A new survey shows that credit unions have outperformed both large, national and community banks in terms of customer satisfaction with online banking over the past two years. Credit union members are also happier with tasks/transactions and site performance, and more comfortable with the privacy of the online banking experience due to affinity they have for the organization. The ForeSee Results/Forbes.com “Online Banking Study” says that banks, however, have a tremendous opportunity to increase share of wallet, retention and word of mouth recommendations by encouraging customers who pay bills online elsewhere (through utility and credit card websites, etc.) to do so through the bankÃ¢Âs Web site. Seventy-four percent of respondents pay bills through online sources. Of this group, 43% pay online directly at the service providerÃ¢Âs Web site and 15% use Paypal and other independent bill payment services. The research noted that satisfaction with online banking maintained a slight edge over satisfaction with the overall banking experience in terms of customer satisfaction. The aggregate customer satisfaction score of 78 (on a 100-point scale) from the ForSee/Forbes study is slightly higher then the 77 measured by the American Customer Satisfaction Index, which rates overall customer satisfaction with banks.
Credit Unions 80 83
Community Bank 76 74
Large Banks 78 77
Source: ForeSee Results/Forbes.com