J.D. Power: Rockland Trust, TD Bank, Webster Bank among top 5 banks in region

THREE BANKS WITH LOCAL branches were among the top five in New England in the latest J.D. Power consumer satisfaction survey. Citizens Bank was the only Rhode Island-based bank on the list, but its grade came in below the regional average.
THREE BANKS WITH LOCAL branches were among the top five in New England in the latest J.D. Power consumer satisfaction survey. Citizens Bank was the only Rhode Island-based bank on the list, but its grade came in below the regional average.

NEW YORK – J.D. Power on Thursday released its 2016 U.S. Retail Banking Satisfaction Study, showing customer satisfaction with big banks grew for the sixth consecutive year while satisfaction with midsize banks fell for the first time since 2010.
In New England, Bangor Savings Bank, of Bangor, Maine, was the highest-ranked bank, followed by Rockland Trust Co., TD Bank, Peoples’ United Bank and Webster Bank in the top five. Citizens Bank, Bank of America and Santander Bank ranked below the region average, according to the survey.
The 11th annual study overall shows that satisfaction with big banks continues to grow, fueled largely by improved digital offerings, more engaged personal interactions and stronger connections with growth segments of the population, according to the study. Satisfaction with midsize banks fell, as financial institutions grapple with high regulatory costs.
“Based on our current trajectory, the country’s largest retail banking institutions are expected to achieve a substantial lead in overall customer satisfaction vs. midsize and regional banks by 2020,” said Jim Miller, senior director of banking at J.D. Power, in a prepared statement.
Miller says regulatory costs have made it more difficult for midsize and regional banks to invest in strategies compared with larger rivals, and unless something changes, J.D. Power expects the trend will result in consolidations within the midsize bank marketplace, according to the study.
J.D. Power surveyed more than 75,000 customers, evaluating various aspects of the banking experience. Satisfaction was measured on a 1,000-point scale. Overall satisfaction in the retail banking industry improved to 793 compared with 790 in 2015. Big banks improved six points to 793 while midsize banks fell 5 points to 797. Regional banks remained flat at 790, according to the survey.
New England banks that were evaluated ranked as follows:

  • Bangor Savings Bank: 842
  • Rockland Trust: 823
  • TD Bank: 801
  • Peoples’ United Bank 787
  • Webster Bank: 786
  • Eastern Bank: 777
  • First Niagara: 770
  • Wells Fargo: 769
  • Region Average: 768
  • Citizens Bank: 766
  • Chase Bank: 762
  • Bank of America: 755
  • Santander Bank: 741

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