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News of the Competition (05/02/2014)
  • WESTLAKE VILLAGE, Calif. (5/2/14)--According to the J.D. Power 2014 U.S. Retail Banking Satisfaction Study released Thursday, while customer satisfaction with banks is improving, midsize banks are coming up short with some key customer segments , such as Millennials--those born between 1977 and 1995--and minorities, and with affluent customers remaining the least-satisfied customer segment ( American Banker May 1). Midsize banks are vulnerable to the risk of losing market share to competitors and becoming irrelevant if they don't adjust to demographic shifts, said Jim Miller, director of banking services at J.D. Power. Among the study's key findings, J.D. Power found that among customers who switched banks during the previous year, the most common reasons were poor customer service (28%); inconvenient branch locations (21%); and interest rates that were competitive (19%). Only 155 of those customers cited high fees as a top reason for switching ...


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