Convenience, a seamless digital experience and checking account offers are the formula for top customer satisfaction among the nation’s largest retail banks, according to J.D. Power 2019 U.S. National Banking Satisfaction Study released on Friday.
TD Bank in Cherry Hill was ranked the highest in customer satisfaction, it said, excelling at branch service and online banking satisfaction.
The study review the customer experience with all retail banks product lines for eight national banks in the United States that account for 50% of total domestic deposits. It evaluated the experience via six factors: channel interactions; deposit accounts; credit accounts; investment accounts; convenience; and problem resolution.
This was TD Bank’s first time being evaluated in the study and its first national banking trophy win, it said.
“Being recognized for ranking highest in customer satisfaction by J.D. Power is a tremendous honor and a testament to our efforts to provide legendary experiences for our customers,” Greg Braca, CEO and president, TD Bank. “We believe our employees’ customer-centric focus helps set us apart, and attribute this win to their tremendous efforts and relentless focus on delivering for our customers. I’m extremely proud of this team and look forward to building on this momentum in 2020.”
TD Bank had an overall satisfaction score of 851 (on a 1,000-point scale). Chase and PNC (tied 846) ranked second, followed by Capital One (838). These top four banks were all above the national average customer satisfaction score of 834.
“We’ve always been the bank that prides itself on being different from other banks. When we introduced our Unexpectedly Human brand promise, we set out to deliver everything customers would expect from a bank – plus, everything they wouldn’t,” Ernie Diaz, head of U.S. consumer distribution and wealth, TD Bank, said. “Being recognized by J.D. Power yet again demonstrates that we’re delivering on that promise.”
The study surveyed 8,337 respondents who identified one of the bank’s as their primary financial institution to conduct personal banking business and have a checking account with that bank.