Consumers 'losing confidence in big banks'

16 December 2011

Confidence among consumers in major US banks has slipped further, new research has indicated.

According to a study conducted by the American Customer Satisfaction Index (ACSI), people are becoming increasingly disgruntled with the level of service they are receiving from big financiers - a fact that is causing many to consider switching to a smaller competitor.

However, positive sentiment towards credit unions among US citizens is continuing to grow and is now rated at 87 per cent - some three times larger than the score recorded for lenders.

Claes Fornell, founder of the ACSI and author of The Satisfied Customer: Winners and Losers in the Battle for Buyer Preference, said that banks are enduring tough times on a wide variety of fronts, meaning they are struggling to keep customers happy.

"Profits are being squeezed, regulators are more demanding, foreclosures remain problematic and consumers are fighting back on fees," the official noted.

By Claire Archer

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