Type to search

Banking News

Digital offerings drive customer satisfaction with retail banks

Avatar photo
Share

J.D. Power last week released its 2018 study of customer satisfaction with retail banks. The study gathered responses from 88,000 customers of the 200 largest banks in the country.

Northwest Bank topped the list, followed by Community Bank and Dollar Bank. TD Bank, the largest in the Philadelphia-Camden-Wilmington metropolitan region, ranked fourth. Other major banks, including Citizens Bank, Chase and PNC, cracked the “better than most” segment. HSBC ranked lowest on the list.

The study found that digital offerings boosted customer satisfaction among millennials, but customers that only used online or mobile banking were often left wanting. 

“Robust digital offerings from some of the nation’s largest banks have helped them grow their customer bases, but the study reveals that customers who use exclusively online or mobile banking channels are the least satisfied with their banks’ service quality, said Paul McAdam, senior director of the banking practice.

Bob Neuhaus, senior director of financial services at J.D. Power, said banks need to combine digital options with old-fashioned customer service.

“The shift to digital has clearly presented challenges for some banks, but those who are managing to get the customer satisfaction formula right, with the right combination of high tech, high touch customer interaction, are already setting the pace for others to follow,” he said.

The study found that 49 percent of millennials, 31 percent of Gen X and 16 percent of boomers use online banking. Millennials on average visit their bank a 11 times per year, while the average customer visit 14 times per year.

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2022 Delaware Business Times

Holiday flash sale! Subscribe to Delaware Business Times and save 50%.

Limited time offer. New subscribers only.

Holiday flash sale!

Subscribe to Delaware Business Times and save 50%

Limited time offer. New subscribers only.