JD Power 2010 Customer Satisfaction Data Released

JD Power results were published yesterday, and it's no surprise to see a lot of heightened fee sensitivity among customers, and to see overall satisfaction nominally improve from historic lows.

It's important to note that fees don't necessarily create dissatisfaction.  Insensitive fee structuring, poor communication about fees, and not enough ways to avoid fees, do that.

Customers who pay fees and also express high levels of satisfaction are more likely to have had a consultative experience or needs assessment, and a discussion of fees, up front.  They also are more likely to have had good service on the phone and/or in branch, and have found it easier to resolve problems.  They are also more likely to find value in debit rewards, free online banking, and overdraft protection.

As always, we believe the research is most powerfully applied in a GIS, where the JD Power ratings are assigned to competitors in a trade area, and then branch performance and site/location attributes can be analyzed in the context of consumer ratings.  This is how we discover how site and location influence satisfaction.  It's also really helpful for branch micromarketing to know, for example, that you are the clear leader in reasonable fees among your immediate competitors, within and perhaps across branch areas.

Study results by region are as follows.  Congratulations are due once again to Frost Bank, with the strongest scores in the nation; and ARVEST, leading one region and among the leaders in the other.

California: Rabobank ranks highest in the region with a score of 796, and performs particularly well in the fees and account activities factors. Bank of the West (777) and Union Bank/Frontier Bank (766) follow in the regional rankings.
Florida: Regions Bank ranks highest in Florida with a score of 789 and performs well in the fees, account activities and account information factors. SunTrust Bank (788) and Wachovia Bank (786) follow in the rankings.
Mid-Atlantic Region: With a score of 804, Northwest Savings Bank ranks highest in the region and performs well in product offerings. Susquehanna Bank follows with a score of 792, and S&T Bank ranks third with 791.
Midwest Region: First Midwest Bank ranks highest with a score of 775, and performs particularly well in the product offerings and account information factors. Commerce Bank and UMB Bank tie to follow in the rankings with a score of 774.
New England Region: Eastern Bank ranks highest in the region with a score of 791 and performs well in the product offerings and account activities factors. Rockland Trust Co. follows with a score of 789, and TD Bank and Wachovia Bank tie to rank third with 760.
North Central Region: FirstMerit Bank and Flagstar Bank tie to rank highest in the region with a score of 802. FirstMerit Bank performs well in facility, product offerings and fees, while Flagstar Bank performs well in account activities. Huntington National Bank and Independent Bank follow in the rankings with 799, in a tie.
Northwest Region: With a score of 794, Umpqua Bank ranks highest in the region and performs well in facility and product offerings. West Coast Bank (792) and Sterling Savings Bank (789) follow in the rankings.
South Central Region: Hancock Bank ranks highest in the region with a score of 817 and performs particularly well in the product offerings and account information factors. Whitney National Bank (799) and Arvest Bank (798) follow in the rankings.
Southeast Region: First Federal ranks highest with a score of 818, performing particularly well in the facility and product offerings factors. United Community Bank follows in the rankings with 813, and First Citizens Bancorp ranks third with 809.
Southwest Region: Arvest Bank ranks highest in the region with 809 and performs particularly well in facility, product offerings and fees. Zions First National Bank (782) and Bank of Oklahoma (779) follow in the rankings.
Texas: With a score of 849, Frost National Bank ranks highest in the region and performs well across all six factors, particularly account activities and fees. First Financial Bank (805) and Woodforest National Bank (792) follow in the rankings.

The 2011 U.S. Retail Banking Satisfaction Study is based on responses from nearly 52,000 retail banking customers regarding their experiences with their banking provider. The study was fielded in January and February 2011. Large banks are defined as banks with more than 475 branches and $50 billion in deposits.

California
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Rabobank	796	5
Bank of the West	777	4
Union Bank/Frontier Bank	766	4
Wells Fargo	762	4
U.S. Bank	759	4
California Region Average	742	3
Citibank	728	3
Chase	726	2
Bank of America	719	2
Included in the study but not ranked due to small sample size are BBVA Compass (Compass Bank), California Bank & Trust, City National Bank (CA), Comerica Bank, East West Bank, First Bank (MO), Onewest Bank, Pacific Western Bank, Umpqua Bank, Wachovia Bank and West America Bank.

