Commerce tops J.D. Power Midwest satisfaction survey

Commerce Bank came out on top in the Midwest in the latest banking satisfaction survey from J.D. Power and Associates.

The 2010 U.S. Retail Banking Satisfaction Study surveyed customers of banks in regions throughout the country, asking them about their satisfaction levels in a variety of areas, as well as their perceptions of the banking industry as a whole.

On a 1,000-point scale, Kansas City-based Commerce was tops in the Midwest at 809 points. UMB Bank was sixth of the 18 banks included in the survey, with 765 points, while U.S. Bank was eighth at 748 points. Regions was 11th with 739 points and Bank of America was 15th at 723 points. Great Southern Bank was included in the study but not ranked, due to small sample size, according to a J.D. Power news release.

Overall, customer satisfaction of retail banking customers held relatively steady - 748 points on a 1,000-point scale compared to 749 points in 2009. Loyalty is down, as 34 percent of customers say they "definitely will not" switch banks in the next 12 months, down from 46 percent in 2007.

"As retail banking customers become considerably less loyal, banks need to focus on getting the fundamentals right," said Michael Beird, director of banking at J.D. Power and Associates, in the release. "Banks that get back to the basics – such as maintaining a clean branch and greeting customers upon entering – may help to alleviate some of the distress customers are experiencing and increase their overall satisfaction."