According to the 2010 Online Financial Services Study from ForeSee Results and Forbes, customer satisfaction with online banking fell two points in 2010, from 83 in 2009 to 81 (on a 100-point scale). While a statistically significant drop, the score remains high (80 is considered the threshold for excellence) and, in fact, is far superior to offline banking and most other online industries.

The study, the sixth such collaboration between ForeSee Results and Forbes, employs the methodology of the American Customer Satisfaction Index (ACSI), and measured satisfaction with online banks and credit unions, including Bank of America, BB&T, Capital One, Citibank, JP Morgan/Chase, PNC, Regions Bank, Sun Trust, US Bank, and Wells Fargo, as well as smaller, regional institutions.

“Despite everything that’s gone on in the financial sector over the past several years, including a stumbling economy, bailouts, and credit freezes, financial institutions have turned to their websites as a way to maintain and even increase customer loyalty,” said Larry Freed, president and CEO of ForeSee Results. “While the dip in score could predict more trouble for the recovery, it also shows that the online channel continues to be the most effective marketing channel for banks and credit unions.”

The five largest banks in the country (Bank of America, Citibank, Chase, PNC, and Wells Fargo) scored the lowest in the study, while credit unions tend to have the highest online customer satisfaction scores. However, with all financial institution categories scoring higher than 80, online banking (81) is clearly providing superior satisfaction to offline banking (75).

“When it comes to customer satisfaction, big banks, with relatively unlimited resources, are not performing as well as smaller institutions with fewer resources,” added Freed. “While the big companies try to outdo each other with lots of flashy bells and whistles, the small banks have had to keep their focus on satisfying the customer because that’s the only way they can compete. And as the data shows, it’s paid off.”

The study also found that highly satisfied online banking and credit union customers report being:

- 56% more likely to purchase additional products and services and

- 65% more likely to increase online bill payment,

- 64% more likely to use the website as a primary channel for interacting with the bank,

- 76% more likely to recommend the bank overall and 63% more likely to recommend the bank’s website, and

- 56% more satisfied with their bank overall and 41% more likely to continue to use their bank’s services than unsatisfied customers.

“More than ever, reputation management is a critical element of financial services marketing,” said Bruce Rogers, Forbes Chief Brand Officer. “Measuring and tracking online customer satisfaction is a key component of this process, because highly satisfied online customers are much more likely to purchase more services, open more accounts, and recommend both the company and its website, all of which have bottom line implications.”