Friday, April 22, 2011

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