Welcome!

Agile Computing Authors: LeanTaaS Blog, Liz McMillan, Pat Romanski, Yeshim Deniz, Elizabeth White

News Feed Item

When It Comes to Acquiring New Bank Customers, Ratings Matter But Customer Reviews May Make the Difference

Complexsearch.com looks at 10 traditional and online banks to compare ratings with customer reviews and provide insight into how reviews may affect the decision making process

SACRAMENTO, Calif., Nov. 15, 2012 /PRNewswire-iReach/ -- The bank you choose makes just as much of an impact on you as the car you drive, the phone you use, or the insurance you depend on. The banking industry may seem different on the surface, but the reality is that many customers make the decision of what bank to choose based on factors other than just financial health or even interest rates.  26 percent of consumers would never choose a bank without reading at least one user review, according to a study by Kelton Research and Bazaarvoice. And an overwhelming 83 percent of consumers say it would be important to read user-generated content before making a decision about banking or other financial services.

(Photo: http://photos.prnewswire.com/prnh/20121115/CG13375)

With the average consumer checking over 10 sources before making a commitment, reviews of banks are critical to converting a prospective customer into a card-carrying bank member.  Complexsearch.com has evaluated 10 traditional and online banks, comparing ratings with customer reviews. Here's a sample of our findings and our perspective on how potential customers might view the information they find online.

Chase Bank, otherwise known as JPMorgan Chase & Co., is the largest American bank by assets.  Chase is a major player in the world of wealth and asset management and has well over 5,000 branches.  Known for their innovative technology and mobile applications, Chase even allows customers to take a picture of checks and deposit them by phone.  Things like this definitely provide a "cool" factor which is rare with big banks.  While it's easy to find great reviews for Chase, it is even easier to find terrible reviews. With an overall grade of poor, customers complain online about everything from service and underwriting, to unfair charges and reduced credit limits.  Looking at online reviews may provide more confusion than clarity for many potential customers. Word of mouth referrals from friends and family may be a deciding factor for those that choose Chase.

Ally Bank is an online bank that gets great ratings for financial health, interest rates, fees, and features. We've reviewed Ally before on Complexsearch and it always gets great marks. Looking at customer reviews on multiple sites, they ranged from five star reviews highlighting great interest rates and first class customer service, down to furious customers complaining about a lack of follow up from Ally for a variety of issues. Given the high volume of reviews for Ally, they average out with a grade of fair. Comparing these reviews side by side, our bet is that most customers will be willing to give Ally a try and assume the bad reviews are isolated incidents.

Fifth Third Bank, a state-chartered bank based in Ohio, has over 1,300 branches. The bank gets high marks for financial health, but the good news ends there. They are considered middle of the road for interest rates and fees, however customer reviews are generally poor.  We've given Fifth Third Bank credit before for being one of the top performing banks in the nation. This may be overshadowed by the customer reviews, which generally highlight terrible service and a total lack of flexibility when addressing customer problems. We know Fifth Third is going through a rebrand as the "curious bank" and has placed renewed interest in social media and community management. We'll be interested to see if this makes a difference in their reputation.

Charles Schwab Bank is an online bank and subsidiary of the Charles Schwab Corporation.  As we've mentioned before on Complexsearch, Schwab Bank offers unique advice to each client and their main purpose is to help them understand their investment and financial options, which differentiates them from other banks. Overall ratings are good for bank health, fees, and features, however their website is very minimalist compared to the robust features of their competitors. The aggregate of customer reviews gives Schwab Bank a grade of good, but this is comprised of mostly five star or one star reviews. Prospective customers will either find comfort in the droves of happy customers reporting excellent customer service and the best banking experience ever, or move on due to the reviews claiming deceit and bait and switch tactics.  It is unusual to see a bank with reviews that are in such opposition.

PNC Bank has received plenty of recognition from the media. They have consistently been recognized by BusinessWeek magazine as one of the 50 top-performing companies and Fortune magazine calls PNC Bank one of the "most admired companies."  With over 3,000 branches, they get good ratings for accessibility and financial health. PNC Bank receives a poor grade, however, when it comes to customer reviews. Prospective customers have to factor in that many reviewers may be former National City Bank customers who haven't been thrilled with the migration...this seems to be a common theme. They also received consistently bad marks from customers on everything from accuracy to unfair fees.  All in all, we can't see how any prospective customer wouldn't have doubts about PNC after reading the reviews currently available online.

While it might seem easy to dismiss the importance of customer reviews, we recommend that you don't.  Given that 83 percent of consumers think it is important to read reviews before making a decision about banking or financial services, there is a good chance that a bank's prospective customers will be seeing the same reviews we've found online.  Banks need to monitor reviews and continue to impress upon employees that everyone has the ability to create a positive or negative customer experience--and that could very well end up online as a review. For complete information on all 10 banks reviewed, visit Complexsearch.com.

About Complexsearch | ComplexSearch.com is a bank rate tracking site that focuses on consumer high interest savings and money market accounts. We strive to find the top banking rates available, as well as bank deals and promotions, then report them in a timely fashion. We focus on these bank products: CD Rates, Money Market Account Rates, Saving Account Rates, Checking Account Rates and Credit Card Interest Rates.

Media Contact: Cara Posey Complexsearch.com, 2026305270, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Complexsearch.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.
SYS-CON Events announced today that Google Cloud has been named “Keynote Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Companies come to Google Cloud to transform their businesses. Google Cloud’s comprehensive portfolio – from infrastructure to apps to devices – helps enterprises innovate faster, scale smarter, stay secure, and do more with data than ever before.
SYS-CON Events announced today that Vivint to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than one million customers throughout the United States and Canada. The end result is a smart home solution that sav...
SYS-CON Events announced today that Opsani will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Opsani is the leading provider of deployment automation systems for running and scaling traditional enterprise applications on container infrastructure.
SYS-CON Events announced today that Nirmata will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nirmata provides a comprehensive platform, for deploying, operating, and optimizing containerized applications across clouds, powered by Kubernetes. Nirmata empowers enterprise DevOps teams by fully automating the complex operations and management of application containers and its underlying ...
SYS-CON Events announced today that Opsani to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. Opsani is creating the next generation of automated continuous deployment tools designed specifically for containers. How is continuous deployment different from continuous integration and continuous delivery? CI/CD tools provide build and test. Continuous Deployment is the means by which...