Dallas-Fort Worth’s fifth-largest bank by market share was the No. 1 performer in Texas in a new retail banking satisfaction study, while DFW’s biggest bank ranked 10th among the state’s top 11. That’s according to the 13th annual U.S. Retail Banking Satisfaction Study by J.D. Power, a marketing information services company.
The No. 1 firm in Texas in terms of customer satisfaction was Frost Bank, the study said, with a score of 873 (out of 1,000 possible points). Meantime, the largest bank in North Texas by market share, Bank of America, was ranked 10th in the study, with 807 points.
The second- through ninth-ranking banks in Texas in the satisfaction study were Woodforest National Bank (with 847 points), Prosperity Bank (841), First Financial Bank (829), Chase (821), Capital One (820), BBVA Compass (819), Comerica Bank (813), and Amegy Bank (809). Wells Fargo, with 807 points, ranked 11th.
In addition to Frost and BofA, Chase is the second-largest of DFW’s top five banks by market share, while Wells Fargo ranks third and BBVA Compass is fourth, according to the FDIC.
Power’s 13th annual U.S. Retail Banking Satisfaction Study measured satisfaction based on six factors: channel activities (such as ATMs and mobile banking); communication and advice; convenience; new account opening; problem resolution; and products and fees.
More than 88,000 retail banking customers of 200 of the nation’s largest banks responded to the survey, which was conducted in “quarterly waves” from April 2017 to February 2018.
The main factors driving the results, said Paul McAdam, senior director of the banking practice at J.D. Power, were customer attitudes toward banks’ digital offerings. “Robust digital offerings from some of the nation’s largest banks have helped them grow their customer bases, but the study reveals that customers who use exclusively online or mobile banking channels are the least satisfied with their banks’ service quality,” McAdam said in a news release.
“Right now, retail banks need to address the growing ‘digital divide’ that is emerging within their customer bases,” he said. “Successfully navigating that transition will require a combination of providing better, more personalized advice that is consistent across both digital and branch interactions, and ensuring that customer needs are being met regardless of what channel they are using.”
Added Bob Neuhaus, Power’s senior director of financial services: “The shift to digital has clearly presented challenges for some banks, but those who are managing to get the customer satisfaction formula right, with the right combination of high tech, high touch customer interaction, are already setting the pace for others to follow.”
