Study: Largest Banks Make Gains in Retail Consumer Satisfaction

The largest nationwide retail banks have recently made gains in overall consumer satisfaction, according to a J.D. Power study released yesterday. Satisfaction with the largest banks rose for the sixth straight year, while satisfaction with midsize banks dipped for the first time since 2010. The largest banks scored 793 out of 1,000 possible points, up from 790 in 2015. Regional banks scored the same as last year at 790. Midsize banks scored 797, down from 802 the year before.

The largest banks made up the gap through high scores for mobile banking, ATM offerings and online banking satisfaction. Mobile banking customers in general reported satisfaction levels 27 points higher than non-users. The biggest banks also have been most successful at attracting millennial customers — those aged roughly 18-35 — J.D. Power said.

The study, which evaluated more than 130 nationwide, regional and midsize banks, identified the highest-scoring banks in 11 U.S. regions. These banks included U.S. Bancorp in California and the Northwest; TD Bank in Florida; UMB Bank, Kansas City, Mo., in the Midwest; Northwest Savings Bank, Warren, Pa., in the Mid-Atlantic region; Bangor Savings Bank, Bangor, Maine, in New England; Huntington National Bank, Columbus, Ohio, in the North Central region; Trustmark National Bank, Tupelo, Miss., in the South Central region; United Community Bank, Blairsville, Ga., in the Southeast; Arvest Bank, Bentonville, Ark., in the Southwest; and Frost Bank, San Antonio, in Texas.