Bank Satisfaction Barometer 2017

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Bank Satisfaction Barometer 2017

woman using smartphone to deposit check through banking app

woman using smartphone to deposit check through banking app

The Bank Satisfaction Barometer (BSB) is 79, as measured on a 0-100 scale, dropping 3 points from the 5-year high of 82 in 2016. In this report we identify two key trends from this year's study, and the implications for how retail banks can remain competitive in a changing market.

Retail banks are experiencing steady growth. Since 2013, commercial banks overall have experienced strong CAGR in total assets (4.5%), total loans (5.4%), and total deposits (6.0%). Yet, the number of FDIC-insured commercial banks continues to decline, down from 5,980 in 2013 to 5,011 in 2017. To thrive in today’s market, banks must remain focused on customer-centric strategies to compete and grow.

To help banks assess customer trends and design customer-centric approaches to growth, CFI Group conducts the annual Bank Satisfaction Barometer(BSB) survey of bank customers. The Bank Satisfaction Barometer (BSB) is 79, as measured on a 0-100 scale. It has dropped 3 points from 82 in 2016, and sits at the 5-year low point since 2013. The BSB is calculated based on feedback from 493 consumers who have a current financial relationship with a bank.

According to study, the change in customer experience with financial services has at least two primary implications for how banks will compete for customers.

1. Banks Must Reboot the Customer Experience in the Branches.

Instead of creating fully automated branches, banks should retain staff for remaining branches while infusing the branch with new technology, creating an enhanced interaction between customers and tellers. The technological improvements make banking smoother, faster, and simpler, while the personal connection and assistance make it a great experience.

2. Banks Must Pursue Product and Service Innovation.

Customers are increasingly using mobile phones to use and manage money. Banks should ensure that consumers can easily connect their accounts to these new services and should actively promote their digital ecosystem.

As customers connect to a web of financial tools and touchpoints, they increasingly need a central point of administration to actively manage these financial connections. Banks should continue to pursue innovation on simple account management tools that allow customers to manage their network of financial connections easily.

Download the full report for more information.

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