J.D. Power Financial Services Intelligence’s Post

Congratulations to Capital One for ranking highest in overall customer satisfaction for a fifth consecutive year, according to the J.D. Power 2024 U.S. National Banking Satisfaction Study! Study insights: - Customers of major national banks feel more confident than ever in their bank’s ability to meet their needs and support them during tough times—boosting satisfaction and trust across the board. - Top Performers: For the third year running, Capital One, Chase and TD Bank lead in customer satisfaction. - Overall Improvement: Satisfaction with national banks is on the rise. However, there’s a notable dip when customers rely on self-service tools (like secure messages, websites, or mobile apps) for help or information. More study insights: https://hubs.la/Q02_v2220 #JDPowerAwards #Banking #RetailBanking #CapitalOne #ChaseBank #TDBank

As the banking landscape evolves, offering quick, seamless and personalized services is no longer optional—it's critical. ✨ The difference between 📈 leading and 📉 lagging in the industry increasingly hinges on how well banks deliver on these customer expectations.
 Dive into this article by McKinsey & Company to learn how your bank can emerge as a frontrunner in customer satisfaction. 👉 https://lnkd.in/eRnm2sbG 
#FSIFridays

Every year jdpower.com carries out the U.S. Retail Banking Satisfaction Study. It measures satisfaction across 7 dimensions: trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints. Conclusions for 2024 were: Bank customer satisfaction was flat, trust declining; customer loyalty at risk; account fees and poor customer experiences drag on loyalty; back to basics of customer engagement. According to the report, "Every contact and every interaction influences customers’ experiences and their satisfaction". An ATM or off-shored call centre cannot deliver on these. ARPPA Technologies Terminals and remote agents achieve a customer score approaching 3.98/4, showing that engagement, speed, efficiency and experience can help banks improve customer satisfaction. Talk to us about how we can help raise this fundamental bar and serve old, young and all disabled alike. #customerservice #vulnerablecustomers #banking https://t.ly/lIx94

Excited to share insights from Sarah Martin on the challenges banks face in customer acquisition and retention. As Sarah highlights, while acquiring new customers is crucial, silent churn poses a significant threat. By embracing mobile-first engagement strategies, banks can enhance customer satisfaction and loyalty, ultimately fostering sustainable growth. #Banking #CustomerRetention #MobileEngagement

Is your bank winning your trust and satisfaction? 🏦💳 Discover what really drives customer loyalty in the banking sector. #CustomerLoyalty #BankingIndustry #ServiceQuality 📈🤝 https://lnkd.in/dQj2B6_D

With bank of choice competition rising, customer acquisition has become banking’s top priority. And the branch network plays an essential role in defending against customer attrition and amplifying new customer appeal. Find out how growth-oriented institutions are set to navigate change in the coming year.

Customer satisfaction is everything!

Americans increasingly want to interact with their banks both face-to-face and digitally, but they dislike generic communications. Not all banks offer personalized guidance and advice. However, those that do achieve higher customer satisfaction scores. A 2024 U.S. Retail Banking Advice Satisfaction Study revealed that while many customers seek financial advice, only 42% remember receiving it, indicating much of it is too generic. When customers do receive meaningful advice, 76% act on it. There are two stages of customer interaction: "Guidance," which helps customers use the bank’s services, and "Advice," which is more specific and personalized. Today's banking customer needs both, tailored to their financial literacy, health, age, and gender. #bankingindustry #fintech #economy https://lnkd.in/gp-XqJvX

In the J.D. Power 2024 U.S. Retail Banking Satisfaction Study, we uncover a stark reality: trust in U.S. retail banks is on a significant decline. Despite stable customer satisfaction scores, a concerning 13% of customers are contemplating a switch in the next year. The culprits? Unexpected fees, poor service and negative press. 🔍 Key highlights: - Customer satisfaction remains steady, but trust falls sharply. - 8% of customers have already switched banks, up from 5% in 2018. - High fees and poor service experiences are major factors influencing the decision to switch. This study sheds light on the importance of fundamental customer service principles in maintaining trust and loyalty in the banking sector. 👉 Want to explore the findings and see how banks stacks up? Read the full release here:

A recent jdpower.com study of retail banking customer #satisfaction finds that many banks are failing to provide a customer experience that reflects retail customer expectations and financial behaviors. This is leading to decreased customer satisfaction and a greater willingness to #switch banks. Banks need to develop a detailed understanding of how their customers engage with the bank (focusing on frequency, duration, purpose, channel usage and outcomes) to identify and address key gaps in the customer experience. https://lnkd.in/eS2TcbN3