Data Snacks

Capital One leads US banks in customer satisfaction

  • Before the pandemic struck, just 30% of US retail banking customers were digital-only -- today that figure stands at 41%.
  • Capital One ranks highest among big banks in customer satisfaction.
close

Email a Friend

Capital One leads US banks in customer satisfaction

As American banks’ ongoing efforts to go digital took center stage in 2021, challenges big and small marred their paths to customer satisfaction. J.D. Power’s National Banking Satisfaction Study found overall satisfaction for American banks has dropped by 5 points in 2021, standing at 652 points on a 1000-point scale, against 657 in 2020. 

Individually, however, some banks performed better than others. While some had great success in terms of customer satisfaction, others fell short. 

Capital One topped the charts for highest customer satisfaction with 692 points. PNC Bank finished second, earning 684 points, while TD Bank stood third with 673 points. Chase Bank and U.S. Bank stood 4th and 5th, tied at 663 points. 

It is worthwhile to note that, among America’s top 5 largest banks, only Chase and U.S. Bank made the top 5 in customer satisfaction. Big players like Citibank, Bank of America, and Wells Fargo, all ranked below the industry average.

However, that isn’t to say that big banks are not improving in satisfaction versus smaller banks. Historically, mid-sized banks have dominated the satisfaction field. As early as 2018, big and mid-sized banks were separated by a 17-point gap. This year, the gap is down to 4. What’s driving higher satisfaction? Convenience, tailored account offerings, and helping customers save time or money, says the report.

The Covid pandemic hit the American populace hard. Banks that assisted their customers the most walked out on top. They fared better on satisfaction rankings and gained higher customer retention rates. Nearly two-thirds (63%) of retail banking customers said their bank supported them during their time of crisis. This increased their likelihood of using the bank’s services by up to 86% and led to a 48% decrease in complaints. Specific bank actions that fell under this umbrella of support are waiving charges/fees, supporting the community, offering additional advice/guidance, and providing late payment forgiveness.

The report found that general banking satisfaction increased as the banking world moved towards digital. Before the pandemic struck, just 30% of the retail banking customer base operated as digital-only – today that figure stands at 41%. Banking satisfaction has increased the most among users with high digital engagement with banking products and customer service. 

0 comments on “Capital One leads US banks in customer satisfaction”

Data Snacks, Member Exclusive

Data Snack: Traders predict ‘recession risk’ will have the biggest impact on global markets in 2023

  • The stock market rallied at the beginning of this year despite the Russia-Ukraine war and interest rates still rising.
  • However, the sentiment amongst institutional traders seems to be that this rally will not last long. Traders shared their views on the 2023 market outlook in the annual e-Trading Edit survey by JPMorgan.
Lindi Miti | February 15, 2023
Data Snacks, Member Exclusive

Data Snack: What do Millennial and Gen Z investors look for in their financial advisor?

  • Today, only 14% of advisory clients are Millennials and Gen Z.
  • But with the 'great wealth transfer' underway, financial advisors cannot afford to ignore this new breed of investment clients.
Lindi Miti | February 14, 2023
Data Snacks, Member Exclusive

Data Snack: Almost half of Gen Z use social media as their primary source of financial advice

  • The next generation of Suze Ormans is popping up on TikTok, teaching young Americans how to manage their personal finances.
  • And Gen Z is certainly listening, which tells us why they do banking differently than their parents.
Lindi Miti | February 07, 2023
Banking, Data Snacks

Data Snack: 65% of customers expect primary banks to be fully online in the next 5 years

  • Only 35% of customers expect primary banks to maintain offline channels and presence in the next 5 years.
  • Banking executives are drilling down on the areas they think are most important: integration and product offerings.
Rabab Ahsan | January 23, 2023
Data Snacks, Member Exclusive

Data Snack: Banks may have a ways to go to get more tech talent

  • Banks have been putting a whole lot of effort into getting tech talent onboard.
  • But the salary hikes aren’t doing the trick, it seems, with only 15% of banks’ workforce comprising IT roles.
Rivka Abramson | December 28, 2022
More Articles