Financial Services

PNC Tops J.D. Power’s Customer Satisfaction Study

COSTA MESA, Calif. – PNC Bank ranked No. 1 in the J.D. Power 2017 National Bank Satisfaction Study, edging out Chase Bank by one point. The study released today, provides a comprehensive view of customer experience with all bank product lines for the six national banks in the U.S., which account for 45% of total in-market deposits nationwide.

“Ultimately, our study shows that the ability to minimize customer problems and deliver consistently across all lines of business are among the keys to success in building that nationwide base of strong customer relationships,” said J.D. Power’s financial services consultant Bob Neuhaus in a release.

Banks evaluated customer experience across six factors — channel interactions, deposit accounts, credit accounts, investment accounts, convenience and problem resolution.

PNC scored highest (855 on a 1,000-point scale), edging out Chase (854) by just one point. Followed are U.S. Bank ranking third (842), then Bank of America (830), Wells Fargo (822) and Citibank (818).

Followed are key findings of the study:

  • Banks cannot afford to make mistakes: The common denominator among the top-performing banks in the study is a lower number of reported problems, which can include such issues as incorrect fees and service charges; processing and transaction errors; unauthorized activity; and poor customer service.
  • Consistency is critical to multiproduct strategy: Overall satisfaction, loyalty and retention increase as the number of individual banking products used increases. 71 percent of bank customers who use the bank for deposits, credit and investments say they “definitely will” reuse the bank, compared with just 49% of customers who use the bank solely for deposits who say the same.
  • Millennial money in motion: Younger customers in the millennial and generation Z demographics are the most likely to have multiproduct relationships with their banks. Among millennials, 22% maintain deposit, credit and investment accounts with their retail bank. That number increases to 24% of generation Z customers, but falls to just 11% of boomers and 15% of generation X. 65 percent of millennial banking customers who have switched banks in the past year, have gone from a midsize bank to a big bank.
  • Tailored financial advice, proactive contact drive trust: Among customers who indicate their bank provides financial advice that they trust, 86% say they received proactive contact from the bank tailored to their specific needs. Another 61% say the bank advice completely met their needs; 60% say they completely understand product features and benefits; and 58% say they are very satisfied with the fairness of fees.

The study is based on responses from more than 5,784 retail banking customers and was fielded in June and July.

Published by The Business Journal, Youngstown, Ohio.