Overall customer satisfaction with retail banks improved significantly from 2012, largely a result of improvements made by big banks, according to the J.D. Power and Associates 2013 U.S. Retail Banking Satisfaction Study.
Banks are ranked in 11 different regions based on overall customer satisfaction across six factors:
- account information
- channel activities
- facility
- fees
- problem resolution
- product offerings
After several years of relatively minor increases in overall satisfaction scores, customer satisfaction in 2013 improved significantly, with the largest increase among big banks. While as a group big banks have historically trailed smaller banks in satisfying customers by a fair margin, the satisfaction gap between big banks vs. midsize and regional banks has narrowed year over year.
During the past several years, many banks have eliminated free checking and implemented new fees, which has often negatively impacted overall satisfaction. The study found that as fees have begun to stabilize and banks have helped their customers better understand their fee structures, satisfaction in this area has begun to rebound. One-third (33%) of customers say they “completely” understand their fee structure, compared with 26% in 2012. Fees also have been a major source of customer problems and complaints. The stability in fees, coupled with banks placing more emphasis on preventing problems, has lowered the proportion of consumers experiencing a problem by 3 percentage points year over year, to 18% in 2013.
Consumers appreciate the personal service they receive at their branch, but such interactions are slowly declining as the numbers of online, ATM and mobile banking transactions increase. This trend is especially pronounced in mobile banking, where usage has increased to 17%, up from 11% in 2012, and the average number of mobile transactions per customer has increased to 51 per year, up from 29 in 2012. As banks roll out envelope-free ATM deposits and deposits by mobile phone, customers are finding it easier to handle routine transactions without needing to visit their branch.
“Successful banks are not pushing customers out of the branch, but rather providing tools that make it easier to conduct their banking business when and where it is convenient for them,” said Jim Miller, senior director of banking at J.D. Power and Associates. “Customers are quickly adopting mobile banking, making it a critical service channel for banks, not just a ‘nice to have’ option.”
“Many of the big banks have made great strides in listening to what their customers are asking for — reducing the number of problems customers encounter and, more importantly, improving satisfaction with fees,” Miller added. “Consumers today are likely to find banks of all sizes offering the level of convenience, technology and personal service they have come to expect.”
This is the eighth year J.D. Power has conducted this customer satisfaction study, making it the longest-running and most in-depth survey of the retail banking industry, with feedback from more than 50,000 consumers covering various aspects of their banking experience.
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California
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Rabobank | 825 | |
California Bank & Trust | 792 | |
U.S. Bank | 780 | |
Bank of the West | 773 | |
Union Bank | 771 | |
Chase | 768 | |
Wells Fargo | 756 | |
California Average | 755 | |
Citibank | 752 | |
Bank of America | 728 |
Included in the study but not ranked due to small sample size are BBVA Compass, City National Bank (CA), Comerica Bank, East West Bank, First Bank (MO), OneWest Bank, Pacific Western Bank, Tri-Counties Bank, Umpqua Bank and West America Bank.
Florida
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
TD Bank | 803 | |
Regions Bank | 796 | |
Chase | 794 | |
PNC Bank | 794 | |
Fifth Third Bank | 787 | |
SunTrust Bank | 784 | |
Citibank | 771 | |
Florida Avg. | 770 | |
Wells Fargo | 769 | |
Branch Banking & Trust (BB&T) | 750 | |
Bank of America | 749 |
Included in the study but not ranked due to small sample size are BankUnited, CenterState Bank and Synovus.
Mid-Atlantic Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Beneficial Mutual Savings Bank | 839 | |
Union First Market Bank | 836 | |
Northwest Savings Bank | 816 | |
Susquehanna Bank | 815 | |
Hudson City Savings Bank | 812 | |
First Commonwealth Bank | 808 | |
National Penn Bank | 803 | |
Fulton Bank | 797 | |
First NB of Pennsylvania | 795 | |
Five Star Bank | 792 | |
Huntington National Bank | 788 | |
Community Bank | 787 | |
BB&T | 783 | |
New York Community Bank | 777 | |
S&T Bank | 776 | |
The Provident Bank | 774 | |
M&T Bank | 772 | |
Chase | 771 | |
TD Bank | 771 | |
SunTrust Bank | 764 | |
Trustco Bank | 760 | |
Mid-Atlantic Average | 760 | |
Capital One | 759 | |
Valley National Bank | 755 | |
First Niagara Bank | 752 | |
KeyBank | 747 | |
Apple Bank for Savings | 745 | |
Citibank | 744 | |
Bank of America | 743 | |
Citizens Bank | 743 | |
Astoria FS&LA | 741 | |
Wells Fargo | 741 | |
Sovereign Bank | 722 | |
HSBC | 682 |
Included in the Mid-Atlantic region are: Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C. Included in the study but not ranked due to small sample size are Carter Bank & Trust, Investors Savings Bank, Peoples United Bank, Sandy Spring Bank, StellarOne Bank, Sun National Bank and United Bank.
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Midwest Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Chase | 799 | |
Bank Mutual | 793 | |
Regions Bank | 790 | |
First Bank (MO) | 786 | |
Bank of the West | 785 | |
MB Financial Bank | 784 | |
PNC Bank | 784 | |
AnchorBank | 781 | |
Commerce Bank | 781 | |
UMB Bank | 776 | |
Bremer Bank | 764 | |
U.S. Bank | 761 | |
Associated Bank | 759 | |
First Midwest Bank | 755 | |
Midwest Average | 755 | |
Citibank | 752 | |
Great Southern Bank | 748 | |
Bank of America | 744 | |
Fifth Third Bank | 741 | |
Wells Fargo | 734 | |
Charter One | 730 | |
BMO Harris Bank | 716 | |
TCF National Bank | 712 |
Included in the Midwest region are Iowa, Illinois, Kansas, Missouri, Minnesota and Wisconsin. Included in the study but not ranked due to small sample size is First American Bank.
New England Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Bangor Savings Bank | 831 | |
Eastern Bank | 818 | |
Rockland Trust Co | 814 | |
KeyBank | 782 | |
TD Bank | 780 | |
Webster Bank | 776 | |
Peoples United Bank | 758 | |
Wells Fargo | 750 | |
Citibank | 742 | |
New England Average | 742 | |
Bank of America | 732 | |
Chase | 729 | |
First Niagara Bank | 726 | |
Citizens Bank | 723 | |
Sovereign Bank | 702 |
Included in the New England region are Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.
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North Central Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Huntington National Bank | 814 | |
Flagstar Bank | 807 | |
1st Source Bank | 802 | |
Wesbanco Bank | 790 | |
Chemical Bank | 789 | |
Chase | 788 | |
Citizens Bank (MI) | 787 | |
First Financial Bank (Ohio) | 787 | |
PNC Bank | 783 | |
FirstMerit Bank | 780 | |
Branch Banking & Trust (BB&T) | 778 | |
TCF National Bank | 777 | |
North Central Average | 776 | |
Independent Bank | 775 | |
Regions Bank | 774 | |
Comerica Bank | 768 | |
United Bank | 766 | |
U.S. Bank | 766 | |
Charter One | 760 | |
Bank of America | 756 | |
City National Bank (WV) | 753 | |
Fifth Third Bank | 751 | |
KeyBank | 745 | |
Wells Fargo | 743 | |
BMO Harris Bank | 741 | |
Old National Bank | 740 |
Included in the North Central Region are Indiana, Kentucky, Michigan, Ohio and West Virginia. Included in the study but not ranked due to small sample size are Community Trust Bank, First Merchants Bank, MainSource Bank and Park National Bank.
Northwest Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Banner Bank | 817 | |
Umpqua Bank | 815 | |
Columbia State Bank | 799 | |
Sterling Bank | 781 | |
KeyBank | 764 | |
Chase | 756 | |
U.S. Bank | 756 | |
Northwest Average | 746 | |
Wells Fargo | 739 | |
Bank of America | 716 |
Included in the Northwest region are Oregon and Washington. Included in the study but not ranked due to small sample size are Union Bank and Washington Federal.
South Central Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Arvest Bank | 820 | |
PNC Bank | 802 | |
Trustmark National Bank | 795 | |
Chase | 793 | |
U.S. Bank | 789 | |
First Tennessee Bank | 786 | |
Whitney National Bank | 785 | |
BancorpSouth Bank | 776 | |
Capital One | 775 | |
South Central Average | 775 | |
SunTrust Bank | 773 | |
Regions Bank | 772 | |
Branch Banking & Trust (BB&T) | 765 | |
Wells Fargo | 752 | |
Bank of America | 749 | |
BBVA Compass (Compass Bank) | 735 |
Included in the South Central region are Alabama, Arkansas, Louisiana, Mississippi and Tennessee. Included in the study but not ranked due to small sample size are Cadence Bank, Centennial Bank, First Security Bank, Hancock Bank, iBERIABANK, Renasant Bank, Simmons First Bank and Synovus.
Southeast Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
First Citizens Bancorp | 836 | |
United Community Bank | 835 | |
First Citizens Bancshares | 819 | |
TD Bank | 809 | |
Branch Banking & Trust (BB&T) | 797 | |
SunTrust Bank | 785 | |
First Federal | 782 | |
PNC Bank | 780 | |
Regions Bank | 778 | |
Fifth Third Bank | 776 | |
Synovus | 771 | |
Southeast Average | 770 | |
Bank of America | 755 | |
Wells Fargo | 751 |
Included in the Southeast region are Georgia, North Carolina and South Carolina. Included in the study but not ranked due to small sample size is South Carolina Bank & Trust.
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Southwest Region
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Score | Rating |
---|---|---|
Arvest Bank | 819 | |
BancFirst | 812 | |
MidFirst Bank | 804 | |
Bank of the West | 795 | |
Chase | 789 | |
Bank of Oklahoma | 788 | |
FirstBank (CO) | 783 | |
Zions First National Bank | 782 | |
Nevada State Bank | 771 | |
Southwest Average | 771 | |
U.S. Bank | 764 | |
KeyBank | 760 | |
Wells Fargo | 759 | |
BBVA Compass (Compass Bank) | 755 | |
Bank of America | 747 | |
BMO Harris Bank | 732 |
Included in the Southwest region are Arizona, Colorado, New Mexico, Nevada, Oklahoma and Utah. Included in the study but not ranked due to small sample size is National Bank of Arizona.
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Texas
Customer Service Index Ranking (Based on a 1,000-point scale) |
Power Circle Ratings | Rating |
---|---|---|
Frost National Bank | 855 | |
Amegy Bank | 814 | |
Chase | 795 | |
Woodforest National Bank | 792 | |
Capital One | 780 | |
Texas Average | 778 | |
Wells Fargo | 773 | |
Citibank | 766 | |
Prosperity Bank | 763 | |
International Bank of Commerce | 761 | |
Bank of America | 757 | |
Comerica Bank | 754 | |
BBVA Compass (Compass Bank) | 751 | |
Regions Bank | 739 |