Consumers Who Bank Online Report High Satisfaction with Banks

A new survey conducted for MoneyRates.com indicates that customers who use online banking services are more satisfied with their bank than those who do not bank online, signaling that potential benefits may be gained by exploring a bank with a stronger focus on electronic banking.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
You’d think that by visiting their bank for more transactions, branch-based customers would have a customer service advantage. It turns out though, that customers are equally if not more content to get their customer service via online automation.

Foster City, Calif. (PRWEB) May 06, 2013

While critics may bemoan the increased automation in banking today, consumers who use online banking services rate their bank as better than those who rely only on their local branches, according to new data compiled for MoneyRates.com.

The survey of more than 800 bank customers, conducted by Toluna, found that 86.1 percent of respondents who used online banking services rated themselves as completely satisfied or somewhat satisfied with their bank, while 83.7 percent of respondents who do not use online banking reported those levels of satisfaction. Only 2.4 percent of consumers who bank online rated themselves as not satisfied or very unsatisfied, compared to 3.9 percent of branch-only customers.

"Though the gap between the two groups is narrow, the edge enjoyed by online banking customers counters the notion that branch-based banking offers better customer service than automated systems such as online banking," says Richard Barrington, CFA, senior financial analyst for MoneyRates.com.

“The numbers in each case are pretty close, and that’s one of the striking things about them,” says Barrington. “You’d think that by visiting their bank for more transactions, branch-based customers would have a customer service advantage. It turns out though, that customers are equally if not more content to get their customer service via automation.”

Though roughly 80 percent of the consumers surveyed said they use some type of online banking, not all of them had tried every type of online service. While an overwhelming majority have checked their balances or paid bills online, less than a third had made a deposit online. Less than one-fifth said they sign up for new online services.

Still, Barrington says that consumers’ increased acceptance of online banking may just be the beginning of the trend, and that more consumers may even want to consider banks that are based entirely online. Recent MoneyRates.com research indicates that online banks may offer a way to combat falling deposit interest rates and rising bank fees.

“Switching to an online bank lets you reverse those trends a little bit,” says Barrington. “It allows you to find higher interest rates at a time when the average savings account rate has slipped down close to zero. It allows you to find free checking at a time when those accounts have become more scarce. If you can do all that without experiencing a fall-off in customer service, it’s a no-lose proposition.”

For more details, please see the MoneyRates.com feature, “Want better service? Try banking online.”

About MoneyRates.com
MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site seeks to provide the highest rates on CDs, money market accounts and high-yield savings accounts. MoneyRates.com is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to find, research and select the products, services and brands that best meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.
###

Press Contact:
Andrew Heilman
775-784-3842
pr(at)moneyrates(dot)com