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Data & Analytics

11:31 AM
Bryan Yurcan
Bryan Yurcan
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How Satisfied Are Consumers With Their Banks?

A survey commissioned by TD Bank finds that most bank customers are satisfied, and that avoiding fees is the key to satisfaction.

The past year was a tumultuous time for banks, to say the least. In the U.S. and elsewhere, consumer backlash was loud and pronounced against bank initiatives, such as debit card fees, that were perceived to be anti-consumer.

Even so, the majority of customers are still happy with their bank, according to the results of a survey released today. One caveat: The survey was conducted by a bank -- TD Bank, in conjunction with global research company Angus Reid Public Opinion.

The survey polled 1,010 consumers who have checking or debit accounts, and two-thirds responded that they are committed to their banks and "feel valued" by them. When asked what was most important to them when it comes to choosing a checking account, the number one answer of those polled cited "no monthly fees," not really a surprising answer. Additionally, more than 40 percent of those polled say their bank demonstrates a commitment to them through no or low minimum balance requirements.

Other reasons for consumer satisfaction with their banks were good customer service, an easy-to-use online banking service, and convenient branch locations.

While this may not be the most scientific or in-depth survey ever done, I think the results are generally true. It takes a lot for most people to leave their bank. A big reason for that is consumers feel it's too big of a hassle to switch banks. But also, I think unless a bank commits some truly egregious customer service error, most people are relatively content. However, I do believe in the coming years banks that don't offer optimal mobile banking solutions for smartphones and tablets will start to get left behind. We live in a world where the consumer, especially the younger, tech-savvy one, wants to be able to do everything on their mobile device quickly and easily. It will be interesting to see the results of a similar survey five years from now, and what bank customers list as their top banking priorities.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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