that 33% of JP Morgan Chase customers rate their bank as either excellent or very good at ensuring a trustworthy relationship with them, while 37% of Wells Fargo / Wachovia customers feel the same way. And while 12% of Bank of America customers feel that the bank does a poor job of ensuring a trustworthy relationship with them, not a single Credit Union member feels likewise. Overall, 45% of customers who use a bank rather than a Credit Union are satisfied with their institution’s trustworthiness.
Credit Union Members Feel the Love
The pattern holds when examining how customers rate “Big Banks” – defined as Bank of America, JP Morgan Chase, and Wells Fargo / Wachovia – at valuing them as customers: Credit Union members (72%) are again three times as likely as Bank of America customers (24%) to feel valued. In fact, just 5% of Bank of America customers rate the institution as excellent in that regard, compared to 33% of Credit Union members. And while JP Morgan Chase (12%) and Well Fargo / Wachovia (11%) fare slightly better than Bank of America at being rated as excellent, they remain significantly behind Credit Unions and banks as a whole (20%).
Bank Customers Can’t Get No Satisfaction
Just 44% of bank customers overall feel very or extremely satisfied with their bank, compared to 73% of Credit Union members. Bank of America again rates lowest, with more customers not at all satisfied (10%) than extremely satisfied (6%).
Credit Union Members Most Loyal
Big Bank customers’ lack of satisfaction is clearly having an effect on their loyalties: while 87% of Credit Union members are extremely (61%) or very likely (26%) to continue using them, only 40% of Bank of America customers, 46% of JP Morgan Chase’s customers, and 54% of Wells Fargo / Wachovia’s customers feel the same way. Overall, 58% of customers who use a bank rather than a Credit Union feel that they are extremely (34%) or very likely (24%) to continue using their bank.
JD Power: Retail Banking Sentiment Reverses Slide
Consumer sentiment toward retail banks appeared to have reversed its historical downward slide in the early part of 2011, increasing for the first time since 2007, according to a J.D. Power and Associates retail banking satisfaction study released in May 2011. The study found that retail banking customer satisfaction improved by four index points from 2010 to an average of 752 (on a 1,000 point scale) in 2011.
About the Data:The Harris Poll surveyed 2,463 adults online between October 10 and 17, 2011.