Banks’ customer satisfaction ratings increase in 2010

As insurance brokers prepare once more to negotiate with the government about the mandatory Bank Act review, customer satisfaction related to banks’ specialized accounts for borrowing, investment and insurance “has improved notably in 2010,” according to a study by J.D. Power and Associates.
“In order to maintain their respective competitive advantages, Canadian banks are acquiring new assets in Canada and foreign markets,” said Lubo Li, senior director of the financial services practice at J.D. Power and Associates in Toronto. “These banks are also adopting new customer service standards and processes to improve customer experiences across all channels – ranging from in-branch to online – which has resulted in the overall increase in customer satisfaction in 2010.”
The 2010 Canadian Retail Banking Customer Satisfaction Study notes that overall satisfaction with primary banking institutions averages 730 on a 1,000-point scale in 2010 – up nine points from 721 in 2009.
All the same, there remains room for improvement, the study noted.
“Although [banking] institutions are doing a fairly good job of satisfying customers, there is still opportunity for improvement, particularly in the areas of product offering and communicating about new products,” said Li.
“Optimizing and enforcing basic service standards – such as reducing call centre and in-branch wait times, addressing customers by name and thanking them for their business – are often overlooked by many banks but have a significant positive impact on satisfaction.”