Florida
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Regions Bank	789	5
SunTrust Bank	788	5
Wachovia Bank	786	5
PNC Bank/National City	783	4
Fifth Third Bank	781	4
Branch Banking & Trust (BB&T)/Colonial Bank	775	4
Wells Fargo	769	3
Florida Region Average	767	3
Citibank	763	3
BankAtlantic	761	3
Bank of America	742	2
TD Bank	742	2
Chase	729	2
Included in the study but not ranked due to small sample size are BankUnited, Carolina First Bank, RBC Bank and Riverside National Bank of Florida.

Mid-Atlantic Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Northwest Savings Bank	804	5
Susquehanna Bank	792	4
S&T Bank	791	4
First National Bank of Pennsylvania	790	4
Fulton Bank	785	4
National Penn Bank	783	4
Huntington National Bank	780	4
Hudson City Savings Bank	775	4
PNC Bank/National City	775	4
Beneficial Mutual Savings Bank	773	4
First Commonwealth Bank	772	4
The Provident Bank	766	4
Branch Banking & Trust (BB&T)/Colonial Bank	765	4
Community Bank	763	4
Manufacturers & Traders Bank (M&T BANK)	763	4
SunTrust Bank	762	4
TD Bank	761	4
Valley National Bank	758	4
NBT Bank	753	4
Wachovia Bank	749	3
Citizens Bank	748	3
Wells Fargo	747	3
Mid-Atlantic Region Average	743	3
Chase	738	3
KeyBank	738	3
Astoria FS&LA	729	3
First Niagara Bank	725	3
New York Community Bank	722	2
HSBC	721	2
Sovereign Bank	720	2
Capital One/Chevy Chase Bank	719	2
Bank of America	716	2
Citibank	712	2
Included in the study but not ranked due to small sample size are: Apple Bank for Savings; Carter Bank & Trust; Investors Savings Bank; StellarOne Bank; Sun National Bank; Trustco Bank; Union First Market Bank; and United Bank (VA).
Included in the Mid-Atlantic region are: Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington, D.C.

Midwest Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
First Midwest Bank	775	5
Commerce Bank	774	5
UMB Bank	774	5
Marshall & Ilsley Bank (M&I Bank)	766	4
First Bank (MO)	764	4
Harris National	762	4
Regions Bank	762	4
AnchorBank	760	4
PNC Bank/National City	751	3
U.S. Bank	750	3
Bank of the West	746	3
Midwest Region Average	746	3
Chase	741	3
Fifth Third Bank	741	3
Charter One	734	3
Associated Bank	732	2
Bank of America	726	2
Wells Fargo	725	2
TCF National Bank	720	2
Citibank	711	2
Included in the study but not ranked due to small sample size are: Bank Midwest, Bank Mutual, Bremer Bank, First American Bank, FirstMerit Bank, Great Southern Bank, Johnson Bank and MB Financial Bank.
Included in the Midwest region are: Iowa, Illinois, Kansas, Missouri, Minnesota and Wisconsin.

New England Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Eastern Bank	791	5
Rockland Trust Co.	789	5
TD Bank	760	4
Wachovia Bank	760	4
Peoples United Bank	754	4
KeyBank	748	4
Citizens Bank	737	3
New England Region Average	733	3
Webster Bank	731	3
Citibank	729	3
Bank of America	717	3
Sovereign Bank	705	2
Chase	694	2
Included in the study but not ranked due to small sample size are NewAlliance Bank and Wells Fargo.
Included in the New England region are: Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.

