TROY, Mich. — Bank customers under age 40—particularly those who have the highest levels of education, highest income growth potential and are “arguably the most desirable customer segment in the banking industry”—are leading a trend toward waning customer satisfaction with the nation’s largest banks, according to the J.D. Power 2022 U.S. National Banking Satisfaction Study.
The study found that overall customer satisfaction is down four points (on a 1,000-point scale) compared with 2021 and down nine points from 2020, led by steep declines among customers under 40, J.D. Power said.
‘Comprehensive View’
According to the company, the study, now in its sixth year, provides a “comprehensive” view of the customer experience with all retail bank product lines for nine national banks in the United States.
“It evaluates bank customer experience across seven factors: trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints,” J.D. Power said.
The study defines a national bank as a U.S. bank holding company with domestic deposits exceeding $200 billion. The study is based on responses from 8,836 retail banking customers and was fielded in August-September 2022.
‘Missing the Mark’
“Regarding younger customers, the nation’s largest retail banks are missing the mark on branch service, new customer onboarding and resolving customer complaints,” said Paul McAdam, senior director of banking services at J.D. Power. “As a result, we’re seeing young, well-educated, high-income customers driving a steady decrease in customer satisfaction. This is a clear warning sign for banks because key metrics like intent to reuse the brand and customer perception of having a relationship with the brand are also in decline, suggesting a future erosion of new business these customers will bring to their banks.”
Study Ranking
In the J.D. Power study, Capital One ranked highest for a third consecutive year with an overall satisfaction score of 694. Chase (678) ranks second and TD Bank (663) ranks third.
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