Customer satisfaction: How does your bank rank?
Capital One, Chase, and TD Bank got top marks for overall customer satisfaction.
Capital One customers are once again the most satisfied of those who use national banks, according to an annual banking survey.
Customers of Chase and TD Bank, which has its U.S. headquarters in Cherry Hill, were the second and third most satisfied, respectively, J.D. Power found in its 2023 U.S. National Banking Satisfaction Study released last week.
“Customers want banks to help them grow their money and save them time,” Paul McAdam, J.D. Power’s senior director of banking and payments intelligence, said in a statement. “Banks that ensure the banking process is easy for their customers, such as having an intuitive and easy-to-use mobile app, understandable credit cards, and seamless processes for opening new accounts, are more likely to retain deposits, particularly among customers who have balances greater than $10,000.”
The results were based on a late-summer survey of nearly 13,000 customers of nine U.S. retail banks. The respondents were asked to rate their banking experiences based on nine factors: trust; people; account offerings; customer accessibility and flexibility; time- and money-saving; digital channels; and ability to resolve problems.
This marks the fourth straight year of the seven-year-old study in which Capital One has gotten the highest marks.
After Capital One, Chase, and TD Bank, customers ranked their banks in the following order:
U.S. Bank
PNC
Citi
Bank of America
Wells Fargo
Truist
On average, customers’ overall satisfaction with national banks increased slightly over 2022, according to the survey, though an increasing number of consumers are opening a secondary deposit account with investment, wealth management, or online-only finance companies due to higher interest rates there.
A separate J.D. Power study done earlier this year looked at customers’ digital experiences at national banks, finding that Bank of America, then Capital One, then Chase had the highest mobile-app satisfaction. As for online banking overall, the highest marks went to Capital One, followed by TD Bank, Chase, PNC, and Citi.
“As apps and online tools become more sophisticated and customers grow increasingly comfortable using advanced features, providers that get their digital formulas right can position themselves as the hub of their customers’ financial lives,” Jennifer White, J.D. Power’s senior director of banking and payments intelligence, said in a statement at the time. “While some providers are really elevating their customers’ digital experiences, others are struggling to get past basic transactional features.”