Study: Consumer Satisfaction with Banks Holds Steady

Overall customer satisfaction with retail banks came in at 807 (on a 1,000 point scale), up a point from 2018, according to J.D. Power’s annual retail banking satisfaction study released today. The study noted that an improvement in customer satisfaction with products and fees was offset by declining satisfaction in areas of problem resolution and telephone customer service. However, only 4 percent of customers switched banks in the last year.

While the nation’s largest banks notched the highest scores for convenience, ATMs, mobile and online banking, innovation and financial advice, overall satisfaction with digital offerings increased notably at midsize and regional banks among digital-centric customers across all age groups, the study found.

The study—which evaluated more than 200 nationwide, regional and midsize banks—identified the highest-scoring institutions in 11 U.S. regions. These included Chase Bank in the California and Florida regions; Union Bank and Trust, Richmond, Va., in the Mid-Atlantic; Wintrust Community Bank, Chicago, in the Midwest; Bangor Savings Bank, Bangor, Maine, in New England; City National Bank of West Virginia, Charleston, W.Va., in the North Central region; Banner Bank, Walla Walla, Wash., in the Northwest; Arvest Bank, Bentonville, Ark., in the South Central region; TD Bank in the Southeast; MidFirst Bank, Oklahoma City, in the Southwest; and Frost Bank, San Antonio, in Texas.