In recent years, the Banking Supervision Department has conducted service surveys[1] aimed at reflecting customers' perceptions of the quality of services received from their bank, compared to other banks. The purpose of conducting these surveys and publishing their findings to the general public is to strengthen fairness and competition in the field of customer service. This is achieved by obtaining a snapshot from the perspective of banking system customers about the service provided to them, and based on the findings, to highlight areas that require improvement, thereby incentivizing the banks to improve the service provided to their customers. The 2024 survey indicates that, on average, there has been an improvement in customer satisfaction with the banking system and credit card companies, although there is variance between different entities and service channels.

Supervisor of Banks Daniel Hahiashvili stated: "The quality of service provided to banking system customers is a significant component of fair conduct toward customers, and this issue is a focus of the Banking Supervision Department's activities. The public expression of this is evident in the past two years, among other things, through the publication of the new directive on service and the publication of comparative information about the survey’s findings in a clear and accessible manner on the Bank of Israel's website. I am pleased that the survey we are publishing now indicates an improvement in satisfaction in certain parameters for some of the banking system’s customers. I see the publication of the survey results as important for strengthening competition in the banking system and encouraging the banking system to continuously improve the service provided to its customers. We will continue to closely monitor the level of service in the banking system and act to ensure fair and efficient service for all customers."

Due to the importance the Bank of Israel attaches to the survey results, the sample size was expanded in 2024 to 4,000 respondents in two waves of 2,000 respondents each during the year. The expansion of the sample allows for the presentation of more entities with statistically significant results, such that small banks and additional services are now also presented. Thanks to the richness of the data, it was decided to separate the publication of the household satisfaction survey, which is published today, and the satisfaction survey of small businesses, self-employed, and micro-businesses, which will soon be published.

It should be noted that last December, the Bank of Israel published another digital tool in the "Equalizer," which allows for a simple comparison between banks on various parameters: public satisfaction, branch and ATM distribution, fees, and interest rates. The tool also provides information on the results of satisfaction surveys, with the aim of improving banking service and enabling customers to choose the bank that best suits their needs. We invite the public to use the tool to make an informed decision when choosing a banking service provider (currently available only in Hebrew).

https://www.boi.org.il/roles/supervisionregulation/comparison_banks/

 

Additionally, for the first time, the Banking Supervision Department is making the satisfaction survey it conducted available in a dedicated comparative information display ("dashboard"), which allows for examining changes in customer satisfaction with the banking system, in various segments and over time, in an accessible and convenient manner (currently available only in Hebrew).

https://www.boi.org.il/roles/supervisionregulation/qualityofservice/

 

The Banking Supervision Department will continue to monitor and ensure that the banking system and credit card companies operate in accordance with supervisory expectations and improve the quality of service and conduct in areas where the survey indicated low customer satisfaction.

 

 

Survey Findings on the Service Provided by the Banking System

The following are the main findings from the 2024 Household Satisfaction Survey, compared to the findings of the 2023 survey:

  • The perception of fairness in the banking system increased to 61% compared to 54% in the previous survey.
  • The willingness to recommend the bank where the customer manages their accounts to a friend or family member remained virtually unchanged at 57%.
  • Satisfaction with the use of bank apps and websites remains high, at 90% and 91%, respectively.
  • Satisfaction with telephone service centers increased to 75% compared to 72% in the previous survey.
  • Satisfaction with branch service increased to 78% compared to 75% in the previous survey. Satisfaction with waiting time for service at the branch also increased to 52% from 46%, although it is still low.
  • Satisfaction with ATMs decreased slightly from 84% in the previous survey to 83% in the current one.

Service Provided by Credit Card Companies

The following are the main findings from the 2024 Household Satisfaction Survey, compared to the findings of the 2023 survey:

  • For the first time, the perception of credit card companies’ fairness toward their customers was examined, receiving a score of 61%.
  • The willingness to recommend to a friend or family member that they conduct transactions through the credit card company remained virtually unchanged (59% compared to 60% in the previous survey).
  • There was a decrease in satisfaction with telephone service centers (73% compared to 76% in the previous survey).

Appendix A - Survey Methodology

 

The survey was conducted by the Ruschinek Research Institute.

 

Sample Expansion

 

Starting in 2024, two measurements will be conducted, one every six months. Each measurement will include 2,000 respondents, meaning a total of 4,000 respondents will be sampled annually. Doubling the sample size will allow for better identification of whether changes, if any, are indeed significant. The first comparison of the expanded samples will be possible at the end of 2025, with the average of the two measurements from 2025 compared to the average of the two measurements from 2024.

Due to the sample expansion, caution should be exercised when comparing the 2024 findings to those of previous years.

 

2024 Sample: To meet the research objective, an online survey was conducted among 4,083 respondents. These respondents constitute a nationally representative random sample of the Israeli population aged 18–74 connected to the Internet. Additionally, a telephone survey was conducted among 120 respondents to complete the representation of this age group that is not connected to the Internet. Of all the 4,203 respondents, 4,106 reported having a private, individual/main current account at one of the banks. The research report will present the results in statistical cells of at least 60 respondents. For example, if one of the banks has fewer than 60 respondents, the findings of that bank's customers' responses will be calculated only in the overall averages and not presented separately.

 

To maintain the representativeness of the sample, quotas for gender and age were adhered to according to their true proportions in the population (according to Central Bureau of Statistics data) as well as representation in two additional parameters: a. Representation of four groups was maintained: general, Haredi (ultra-Orthodox), Arab, and Russian; b. At the geographical level, representation of eight districts was maintained: North, Haifa, Sharon, Tel Aviv, Central, Jerusalem, South, and Judea and Samaria.

 

To increase the reliability of the findings by neutralizing random time biases, the samples were split into four subsamples, conducted at intervals of about a week to 10 days. Data collection was carried out in two waves during May­–June and October–November.

 

[1] Press release on the 2018 survey; Press release on the 2019 survey; Press release on the 2021 survey;

Press release on the 2022 survey; Press release on the 2023 survey