Survey finds Americans less happy with banks

02.17.09
By Timothy Jones

As the fallout from the subprime mortgage crisis continues to affect lending of all types, U.S. consumers are less happy with their banks than they were one year ago.

That is the finding of the latest American Customer Satisfaction Index, produced by the University of Michigan's Ross School of Business in conjunction with the American Society for Quality and CFI Group.

The poll found that satisfaction with banks fell 4 percent during the fourth quarter of 2008, compared with the same period in 2007.

Wachovia, with its last appearance in the index before becoming part of Wells Fargo, saw its rating decline by 4 percent to 76.

However, it remained the leader in customer satisfaction, ranking higher than any other bank. Citigroup came in last in the index among financial institutions.

Overall, customer satisfaction improved in the last three months of 2008, compared with the previous quarter. The report measures consumers' satisfaction with retail, finance, e-commerce and insurance.

Professor Claes Fornell, head of the ACSI, said the findings suggest consumers are "favorably disposed to spend" but do not have the means to do so.

"It remains to be seen to what extent the government stimulus plan will help translate stronger satisfaction into increased consumer demand," he added.

During the recession, consumer satisfaction has become more important than ever to most companies, who are working hard to retain existing customers and entice new buyers.

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Customer satisfaction with some banks has fallen