This bank ranks #1 in customer satisfaction, according to JD Power research – that’s why

Banks are seeing a drop in consumer satisfaction. Here’s what consumers are looking for. (iStock)

According to latest study from JD Power. One financial institution, however, stood out from the rest in its satisfaction rating for the second consecutive year.

“Customers expect the nation’s largest retail banks to be able to meet them on their terms across all channels, providing a flexible and highly engaging experience along the way,” said Paul McAdam. , Senior Director of Banking Services at JD Power. “Retail banking customers say the most important steps banks can take to provide this highly personalized level of service is to provide relevant account alerts and advice on how to save money and save money. ‘optimize spending.’

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Which bank has the best customer satisfaction ranking?

Among the largest retail banks in America, Capital One received the highest ranking in customer satisfaction for the second consecutive year, with a score of 692 on a 1,000-point scale, according to the JD Power 2021 US National study. Banking Satisfaction Study. It has outperformed other banks on digital channels, helping customers save time or money, delivering account offerings that meet customer needs, and enabling customers to bank how and when they want. wish.

“It should also be noted, in light of Capital One’s recent announcement that it is waiver of overdraft feesthat proactive efforts by banks to help customers avoid fees are one of the most powerful ways to personalize the banking experience,” McAdam said.

PNC Bank ranked second, at 684, for its performance in resolving customer issues and building overall brand trust. Next is TD Bank at 673 to have representatives, tellers and call center agents with excellent customer relations.

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Banks take steps to eliminate overdraft fees

In December 2021, Capital One became the first national bank to eliminate overdraft fees. The Consumer Financial Protection Bureau opened an investigation in these charges, calling them “abusive”.

“The bank account is the cornerstone of a person’s financial life,” said Richard Fairbank, founder and CEO of Capital One at the time. “It’s how people get their paycheck, pay their bills, and manage their finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families. We’re excited to offer this service free of charge.”

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