Digital “direct” banks outpaced traditional branch-based banks in customer satisfaction, according to a new J.D. Power study today. These online platforms scored an average of 865 out of 1,000, 49 points higher than the traditional bank average. More than three quarters of direct bank customers said they would recommend their bank to a friend, compared with 57 percent of branch-based bank customers.
The findings come amid rapid growth in the direct banking sector. Over the past three years, direct banks have grown deposits by 31 percent. They currently have 6 percent market share of U.S. deposits, J.D. Power said.
Capital One 360, the company’s branchless banking product, scored highest with a satisfaction rating of 882. Discover Bank and E-Trade Bank rounded out the top three. Had USAA Federal Savings Bank — whose membership criteria meant J.D. Power left it out of the rankings — been included, it would have scored 895.
