Click here to close now.




















Welcome!

News Feed Item

Web Banking Remains Key Ingredient of Customer Satisfaction, Reports CFI Group

Research also uncovers growing importance of information and effective communications as key drivers of satisfaction

ANN ARBOR, Mich., Aug. 5, 2014 /PRNewswire/ -- CFI Group released the findings of the firm's second installment of its Bank Satisfaction Barometer, revealing that overall customer satisfaction within the banking industry is up one point from 79 to 80 since 2013. This point increase validates banks' relationships with customers are improving, boosted by two vital drivers of customer satisfaction – online and mobile banking and effective communication.

CFI Group Bank Satisfaction Barometer

The research illustrates that customers' relationships with their banks are changing: Only 37 percent of customers are visiting a branch more than once a month and 31 percent are using the branch less often than three years ago. At the same time, the influence of online and mobile on satisfaction has increased 27 percent since 2013. 

While many customers are not using a bank's physical location as often, location still remains critical to customer acquisition, as the branch location is the number one reason customers choose their bank. Banks need to maintain their physical presence while continuing to develop and integrate mobile and online capabilities, as satisfaction is driven through all channels.

"Creating a balance of investment among branches, online, mobile and ATM is crucial to satisfying customers today," said Terry Redding, vice president of sales and marketing at CFI Group. "Having one of those options is simply not enough. Financial institutions that do not show their customers they are able to assist them with their needs virtually or in-branch will result in customers being inclined to taking their banking needs elsewhere."

As industry regulations make it harder to attract new customers with innovative products, competitive rates and lower fees, banks need to identify new points of differentiation from the competition. The 2014 Bank Satisfaction Barometer found that the Information and Communications category is one of the drivers with the highest degree of influence on satisfaction, supporting customers' strong desire for proactive, timely and targeted information. Financial institutions that provide the right message at the right time for their customers to make educated financial decisions will have a key competitive advantage.

While customers are still choosing banks primarily based on proximity to branch locations, web-based banking has emerged as one of the most critical levers of customer satisfaction. Banks looking to separate themselves from the competition should consider:

  • Location, location, location: Of the respondents, 68 percent stated that their closest bank branch was no further than three miles from their home.
  • Digital adoption is growing: The top three banking activities performed remotely are checking account balances, paying bills and transferring money.
  • Age is just a number: Customers of all ages have made web-based banking a way of life – 86 percent of those between 18-49 are doing at least half of their banking remotely, and 76 percent of those between 50 and over are doing so.

To obtain a copy of the 2014 Bank Satisfaction Barometer and to learn more on what customers are looking for in their banking experience and from their financial institutions, visit http://www.cfigroup.com.

About CFI Group (www.cfigroup.com)
CFI Group is a global leader in providing customer feedback insights through analytics. CFI Group provides a technology platform that leverages the science of the American Customer Satisfaction Index (ACSI). This platform continuously measures the customer experience across multiple channels, benchmarks performance, and prioritizes improvements for maximum impact.

Founded in 1988 and headquartered in Ann Arbor, Mich., CFI Group serves global clients from a network of offices worldwide. Clients span a variety of industries, including financial services, hospitality, manufacturing, telecom, retail and government.

Photo - http://photos.prnewswire.com/prnh/20140804/133030

SOURCE CFI Group

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...