PNC Has the Edge in Bank Customer Satisfaction

Posted on October 12, 2017 by Laura Lam

JD Power big banksNational retail banks have invested heavily in digital transformation and marketing initiatives designed to position themselves as the best one-stop shops for all consumer banking, credit card, loan and investment needs. When it comes to real-world customer satisfaction, though, the biggest drivers of success are low problem incidence and consistency across all lines of bank business, according to the inaugural J.D. Power 2017 National Bank Satisfaction Study.

In the complex field of competition among the nation’s biggest banks, Pittsburgh-based PNC just edged out New York behemoth Chase Bank – the nation’s largest bank with more than $2 trillion in assets – in customer satisfaction, according to J.D. Power.  The first-ever survey of national bank satisfaction focused exclusively on the country’s 6 largest commercial banks.

““The largest retail banks in the nation are playing a different game than smaller, regionally focused rivals, so they should be evaluated on their own scale,” stated Bob Neuhaus of J.D. Power.  “These banks offer a full line of products, including deposits, credit and investments, and to achieve high levels of customer satisfaction in every market, they must deliver consistently on all of these.”

“Ultimately, our study shows that the ability to minimize customer problems and deliver consistently across all lines of business are among the keys to success in building that nationwide base of strong customer relationships,” he continued.

Nationally, PNC beat out Chase in satisfaction by the thinnest of margins, rating an 855 on a scale of 1,000 to Chase’s 854. If there was any sliver of weakness at PNC, the survey indicated lower scores in the area of “problem resolution.” Chase suffered most in the survey in the category of “investment accounts.” Still, based on their composite scores, both banks are identified as “among the best” by J.D. Power.

Source: J.D. Power/Tampa Bay Times