Consumers are in a happier mood these days, and this is
reflected in a variety of metrics. Confidence in the US economy and
in personal finances is stronger, and personal assets and debts are
On cue, customer satisfaction and brand favorability scores for
most banks are also higher, according to the TNS Retail Banking
Monitor for Q2 2015. Consumers even seem more attentive to banks
nowadays. Familiarity with many bank brands has increased, and
recall is generally up for all forms of communication about banks -
advertising, word-of-mouth, and press reports.
- 83% of consumers would choose a big bank if they had to switch
Big banks advantaged
For the past 12 quarters, consumers have been reporting
increasingly strong preferences for larger banks over smaller
banks. When asked where they would move if they had to switch, 83%
of consumers now name one of the top 25 banks. Among the highlights
of our survey research on the biggest brands:
Bank of America
- Bank of America's share of primary bank relationships is now
rising. Early data suggests stronger new customer acquisition in
- Bank of America is gaining control of the conversation.
Advertising recall is up, while recall of press reports about the
bank has declined in each of the past three quarters.
- The Bank of America brand is strengthening. Favorability has
been rising for the past six quarters at a faster pace than peer
brands. Familiarity has increased over the past year. And consumer
preferences have been rising for almost two years. Relative to
other bank brands, though, Bank of America is still regarded
- Customer satisfaction continues a gradual improvement that
began in 2012. Bank of America still lags its peers and industry
- Chase' market share continues to rise, extending an impressive
three-year run. Some data, though, suggests this momentum may be
- Customer satisfaction has plateaued. Chase' customer experience
has been a competitive advantage for the past three years, though
Wells Fargo has almost caught up and Bank of America is slowly
closing the gap, also.
- Already the most-preferred bank in the US, Chase' brand
continues to strengthen as both familiarity and favorability move
- Chase had the highest ad recall of any US bank in Q2, and in
three of the four prior quarters.
- Customer satisfaction has been rising for the past three years.
In the past two quarters, Wells Fargo has trailed Chase by only one
percentage point; one year ago, the gap was 6 points.
- The Wells Fargo brand is gaining strength as favorability has
been rising more quickly than most bank brands. Wells Fargo remains
less well-regarded than Chase, though the gap has narrowed over the
- Consumer preferences for Wells Fargo are strong, and supportive
of improved new customer acquisition.
- Recall of press reports about Wells Fargo was up in Q2 and was
perceived as overwhelmingly negative.