Executive summary and highlights from Person to Person Quality's 2009 Greater Washington Banking Study

1. PERSON TO PERSON QUALITY
A DIVISION OF ADI CONSULTING
2009 Greater Washington Banking Study
Retail Banking Edition
Executive Summary
This 3rd annual Greater Washington Banking Study focused on retail banking and had two parts: 1) Part One
– Survey of 250 banking consumers in the Greater Washington area about their banking habits and
preferences, with special sections on mobile banking and use of social networking websites; and 2) Part Two
– Mystery shopping study of banks and credit unions operating in the Greater Washington market, including
both platform and phone evaluations.
Part One – Survey of Greater Washington Area Banking Consumers
The Survey was conducted between September 25th and October 1st, 2009 using an online panel
representing a cross‐section of the Greater Washington region. Among respondents, 51% reported
household income above $100K. 84% hold at least one college degree. 50% of respondents were between 27
and 43 years old. 80% identified a bank as their primary financial institution, 20% a credit union.
Survey Highlights
1. Respondents are moving further away from in‐branch and phone interactions and more towards online
banking/bill‐pay, debit cards, and (to a much lesser extent) mobile banking; 36% would be comfortable
with an internet‐only banking relationship.
2. Despite industry turmoil, just 2.8% of respondents switched banks/CUs in past year; 14.4% over the
past three years. 13.6% said they will consider a switch over next 12 months.
3. As a group, respondents perceived credit unions offering better service than banks, and smaller banks
offering better service than larger banks.
4. Most respondents have multiple banking relationships, with 28% having three or more.
5. Less than one‐in‐six respondents have used mobile banking. Security concerns and lack of comfort
with the technology are barriers to wider adoption.
6. The survey results revealed the relative popularity of the top social networking sites, average time
spent on specific sites, and measured receptiveness to interacting with their bank/CU on specific sites.
2009 Greater Washington Banking Study ‐ Consumer Survey
"In general, how strongly do you agree
with the following statement . . ."
40% 36.00%
34.00%
35%
% Somewhat or
30% Strongly Agree
25%
20%
14.00%
15% 11.60%
10%
5%
0%
Smaller banks Larger banks Credit unions Banks offer
offer better offer better offer better better service
service than service than service than than credit
larger banks smaller banks banks unions

2. PERSON TO PERSON QUALITY
A DIVISION OF ADI CONSULTING
Part Two ‐ Mystery Shopping Study of Service Quality and Employee Performance
Using a new checking account inquiry scenario, we conducted 87 platform evaluations and 81 phone
evaluations.
Mystery Shopping Highlights
1. Banks consistently outperformed Credit Unions on virtually every performance criteria, in contrast
with commonly‐held perceptions that credit unions offer better service.
2. Across most institutions, performance on Service Quality and Product Presentation was much
stronger than performance on Sales‐related criteria, which provide the biggest area for
improvement.
3. Employee performance on telephone new account inquiries lagged performance on face‐to‐face
interactions in the branches.
4. Participating banks and credit unions received a detailed analysis of their mystery shopping results,
including peer comparisons, strengths and weaknesses, and recommendations.
2009 Greater Washington Banking Study ‐ Platform Shops
Avg Shopper Ratings by Performance Category ; 1‐to‐5 scale
Banks vs. Credit Unions
4.56 All Banks
5.00 4.47 4.33
4.12 4.00 All Credit Unions
4.50 3.76
Your Institution?
4.00
3.50
Your Institution?
Your Institution?
Your Institution?
3.00
2.50
2.00
1.50
1.00
Service Quality Product Selling Skills
Presentation
Email Marc Ciagne at mciagne@persontopersonquality.com or call 703‐836‐1517 x2 to register for the
2010 Study!