Study: Retail banking satisfaction plunges amid economic turmoil

A NEW STUDY by J.D. Power found overall customer satisfaction with retail banks plunged amid economic turmoil that worsened people’s financial status. The study also ranked the top-rated banks for customer satisfaction, based on a 1,000-point scale. / COURTESY J.D. POWER

PROVIDENCE – Customers aren’t happy with their banks, with overall satisfaction plunging compared with a year ago, according to a new study by J.D. Power.

The 2022 U.S. Retail Banking Advice Satisfaction Study, published June 23, found the overall customer average satisfaction score fell 30 points (on a 1,000-point scale) to 601, compared with a year prior. The biggest declines came in perceptions about how often and how well banks were offering guidance and advice about their products and customers’ financial needs, according to the survey.

Plunging satisfaction partly reflects the financial and economic pressures facing consumers and the increasing need for banks to step up to the plate, said Jennifer White, senior director of banking and payments and intelligence at J.D. Power.

“The data make it crystal clear: retail bank customers want guidance, but many aren’t receiving it,” White said in a statement. “The tools banks have at their disposal aren’t always being used, or when they are, they are not used effectively. Neither banks nor their customers benefit from this dynamic. If banks don’t begin to make more progress in making advice content resonate, they could be facing significant attrition risk.”

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It’s not only lack of banking solutions driving the lower satisfaction. The survey also found that the percent of customers who could recall specific financial advice they’d received was lower than a year prior.

The study also ranked the top-scoring retail banks based on 5,177 retail bank customer surveys. Capital One Bank earned the highest customer satisfaction score, while Bank of America Corp., which has locations in Rhode Island, came in third and Citizens Bank ranked No. 7.

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

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