Nearly 46% of American and Canadian retail banking customers are overall satisfied with their primary banking institution, an increase of 10% from just four years ago, according to a survey conducted by research firm ath Power Consulting.
The chief source of this year’s gain has been among the four largest US banks – Chase, Bank of America, Citibank and Wells Fargo, which made significant strides in customer service rankings, as compared to their regional and local counterparts in 2014, the report says.
Also, the number of customers likely to change banks has declined from 10% to 8% over the past two years, the study revealed.
ath Power CEO Frank Aloi said: "The decrease in likelihood of attrition is a notable improvement. Most banking institutions would be thrilled to retain two percent more customers a year.
"The leading customer-centric banks are improving problem resolution dynamics and becoming more ‘right-channeling’ focused to provide greater value to their customers – and, it is paying off."
The study additionally shows an increased acceptance of non-bank alternatives for personal banking services and lending.
Survey respondents who reported using personal banking services from a retail store, such as Walmart or Costco, over a traditional bank in the past year, cited lower fees and better locations/hours as driving factors.
Those that leveraged peer-to-peer lending services similar to LendingClub or Prosper over traditional lending, said that faster access to money, better rates and an easier loan process swayed them.