J.D. Power: Citizens ranks in top 5 New England retail banks for customer satisfaction

CITIZENS BANK was among the top-rated retail banks in New England for customer satisfaction, according to J.D. Power’s 2021 Retail Banking Satisfaction Study. / COURTESY J.D. POWER

PROVIDENCE – Rhode Island-based Citizens Bank ranked No. 5 for customer satisfaction among retail banks in New England, according to a new report from J.D. Power.

The 2021 Retail Banking Satisfaction Study scored retail banks based on customer satisfaction in six criteria, including account opening, communication and advice, channel activities, convenience, problem resolution, and products and fees. Banks were scored on a 1,000-point scale with top performers named for each region and certain states.

In New England, which according to the study includes Maine, Massachusetts, New Hampshire, Vermont, Rhode Island, Maine-based Bangor Savings Bank claimed the top spot with a score of 861. Citizens scored 809, one point above the regional average score.

TD Bank, Santander Bank and Bank of America Corp., which have locations in Rhode Island, also received regional rankings, coming in No. 3, No. 6 and No. 7, respectively.

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As a whole, the study found that overall customer satisfaction has increased, as has the number of customers using only digital banking. Some of the largest improvements came from the 41% of customers who rely exclusively on digital banking services, up from 30% prior to the pandemic, the study stated.

Customers also felt supported by their banks despite the financial hardships suffered during the pandemic, with 86% saying they would use that bank again and a 48% drop in reported problems or complaints.

Satisfaction also increased despite financial hardship, with a 21-point boost in satisfaction among the 24% of customers who said they were worse off financially this year.

The study reflects survey responses from more than 94,000 retail banking customers of big, regional and midsize banks with domestic deposits ranging from over $260 billion to less than $55 billion.

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

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