Customer Satisfaction Falls at Chase, PNC and Citibank
JP Morgan Chase, PNC and Citibank – your customers don’t like you as much as they did.
In a survey of consumers in April 2010, customer satisfaction with these three banks declined compared to the year previous, while satisfaction with Bank of America and Wells Fargo & Co. increased over the same period. The study by comScore only looked at these five banks.
PNC suffered a particularly black eye. According to comScore, customer satisfaction dropped to 57% from 70% — then the highest satisfaction rating among this five-bank peer group. Citibank’s satisfaction rate dropped to 55% from 62%, while Chase’s satisfaction rate fell to 60% from 66%.
Wells’s satisfaction rating hit 70% last month from 67% in April 2009. Bank of America enjoyed a satisfaction rating increase to 63% from 61%.
What is interesting is that, despite the heightening importance of online banking, customer satisfaction with a bank’s online services does not appear to be a factor in overall satisfaction in the case of these five firms. Again, PNC offers a pointed example. Customer satisfaction with PNC’s online services remained flat year-over-year at 68%, yet the bank’s overall satisfaction rating fell dramatically. At Wells, satisfaction with the bank’s online
services actually fell to 68% from 70%, while the bank’s overall satisfaction increased. I guess you can’t judge a bank by its online cover.
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