Tuesday, December 13, 2011

BofA customer satisfaction stagnant, credit unions rise, ACSI says

Customer satisfaction with Bank of America remained stagnant this year while satisfaction with credit unions reached a new high, according to a report released this morning from the American Customer Satisfaction Index.

The index is based on interviews with about 70,000 customers, who are asked about their expectations and brands' perceived quality and value.

On a scale from 0 to 100, Bank of America scored a 68, the same as last year and the lowest of the four big banks individually surveyed. Wells Fargo scored a 73, a gain of four points. Citigroup also jumped four to 73, and JPMorgan Chase increased by three, to 70.

Small banks, lumped into a category of "all other," scored a 79.

Credit unions scored an 87, up from 80 last year. That mark represents the highest rating any industry has received, the ACSI says.

“Because of their size, both small banks and credit unions benefit from an ability to provide more personalized service,” ACSI founder Claes Fornell said in a statement accompanying survey results. “The challenge for these smaller institutions will be how best to maintain high levels of customer service with minimal or no fees amid a major influx of new customers.”

For comparison, the health insurance industry dropped a point to 72, life insurance stayed steady at 80, and property and casualty insurance rose three points to 83.