U.S. retail bank customer satisfaction 2023 | Statista (2024)

FAQs

Which bank has the highest customer satisfaction? ›

Capital One received the highest customer satisfaction score among the largest banks in the United States as of 2023, with a score reaching 706 points out of 1,000. JPMorgan Chase, TD Bank, and U.S. Bank followed, while Bank of America, Wells Fargo, and Truist received the lowest scores.

Retail banking is the type of banking service that is offered to individual customers. Retail banking services include savings and checking accounts, loans, mortgages, credit cards, and other financial products that cater to individual customers.

Overall institution rating

The bottom line: It's no secret that big banks sometimes charge high fees and offer low interest rates. U.S. Bank, the country's fifth-largest by assets, is no exception. But what this institution does well is provide convenient access to thousands of physical branches and ATMs.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bank is No. 1 in overall customer satisfaction for Wealth Management in the J.D. Power 2024 U.S. Full-Service Investor Satisfaction Study, the bank shared today.

The most common services that retail banks offer are checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).

The major players in the retail banking sector include various commercial banks, public sector banks (PSBs), private sector banks, and foreign banks. Some specific examples of major players are the ING Diba, Royal Bank of Scotland, Citibank, and norisbank.

Retail banking, also called personal banking or consumer banking, is financial services geared toward individual customers rather than large corporations. Retail banks offer products like savings accounts and debit cards to the general public, and working in retail banking requires high levels of customer service.

What are the two conflicting goals of retail banks? ›

profit and liquidity.

Customer satisfaction in banking is the degree to which a customer is happy with the products, services, and overall experience provided by a bank. It involves meeting or exceeding customer expectations, ensuring their needs are met, and creating a positive perception.

CSAT formula: Detailed customer satisfaction score

To calculate the percentage of satisfied customers, divide the total number of customers who are “very satisfied” (5) or “satisfied” (4) by the total number of responses. Then, multiply that result by 100 to get your customer satisfaction percentage.

Principles of good customer service. Listening, understanding your customer's needs, thanking the customer and promoting a positive, helpful and friendly environment will ensure they leave with a great impression. A happy customer will return often and is likely to spend more.

Following one of the most successful years in United's long history, United Bank has been named the Most Trustworthy Bank in America by Newsweek for 2023.

JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets.