Economic winds batter customer satisfaction, survey finds

Scarcely three months after reporting high satisfaction levels, J.D. Power researchers are finding the opposite sentiment among bank and credit union customers, according to multiple surveys released on June 2, 2022. The reports, J.D. Power 2022 U.S. Banking Mobile App Satisfaction Study, 2022 U.S. Online Banking Satisfaction Study, 2022 U.S. Credit Card Mobile App Satisfaction Study and 2022 U.S. Online Credit Card Satisfaction Study, attribute recent dissatisfaction to a “perfect storm of rising customer expectations and faltering economy.”

Paul McAdam, senior director of payments and banking intelligence, commenting on J.D. Power’s recent February 2022 survey, reported banks and credit unions had boosted B2B customer approvals. "The largest year-over-year satisfaction gains have been driven by big banks, which have historically trailed fintech payment providers in delivering low-cost, user-friendly merchant services solutions," he said. "Now the big banks are matching or exceeding fintechs in small business satisfaction with merchant services."

Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, observed a changing tide of customer satisfaction, largely driven by a tough economic climate. “We’re seeing a lot of volatility in customer satisfaction scores in the digital banking and credit card space driven by a combination of heightened customer expectations for what a digital experience should look like,” she said. “Based on their experiences with other consumer apps and websites that anticipate their needs and offer a highly personalized customer experience, bank and credit card customers are expecting more from their digital solutions.”

Key survey takeaways

J.D. Power representatives noted the June 2022 studies measured banking and credit card satisfaction according to navigation, speed, visual appeal, and information/content. They surveyed 16,132 retail bank and credit card customers between February and April 2022.

Economic pressures are driving demand for more personalized banking and credit card services, researchers found, especially with regard to personalizing high-touch digital channels, where satisfaction rates appear to be in decline. Following are additional survey highlights:

• Overall satisfaction declines: Satisfaction has declined by 17 points among national bank mobile apps, credit card mobile apps, credit card websites, and regional bank mobile apps and websites.

• Financial health a serious issue: In less than one year, the percentage of consumers defined as financially healthy dropped 10 percentage points, from 53 percent to 43 percent. In addition, the percentage of financially vulnerable consumers increased from 25 percent to 32 percent. Overall retail banking customer satisfaction scores are 113 points lower, on average, among financially vulnerable customers than among financially healthy customers.

• Digital solutions miss the personalization mark: Among retail bank customers who visit their bank’s branch, 73 percent said they have a personal relationship with that bank. Among those who primarily use the bank’s digital channels, that percentage falls to 53 percent.

• Spending and budgeting tools have positive customer impact: Digital spending analysis and budgeting tools have been shown to increase customer satisfaction across all segments, with room for growth, as only 27 to 38 percent of customers are currently using them.

Top rankings

J.D. Power researchers acknowledged a few leading banks and credit card issuers achieved high satisfaction scores, despite ongoing economic challenges, in the following categories:

• Banking mobile app: Among national banks, Capital One ranked highest in banking mobile app satisfaction, with a score of 868. Chase (855) ranked second; Wells Fargo (846) ranked third. Regional bank leaders included Huntington Bank with a score of 868, followed by Santander (855) at second place and Fifth Third Bank (848) at third place.

• Online banking: Capital One ranked highest among national banks in online banking satisfaction, with a score of 861. Chase (858) ranked second; Bank of America (852) ranked third. Regional bank leaders included first place Regions Bank with a score of 880, second place Fifth Third Bank (849) and third place Huntington (839).

• Credit card mobile app: Discover ranked highest in credit card mobile app satisfaction, with a score of 876. Capital One (875) ranked second; Bank of America (868) ranked third.

• Online credit card satisfaction: Discover ranked highest in online credit card satisfaction, with a score of 864. Bank of America (853) ranked second, while American Express (851) Capital One (851) and Chase (851) ranked third in a tie.

For additional information about these studies, visit: www.jdpower.com/business/resource/us-banking-and-us-credit-card-mobile-app-satisfaction-studies.

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

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