Capital One has become the top-ranked retail bank for overall customer satisfaction for a second consecutive year, with an overall satisfaction score of 692 on a 1,000-point scale in the latest J.D. Power US National Banking Satisfaction Study.
The McLean, Virginia-based bank was identified in the study as performing highest in providing digital channels, helping customers save time or money, delivering account offerings that meet customer needs, and allowing customers to bank how and when they want.
The study, which is now in its fifth year, provides a view of the customer experience with all retail bank product lines for nine national banks in the US. It evaluates bank customer experience across seven factors, including trust, people, account offerings, allowing customers to bank how and when they want, saving time and money, digital channels, and resolving problems or complaints.
PNC ranked second with a score of 684 and performed highest in resolving customer problems and instilling overall brand trust, while TD Bank ranked third with a score of 673, performing highest in the people factor, with representatives, tellers and call center agents who excelled at customer relations.
Both Chase and U.S. Bank scored an above-industry average score of 663, while Citibank, Bank of America, Truist and Wells Fargo scored below the industry average.
Paul McAdam, senior director of banking services at J.D. Power, said: “Customers have come to expect the nation’s largest retail banks to be able to meet them on their terms across all channels, delivering a flexible, highly engaging experience along the way.”
“Retail banking customers say the most important steps banks can take to deliver that highly personalized level of service is to provide relevant account alerts and guidance on ways to save money and optimize spending,” said McAdam.
“It is also noteworthy, in light of Capital One’s recent announcement that it is eliminating overdraft fees, that proactive efforts by banks to help customers avoid fees is one of the most powerful ways to personalize the banking experience.”
In July, big banks outperformed regional banks for mobile app satisfaction, according to JD Power research. Bank of America scored the highest for satisfaction among national banks.