Midsize Banks Losing Ground in Retail Banking Satisfaction
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Historically, Midsize Banks have significantly outperformed larger institutions in satisfying their retail banking customers. This success has largely been driven by excellence in personal service (i.e., branch and call center interactions) and has traditionally resulted in high levels of customer retention, loyalty, and advocacy.
However, data from the J.D. Power 2014 U.S. Retail Banking Satisfaction StudySM finds that both Big and Regional banks are improving customer satisfaction at a faster rate than Midsize Banks. Consequently, these larger institutions are achieving significant improvements in key loyalty metrics, which limits opportunities for Midsize Banks to acquire new customers or deepen share-of-wallet among their customer base.