Business Week Business Exchange
Banking institutions that achieve above-average satisfaction levels among customers can potentially secure an increase of 2 to 5 percentage points in additional deposit growth, according to a report by J.D. Power and Associates and Novantas, LLC.
J.D. Power and Associates has collaborated with Novantas, a leading provider of management consultancy and information services to the financial services industries, to determine the impact of customer satisfaction on the financial performance of banking institutions. The research links customer satisfaction data from the J. D. Power and Associates 2008 Retail Banking Satisfaction Study,SM to the normalized deposit growth rates of branches where customers banked. The J.D. Power and Associates and Novantas research compares growth rates for customer banking branches within six individual metropolitan markets, including New York City, Chicago, Miami, St. Louis, Cincinnati, and Minneapolis.