Customer satisfaction with banks may have held steady from last year to this year, but customer loyalty is declining rapidly, according to J.D. Power & Associates’ fifth annual Retail Banking Satisfaction Study.
Out of a possible 1,000 points, overall bank customer satisfaction is 748 this year, down just one point since last year. But Rocky Clancy, executive director of financial services at J.D. Power in Chicago, said the real story is in the numbers of customers who said they definitely would not switch banks in the next 12 months. That number stood at 46% in 2007, but has fallen steadily over the past two years to just 34%.
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