Capital One Ranks Highest in Customer Satisfaction in J.D. Power National Banking Study
Superior digital banking offerings, clear products that match customer needs and helping customers save time and money are becoming key differentiators for the country’s largest retail banks. According to the J.D. Power 2020 U.S. National Banking Satisfaction Study,SM released today, Capital One ranks highest in overall customer satisfaction by delivering compelling products, clear fee structures and a consistently strong digital customer experience.
“Banks that have been most effective in managing the transition to a digital-first model have earned high marks for customer satisfaction in a year when mobile apps and websites have become a vital lifeline for banking customers,” said Paul McAdam, senior director of banking services at J.D. Power. “It is noteworthy that Capital One—a bank that has been aggressively reducing its physical footprint and currently has 46% fewer branch offices than it did five years ago—has earned the highest ranking in this study. J.D. Power data also indicate that strong digital offerings have the added benefit of helping customers improve or maintain their financial health, a key feature in a time when so many are experiencing economic distress.”
Capital One ranks highest with an overall satisfaction score of 688 (on a 1,000-point scale). Chase (684) ranks second and PNC (680) ranks third. These three banks outpace the national average customer satisfaction score of 657.
The study, now in its fourth year, provides a comprehensive view of customer experience with all retail bank product lines for eight national banks in the United States, which account for 45% of total domestic deposits. It evaluates bank customer experience across seven factors: trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.
The study defines a national bank as a U.S. bank holding company with domestic deposits exceeding $200 billion. The study is based on responses from 8,877 retail banking customers and was fielded in August-September 2020.
For more information about the J.D. Power U.S. National Banking Satisfaction Study, visit https://www.jdpower.com/business/financial-services/national-bank-satisfaction-study.
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
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