The Banking Supervision Department conducts surveys[1], the goal of which it to reflect customers’ perception of the quality of the services received from the bank in which they manage their account, compared to other banks.
The goals of carrying out the customer satisfaction survey and publishing its findings are: to receive a picture of the situation from the perspective of banking system customers regarding the service provided by the banking system, to shine a spotlight on issues that require improvement, to provide an incentive to banks to improve the service provided to households, and to enhance the competition in the area of customer service.
Following are the main findings from the satisfaction survey for 2021, among other things compared with the findings of the survey conducted in 2019:
- Satisfaction from the use of banks’ Internet sites remains high
- Satisfaction from the use of banks’ applications remains high
- There was an improvement in satisfaction, both with service provided via call centers and the service provided at the branch
X There was a decline in the perception of fairness vis-à-vis bank customers compared with the 2019 survey.
Supervisor of Banks Mr. Yair Avidan said, “Banking system customers deserve to receive service that is high quality, fair, and at high standards. The annual survey that we conducted is an important tool in examining households’ satisfaction with the services provided to them by the system. The results of the survey enable the Banking Supervision Department to learn of the services in which the satisfaction level is not sufficient and in which there is a need for attention and additional steps taken in order to improve them, from the perspective that the customer is at the center, and the service to the customer has to be optimal. It should also be noted that life alongside COVID-19 brings us many challenges, among others in the interface between banks and their customers. With all that, there is a clear expectation of the banking system to provide high-quality and fair service on all possible platforms.”
It should be noted that this survey was conducted in July–August 2021, before the launch of the reform in switching banks—a reform that enables bank customers to switch banks easily[2], and that helps promote competition and improve the welfare of the bank customer. The results of the survey are an additional tool for households when they are deciding on the bank in which they would like to manage their account.
Following are selected findings from the satisfaction survey (the findings appear in more detail in the presentation attached to this notice):
Households’ overall satisfaction with the banks:
Approximately 57 percent of customers who responded to the survey would recommend to a friend or relative to manage their account at the bank where they manage theirs, compared with 58 percent in the 2019 survey.
Satisfaction with the various means of communication with the bank[3]:
An average of about 90 percent of customers who responded to the survey[4] are satisfied with the level of service the bank offers them through its website, compared with 91 percent in the 2019 survey.
An average of about 90 percent of customers who answered the survey[5] are satisfied with the level of service the bank offers them through its mobile application, compared with 91 percent in the 2019 survey.
An average of about 84 percent of customers who answered the survey[6] are satisfied with the level of service the bank offers them through automated teller machines, compared with 85 percent in the 2019 survey.
Approximately 81 percent, on average, of customers who answered the survey[7] are satisfied with service they receive at their branch, compared with 78 percent in the 2019 survey.
An average of about 75 percent of customers who answered the survey[8] are satisfied with the service provided through the bank’s call center, compared with 73 percent in the 2019 survey.
An average of about 62 percent of customers who answered the survey[9] are not satisfied with the waiting time until receiving service from a teller at the branch, compared with 64 percent in the 2019 survey. This figure is the lowest figure in the survey and requires examination and steps to improve by the banking system.
The main interface with the banking system
When comparing the findings of the 2021 survey with the 2019 survey—a decline can be seen in arriving at the branch as the main communication channel of the customers with the bank. In the 2019 survey, 13 percent of the customers noted that their main means of contact with the bank is through visiting the branch, while in the 2021 survey only 8 percent of customers noted that it was their main means.
The main channels of communication for contact with the bank continue to be digital channels (that is, the use of the bank’s application, website, call center, call to a banker at the branch, and email to a banker). Of all the digital channels, the bank’s application is the leading means of communication for contacting the bank and a marked increase can be seen in the service of writing to the banker via the application.
Perception of fairness
Of all bank customers, 57 percent believe that their bank acts fairly toward them, compared with 59 percent in the 2019 survey. These findings indicate low satisfaction in the issue of fairness. The Banking Supervision Department sees the utmost importance in integrating a culture of fairness between the bank and its customers, which is reflected in, among other things, the service provided to banking systems customers.
The Banking Supervision Department will continue to follow and verify that the banking system improves its conduct in areas in which the survey showed low satisfaction from banking customers.
Appendices:
A. Methodology of the survey
Findings of the survey—via attached presentation
Appendix A: Methodology of the Survey
The survey was conducted by the Rushinek Research Institute.
To meet the goals of the research, there were 2 parallel samples.
In the first sample, there were 2,014 respondents, serving as a random national representative sample of the Israeli population aged 18–74 connected to the Internet.
In the second sample, there were 46 telephone surveys, in order to complete the representation of the population aged 65–74 that is not connected to the Internet.
Out of all the respondents, 2,029 respondents, who reported that they have a private, single/main current account at one of the banks, continued to the full questionnaire.
In the research report, statistical cells of at least 60 respondents were presented. For example, if one of the banks had less than 60 customers, the findings of the customers’ responses for that bank were only calculated as general averages and were not presented separately.
In order to increase the reliability of the findings by neutralizing random time deviations (a specific day on which the general consumer mood was anomalous, the effects of advertising campaigns by the banks, etc.), the sample was split into four different subsamples that were conducted about a week apart.
The data was collected between July 29 and August 19, 2021.
In order to keep the sample representative, strict gender and age quotas were maintained, according to their proportion in the population (based on Central Bureau of Statistics data) as well as representation in two additional parameters: sectoral (general, ultra-Orthodox, Arab, and Russian) and geographic (North, Haifa, Sharon, Tel Aviv, Central, South, and Judea and Samaria).
The preamble to the questionnaire was built so that respondents cannot know which entity is behind the questionnaire, in order to avoid misleading the interviewer.
Misleading the interviewer may result from three main situations: when the respondent consciously or subconsciously wants to impress the interviewer; when the respondent consciously or subconsciously wants to fulfill the interviewer’s expectations; or when the respondent is consciously or subconsciously worried that the information will be given to external parties and cause him damage. Therefore, the preamble to the questionnaire does not mention the Bank of Israel, and the formulation legitimizes a broad range
[1] Notice regarding the 2018 survey:
Notice regarding the 2019 survey:
In 2020, a survey was not published due to the outbreak of the COVID-19 pandemic.
[3] The percentage in this section reflects those who chose the response “Satisfied” or “Very satisfied”.
[4] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mizrahi-Tefahot, First International, and Yahav.
[5] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mizrahi-Tefahot, First International, and Yahav.
[6] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mizrahi-Tefahot, First International, and Yahav.
[7] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mizrahi-Tefahot, and First International.
[8] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mizrahi-Tefahot, and Yahav.
[9] The results include the following banks that had a required minimum cell of respondents: Hapoalim, Leumi, Discount, Mercantile, Mizrahi-Tefahot, and First International.