Customer Satisfaction with E-Banking
Regains Its Footing, Far Outpacing
Satisfaction with Offline Banking

Large Banks Show the Most Improvement and Edge Out Credit Unions in Satisfaction,
According to ForeSee Results Study

Ann Arbor, Mich (May 19, 2011) — Customer satisfaction with online banking increased its lead over
customer satisfaction with the overall banking experience, according to the U.S. 2011 ForeSee Results
Online Banking Study

As the financial sector and the economy slowly recover from a crisis that nearly froze credit markets and cost hundreds of billions of dollars in bank bailouts, ForeSee Results shows that satisfaction with online banking overall regains two points to 83 on a 100-point scale one year after dropping by the same amount.  Customer satisfaction with banking overall (as measured by the American Customer Satisfaction Index in December 2010) scores 76 using the same methodology, 8% lower than satisfaction with online banking.

The study further reports on customer satisfaction with online banking according to the size or type of banking institution, breaking banks down into the Top 5 banks , Top 6-10, large banks, community banks, and credit unions. While nearly every category improved since last year, large banks gained the most, surging 5 points to overtake credit unions for the first time this year, which climbed two points.

When survey respondents were asked which channel they were most satisfied with, 55% selected the online channel while 28% chose the branch, 13% chose the ATM, and only 2% chose call center and mobile banking.

“Brick-and-mortar banks will never go away, but the huge lead online banking has over other channels when
it comes to satisfaction emphasizes its importance to a bank’s relationship with its customers,” said
Larry Freed, president and CEO of ForeSee Results and author of the report. “The roadmap for improving satisfaction will vary from bank to bank, but the only way to manage and improve the customer experience
is to measure it.”

This study measured seven elements of satisfaction with online banking, including things like navigation,
the ease of executing online transactions, privacy, and the look and feel of the website, among others. 
Large banks scored highest in all but one of these elements, which is why they also have the
highest overall satisfaction.

Unlike other web metrics that are backward looking, like page views or number of sessions, customer satisfaction (when measured using ForeSee’s methodology) is predictive. 

Today’s report shows that when compared to online bankers who are less satisfied, a highly satisfied online banker reports being 41% more likely to continue to use online banking services; 52% more likely to continue to use the website instead of other, costlier channels (branches, call centers); 50% more likely to purchase additional services, and 63% more likely to recommend the bank. Highly satisfied online bankers even report being 63% more likely to trust their banking institution overall and 56% more satisfied with their bank overall, regardless of channel. These figures are based on likelihood scores and help to quantify the multichannel value of a satisfying online banking experience.

“Online customer satisfaction is more than just a talking point or a box to check,” added Freed. “There are clear and quantifiable benefits from improving satisfaction that impact bottom-line business.”

More data resulting from this study will be forthcoming, including data on mobile banking and the influence of social media. Subscribe to Larry Freed’s blog, for data and analysis related to the 2011 ForeSee Results Online Banking Study. A U.K. version of the study will also be released on May 25 and will be available at

About ForeSee Results

As the leader in customer satisfaction measurement, ForeSee Results captures and analyzes voice of customer data to help organizations increase loyalty, recommendations and marketing value. Using a patented, scientific methodology developed at the University of Michigan, ForeSee Results identifies improvements across all channels and touch points that drive customer satisfaction. With over 60 million survey responses collected to date and benchmarks across dozens of industries, ForeSee Results offers unparalleled expertise in customer satisfaction measurement and management around the globe.

ForeSee Results can be found online at