North Central Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
FirstMerit Bank	802	5
Flagstar Bank	802	5
Huntington National Bank	799	5
Independent Bank	799	5
First Financial Bank	789	4
Citizens Bank (MI)	787	4
1st Source Bank	786	4
Branch Banking & Trust (BB&T)/Colonial Bank	771	3
Chemical Bank	771	3
U.S. Bank	769	3
KeyBank	767	3
North Central Region Average	765	3
WesBanco Bank	763	3
City National Bank (WV)	762	3
Chase	759	3
Regions Bank	759	3
Fifth Third Bank	756	3
Wells Fargo	756	3
Charter One	753	3
PNC Bank/National City	753	3
Comerica Bank	750	3
Bank of America	733	2
TCF National Bank	732	2
Old National Bank	722	2
Included in the study but not ranked due to small sample size are: Community Trust Bank, First Merchants Bank, MainSource Bank, Park National Bank and United Bank (WV).
Included in the North Central Region are: Indiana, Kentucky, Michigan, Ohio and West Virginia.

Northwest Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Umpqua Bank	794	5
West Coast Bank	792	5
Sterling Savings Bank	789	5
KeyBank	766	4
U.S. Bank	758	4
Northwest Region Average	741	3
Wells Fargo	721	2
Chase	705	2
Bank of America	703	2
Included in the study but not ranked due to small sample size are: Banner Bank, Columbia State Bank, Union Bank/Frontier Bank and Washington FS&LA.
Included in the Northwest region are Oregon and Washington.

South Central Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Hancock Bank	817	5
Whitney National Bank	799	4
Arvest Bank	798	4
First Tennessee Bank	797	4
BancorpSouth Bank	795	4
Trustmark National Bank	788	4
Capital One/Chevy Chase	777	3
Chase	776	3
SunTrust	774	3
South Central Region Average	771	3
Regions Bank	760	3
Wells Fargo	756	3
U.S. Bank	751	2
Wachovia Bank	746	2
Branch Banking & Trust (BB&T)/Colonial Bank	744	2
BBVA Compass (Compass Bank)	734	2
Bank of America	729	2
Included in the study but not ranked due to small sample size are: First Security Bank, Iberia Bank, RBC Bank, Renasant Bank and Simmons First Bank.
Included in the South Central region are: Alabama, Arkansas, Louisiana, Mississippi and Tennessee.

Southeast Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
First Federal (FS&LA of Charleston)	818	5
United Community Bank	813	5
First Citizens Bancorp	809	5
Regions Bank	795	4
RBC Bank	794	4
First Citizens Bancshare	792	4
SunTrust Bank	791	4
Wachovia Bank	785	4
Carolina First Bank	781	4
Branch Banking & Trust (BB&T)/Colonial Bank	777	4
Southeast Region Average	760	3
Fifth Third Bank	738	2
Bank of America	736	2
Wells Fargo	720	2
Included in the study but not ranked due to small sample size is South Carolina Banking & Trust (SCBT).
Included in the Southeast region are: Georgia, North Carolina and South Carolina.

Southwest Region
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Arvest Bank	809	5
Zions First National Bank	782	4
Bank of Oklahoma	779	4
First Bank (CO)	778	4
Nevada State Bank	771	4
Bank of the West	759	3
Southwest Region Average	756	3
U.S. Bank	755	3
Wells Fargo	754	3
Chase	749	3
KeyBank	742	3
BBVA Compass (Compass Bank)	741	3
Bank of America	728	2
Included in the study but not ranked due to small sample size are: BancFirst, Marshall & Ilsley Bank (M&I Bank), MidFirst Bank, National Bank of Arizona and Wachovia Bank.
Included in the Southwest region are: Arizona, Colorado, New Mexico, Nevada, Oklahoma and Utah.

Texas
Customer Service Index Ranking		J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale)		For Consumers
Frost National Bank	849	5
First Financial Bank (Texas)	805	4
Woodforest National Bank	792	4
Amegy Bank	791	4
Comerica Bank	791	4
Bank of Texas	789	4
Capital One/Chevy Chase	779	4
Wells Fargo	767	3
Texas Region Average	759	3
International Bank of Commerce	758	3
Wachovia Bank	758	3
Chase	757	3
Regions Bank	756	3
Prosperity Bank	749	3
Citibank	747	3
Bank of America	741	3
BBVA Compass (Compass Bank)	724	2
Included in the study but not ranked due to small sample size is Sterling Bank.

Power Circle Ratings Legend:
5 – Among the best
4 – Better than most
3 – About average
2 – The rest