This morning J.D. Power released its 2014 U.S. Retail Banking Satisfaction StudySM which reveals that despite ongoing public scrutiny, customer satisfaction with banks is at a record high as banks improve experiences for their customers, reduce problems and create a better understanding of fees. The study also shows that midsize banks are missing the mark with key audience segments, such as Millennials and minorities, with affluent customers still the least-satisfied customer segment. The release of their key findings can be found here.
The study is based on responses from more than 80,000 retail banking customers of more than 130 of the largest banks in the United States and measures customer satisfaction in 11 regions. Study results by region are:
California Region: Rabobank ranks highest in the California region with a score of 832 and performs particularly well in the account information, fees and channel activities factors. Following Rabobank in the rankings are Bank of the West, Chase, U.S. Bank and Wells Fargo in a tie (796 each).
Florida Region: Chase ranks highest in the Florida region with a score of 826, performing particularly well in the facility and channel activities factors. TD Bank (823) and SunTrust (814) follow in the rankings.
Mid-Atlantic Region: Northwest Savings Bank ranks highest in the region with a score of 832 and performs particularly well in the product offerings factor. Susquehanna Bank (829) and National Penn Bank (825) follow in the rankings.
Midwest Region: First Midwest Bank ranks highest in the region with a score of 813 and performs particularly well in the facility, account information and channel activities factors. Following First Midwest Bank in the rankings are Commerce Bank (801) and AnchorBank and UMB Bank in a tie (799 each).
New England Region: Eastern Bank ranks highest in the region with a score of 817 and performs particularly well in the account information and fees factors. Rockland Trust Co. (810) and Webster Bank (794) follow in the rankings.
North Central Region: With a score of 828, Huntington National Bank ranks highest in the region, performing particularly well in the product offerings, account information and fees factors. Following in the rankings are Regions Bank (816) and Flagstar Bank (809).
Northwest Region: Umpqua Bank ranks highest in the region with a score of 841 and performs particularly well in the product offerings, facility, account information, fees and channel activities factors. U.S. Bank (793) and Sterling Bank (791) follow in the rankings.
South Central Region: Arvest Bank ranks highest in the region with a score of 843, performing particularly well in the product offerings, facility, account information and channel activities factors. Following in the rankings are PNC Bank and Trustmark National Bank in a tie (816 each).
Southeast Region: United Community Bank ranks highest in the region with a score of 854 and performs particularly well in the product offerings, facility, account information, fees and channel activities factors. Following United Community Bank in the rankings are First Citizens Bancorp (836) and Branch Banking & Trust (BB&T) and First Citizens Bancshares in a tie (815 each).
Southwest Region: With a score of 831, Arvest Bank ranks highest in the region, performing particularly well in the product offerings, facility, account information, fees and channel activities factors. MidFirst Bank (822) and Chase (814) follow in the rankings.
Texas Region: Frost Bank ranks highest in the Texas region with a score of 856, and performs particularly well in the product offerings, account activities, fees and account information factors. Woodforest National Bank (843) and Amegy Bank (812) follow in the rankings.
