TROY, Mich.–A comprehensive survey of the customers of nine national banks across seven factors has revealed an increase in overall satisfaction, as well as some “warning signs” over how readily customers will leave to chase rates.
The new J.D. Power U.S. National Banking Satisfaction Study evaluated customer experiences according to trust, people, account offerings, allowing customers to bank how and when they want, saving time and money, digital channels, and resolving problems or complaints.
According to J.D. Power, although overall satisfaction with national banks slightly improved five points (on a 1,000-point scale) to 653 in 2023 from 648 in 2022, “higher deposit interest rates at other financial institutions are driving customers to investment/wealth management and internet-only financial services providers.”
Payoff from Secondary Accounts
Among the growing proportion of national bank customers with secondary deposit accounts, J.D. Power reported the survey found those with a secondary account at an investment/wealth management or internet-only financial company increased six percentage points to 50% in 2023.
“Deposit interest rates surely matter, but there are steps large banks can take to help minimize the deposit flow to secondary providers,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in a statement accompanying release of the data. “Customers want banks to help them grow their money and save them time. 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.”
Study Rankings
The study found Capital One ranks highest in overall satisfaction for a fourth consecutive year, with a score of 706. Chase (674) ranks second and TD Bank (661) ranks third.
The study defines a national bank as a U.S. bank holding company with domestic deposits exceeding $300 billion and at least 200 branches. The study is based on responses from 12,938 retail banking customers and was fielded in August-September 2023.
The full study can be found here.
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