At the same time banks are losing customers, their customer satisfaction ratings show clear improvement. Huh?
When you think about it for a moment, the two trends not only make sense, they’re directly related to each other. A MarketWatch post highlights a curious revelation from the American Customer Satisfaction Index survey: Satisfaction ratings at big banks, while still markedly lower than credit unions and small banks, improved 1.3%. And here’s the explanation for the rise:
“They are losing the most dissatisfied customers to credit unions and smaller banks,” said Claes Fornell, founder of the ACSI, a national economic indicator of customer evaluations…
“It’s a statistical quirk that if you lose your most dissatisfied customers, your scores will go up,” Fornell said.
The odd takeaway: You’d think that a rise in customer satisfaction would be a good sign, but based on this info, consumers have reason to be wary of companies with recently improved customer ratings.
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Credit Unions and Small Banks Cream Big Banks in Customer Satisfaction Survey