Convenience, tailored account offerings and helping customers save time or money emerge as core drivers of customer satisfaction at the nation’s largest retail banks. According to the J.D. Power 2021 U.S. National Banking Satisfaction Study,SM released today, Capital One is delivering on these performance attributes most consistently, becoming the top-ranked retail bank in overall customer satisfaction for a second consecutive year.
“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,” said Paul McAdam, senior director of banking services at J.D. Power. “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. 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.”
Study Ranking
Capital One ranks highest for a second consecutive year with an overall satisfaction score of 692 (on a 1,000-point scale). Capital One performs 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. PNC (684) ranks second and performs highest in resolving customer problems and instilling overall brand trust. TD Bank (673) ranks third, performing highest in the people factor, with representatives, tellers and call center agents who excel at customer relations.
The study, now in its fifth year, provides a comprehensive view of the customer experience with all retail bank product lines for nine national banks in the United States. It evaluates bank customer experience across 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.
The study defines a national bank as a U.S. bank holding company with domestic deposits exceeding $200 billion. The study is based on responses from 8,015 retail banking customers and was fielded from August through October 2021.
For more information about the J.D. Power U.S. National Banking Satisfaction Study, visit https://www.jdpower.com/business/financial-services/national-bank-satisfaction-study.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
She brings more than 20 years of experience in technology research and marketing; prior to her current role, she was a Research Analyst at Omdia, authoring market and ecosystem reports on Artificial Intelligence, Robotics, and User Interface technologies. Sherril was previously Manager of Market Research at Intrado Life and Safety, providing competitive analysis and intelligence, business development support, and analyst relations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
