Customer satisfaction grows with online banks

Customer satisfaction with online-only banks is growing, although the number of new customers opening direct bank accounts has so far declined this year, according to a new survey by JD Power. The average customer satisfaction ranking for online banks was 715 out of 1,000, which was 14 points higher than last year. Still, the number of new customers declined 2%, with the decline most pronounced among neobanks.

The survey found an increase in the volume of new customers who are affluent and bring deposit balances of at least $10,000. However, neobanks were more likely to see higher volumes of new customers in financially vulnerable circumstances and with education levels less than a four-year college degree. Online banks also made significant gains in satisfaction with customer service provided via automated phone-based assistance and live phone operators. At the same time, customers reported declining satisfaction with assisted online servicing of checking accounts via chat and emails.