Customer satisfaction with online banking sites has risen significantly over the past eight years, according to a survey released by ForeSee Results. Fore See's survey uses the University of Michigan's American Customer Satisfaction Index, and in the year of 2008, the index registered a score of 82 out of 100 for online banking, up 12%, or 9 points, from a score of 73 in 2003.
Satisfaction is up partly because people are more comfortable banking online than they used to be, said ForeSee Results president and CEO Larry Freed. Other big reasons include efforts by banks to boost security, allowing more types of transactions, and easy navigation. Website technology is expensive, Freed said, but the payback is significant. The same survey showed that highly satisfied online banking customers are 31% more likely to buy additional services from the bank and 54% more likely to recommend the bank to others. So the banks will need to keep investing in their websites to hold onto their customers. If banks don't evolve with the latest and greatest technology they'll fall behind. Recent precise survey measured customer’s experiences with three types of financial institutions -banks, credit card companies and investment services firms. Banks got the highest score out of the three financial categories.
Satisfaction is up partly because people are more comfortable banking online than they used to be, said ForeSee Results president and CEO Larry Freed. Other big reasons include efforts by banks to boost security, allowing more types of transactions, and easy navigation. Website technology is expensive, Freed said, but the payback is significant. The same survey showed that highly satisfied online banking customers are 31% more likely to buy additional services from the bank and 54% more likely to recommend the bank to others. So the banks will need to keep investing in their websites to hold onto their customers. If banks don't evolve with the latest and greatest technology they'll fall behind. Recent precise survey measured customer’s experiences with three types of financial institutions -banks, credit card companies and investment services firms. Banks got the highest score out of the three financial categories.