Pittsburgh-based PNC received the highest customer satisfaction rating among six nationwide banks, edging Chase by one point, according to a new J.D. Power study released today. PNC scored a rating of 855 out of 1,000. U.S. Bank took third place with a rating of 842. For all six of the largest retail banks — which also include Bank of America, Wells Fargo and Citibank — the average customer satisfaction rating was 835.
The study also found that younger customers of these banks hold more financial products with their primary bank. Twenty-two percent of millennials (those aged 23 to 35 in this study) and 24 percent of Generation Z (those under 23) maintain deposit, credit and investment accounts with their primary retail bank — a figure that falls to 11 percent of baby boomers and 15 percent for Generation X.
The study also showed movement among younger customers toward larger banks. Of millennial customers who switched banks in the previous year, 65 percent of them moved from a midsize bank to a regional or nationwide bank.