Study: Most Satisfied Retail Bank Customers Use Blend of Digital, Branches

Customers at the nation’s large and midsize banks are most satisfied when their banking experience blends digital and in-person experiences, according to a J.D. Power study released today. Customers in this category — those who used a branch at least twice in the past three months and also used online or mobile banking — rated their banking satisfaction at 823 out of 1,000 possible points, compared to customers who mostly used digital banking but came to a branch once in the past three months (808), those who only use branches (804) and those who only use online or mobile channels (793).

The lower satisfaction scores for digital-only customers were driven by weaker performance in communication and advice; products and fees; and the account opening process, J.D. Power said. “There is no doubt that digital banking channels give banks an enormous opportunity to reduce costs, but the risk is that those cost savings come with lower levels of customer engagement,” said J.D. Power’s Paul McAdam. “Right now, retail banks need to address the growing digital divide that is emerging within customer segments.”

The study, which evaluated 200 nationwide, regional and midsize banks, identified the highest-scoring banks in 11 U.S. regions. These banks included U.S. Bancorp in California; TD Bank in Florida; First National Bank of Omaha in the Midwest; Northwest Savings Bank, Warren, Pa., in the Mid-Atlantic region; Bangor Savings Bank, Bangor, Maine, in New England; City National Bank, Charleston, W.Va., in the North Central region; Trustmark National Bank, Tupelo, Miss., in the South Central region; United Community Bank, Blairsville, Ga., in the Southeast; MidFirst Bank, Oklahoma City, in the Southwest; and Frost Bank, San Antonio, in Texas.