Dive Brief:
- For the second year in row, Capital One ranks No. 1 in customer satisfaction in J.D. Power’s national banking study, released Thursday.
- In order of highest-ranking to lowest, the nine national banks included in the study were: Capital One, PNC, TD Bank, JPMorgan Chase, U.S. Bank, Citibank, Bank of America, Truist and Wells Fargo.
- "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," Paul McAdam, senior director of banking services at J.D. Power, said in a statement.
Dive Insight:
"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," McAdam said.
The publication of the latest ranking marks five years since J.D. Power began the national banking satisfaction study.
The survey evaluates customer experience based on 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.
With a score of 692 out of a possible 1,000 points, in 2021 Capital One secured the top spot in the ranking for the second consecutive year. Capital One ranked even higher than in 2020, when the McLean, Virginia-based bank received a score of 688.
In early December, Capital One became the largest U.S. bank to eliminate overdraft fees, a move that may help the bank defend its top spot in 2022.
This year, Capital One scored 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.
"Retail banking customers say the most important steps banks can take to deliver that highly personalized level of service are to provide relevant account alerts and guidance on ways to save money and optimize spending," McAdam said.
PNC came in close second to Capital One with a score of 684. The Pittsburgh-based bank was No. 1 in resolving customer problems and instilling overall brand trust. However, PNC scored four points higher in the 2020 survey.
TD Bank followed with a score of 673, and took the top spot for the people factor, "with representatives, tellers, and call center agents who excel at customer relations," according to the press release.
The Toronto-based bank scored one point lower in 2021 than in 2020, tracking with the general trend. On average, the national banks included in the study scored five points lower in 2021 than in 2020.
The most recent survey includes responses from 8,015 retail banking customers, and was fielded between August and October 2021.
