This photo provided by U.S. Immigration and Customs Enforcement shows a box of cash part of what was seized by Homeland Security Investigations in Los Angeles on Wednesday, Sept. 10, 2014. (AP Photo/U.S. Immigration and Customs Enforcement)

(The Motley Fool) – Let’s face it, consumers probably aren’t thrilled with their bank, but consumer sentiment on the whole for the banking sector is improving.

According to the May 2014 release from J.D. Power regarding U.S. Retail Banking Satisfaction, overall satisfaction among big banks grew 23 points year-over-year to 782 on a scale of 1 to 1,000. J.D. Power’s findings suggest that consumers are experiencing fewer problems, and when they do occur they’re being resolved expediently. In addition, a rebounding U.S. economy is helping consumers feel more comfortable about their financial situation, also boosting their perception toward big banks.

But, for all the inroads that banks have made with consumers since the Great Recession, there are still a multitude of other areas where there’s room for improvement. A rise in banking fees and difficulty in obtaining loans are just two of many challenges that consumers currently face, and which could encourage them to take their business elsewhere. Therefore, any bank that can inspire loyalty among consumers could wind up having a profitability edge over its peers.

READ MORE

Oakland Post

Posts by Oakland Post