Are people happy with their financial institution? Study reveals blind spots and problems

According to a major study by Market Force Information, consumer satisfaction with banking providers rose across the board. Consumer satisfaction with their primary banking provider for the industry overall jumped eight percentage points in one year from 49% to 57%, and one point ahead of the previous high of 56% in 2016. Likewise, consumers are generally more inclined now to recommend their bank or credit union to a friend or colleague (60% very likely to recommend, compared with 54% in 2017 and 59% in 2016).

“Overall consumers feel pretty good economically, and that’s having a positive impact on their assessment of their financial institution,” observes Chuck Rogers, Financial Service Practice Leader for Market Force Information.

Rogers believes banks and credit unions are doing many things right. In particular Rogers notes how many financial institutions have stopped fighting the fintech crowd and have instead actively partnered with- or even acquired them. As a result, they are now leveraging fintech expertise to deliver an improved customer experience.

Looking at these results, it might all sound like good news for an industry besieged with bad press and negative sentiment. But if financial marketers aren’t careful, they could lull themselves into a false sense of confidence. Just because things are looking up and the data appears to be going in the right direction, it’s no time to celebrate.


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