Economic Outlook among Retail Banking Customers

Each year, J.D. Power surveys over 80,000 retail banking customers as part of the annual Retail Banking Satisfaction Study. The study is conducted via four quarterly fielding waves.

While the primary focus of the study is the customer experience and it’s impact on satisfaction and loyalty metrics, J.D. Power¬†also collects and analyzes data related to consumer sentiment (i.e. ‘your outlook for our economy and ‘your personal financial outlook’).

Data from the first two fielding waves of the 2015 Retail Banking Satisfaction Study (collected in April 2014 and July 2014) finds that the outlook for the American economy continues to trend upward. In fact, there has been a consistent improvement in economic outlook since 2011, as the country moves further past the economic distress that originated in 2007/2008.

However, it is interesting to note how perceptions of the country’s economic outlook varies across the different geographic regions:

California customers are currently most optimistic, while customers in the South Central region are least optimistic.

Over the past 18 months, the outlook for the economy has improved the most among customers in the Northwest region, and improved the least among customers in the Southwest region.

Since 2011, the California and Northwest regions have seen the greatest improvements while the South Central region has seen the smallest improvement.

econ blog post slide

For reference, the regional definitions associated with the Retail Banking Satisfaction Study are displayed in the graphic below.

map for econ blog post

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