Truist Financial Corp. ranked last among nine national and super-regional banks in customer satisfaction with its mobile app and overall online banking, according to a recent J.D. Power study.
Meanwhile, Bank of America Corp., PNC Financial Services Corp. and Wells Fargo & Co. hovered around the industry average in both categories.
None of the banks could be immediately reached for comment on their respective rankings.
Truist had a score of 801 out of 1,000 for overall online satisfaction, along with a score of 814 for mobile app satisfaction.
The industry average was 844 for overall online satisfaction and 843 for mobile app satisfaction.
Bank of America ranked third for overall online at 852 and fourth in mobile app at 840.
PNC ranked seventh for overall online at 834 and fifth in mobile app at 838.
Wells Fargo ranked sixth for overall online at 837 and third in mobile app at 846.
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Bank of America and Wells Fargo also were rated for credit-card customers’ satisfaction with the mobile app and overall online satisfaction. PNC and Truist were not included in that rating.
On credit cards, Bank of America ranked second out of 11 for overall online satisfaction at 853 and third for mobile app satisfaction, at 868.
Wells Fargo ranked eighth for overall online satisfaction at 833 and seventh for mobile app at 860.
The industry averages were 843 for overall online and 862 for mobile app.
“Many retail bank and credit-card customers are financially stressed, and they want their bank and credit-card providers to recognize that and help them manage their finances accordingly via their websites and mobile apps,” J.D. Power said in its news release.
“However, when it comes to delivering that level of personalization through high-touch digital channels, most banks and credit-card providers are missing the mark.
“Overall satisfaction with most digital channels has declined as usage has increased.”
J.D. Power said that among retail bank customers who visit their bank’s branch, 73% say they have a personal relationship with that bank.
Among those who primarily use the bank’s digital channels, that percentage falls to 53%.
One bright spot in the studies: digital spending analysis and budgeting tools are associated with a significant increase in customer satisfaction across all segments.
However, utilization of these tools remains flat with just 27% to 38% of bank and credit-card customers currently using them.
In April, J.D. Power released its comprehensive 2022 customer-satisfaction scores in which Bank of America, Truist, PNC and Wells Fargo were listed at or in the bottom half of the 13 banks reviewed for Georgia, North Carolina and South Carolina.
The J.D. Power reports typically measures satisfaction based on five categories (in order of importance): ease of navigation; appearance; clarity of information; range of services; and availability of key information.
For the 2022 rankings, the group placed higher emphasis on digital banking and how customers felt their bank was helping them deal with inflation.
Out of 13 banks ranked on a 1,000-point scale, Bank of America was seventh at 672, while PNC was 10th at 671, Wells Fargo 11th at 647 and Truist 12th at 640.
Before BB&T’s $33.4 billion purchase of SunTrust Banks Inc. that led to the formation of Truist, BB&T consistently ranked in the top tier for customer satisfaction.
J.D. Power said that banks’ struggles to deliver on customer expectations for personalization have led to nearly half of customers shifting to primarily digital-centric banking relationships.
Another finding is that “consumers are least satisfied when it comes to their bank’s ability to help save time or money.”
“Also of note: bank efforts to reduce fees are going unnoticed, and alerts and fee-avoidance advice have become important personalization tools.”
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Source: journalnow.com