Digital Banking
JD Power survey finds decreasing customer satisfaction with online-only banks
May 13, 2024
A survey by JD Power found that consumers are less satisfied with online-only banks, compared to last year. Satisfaction scores for online-only banks decreased by 27 points to 688 on a 1,000 point scale, according to a press release.
There were several factors driving this decrease such as problem resolution issues, debit card issues, fraud and a decline in satisfaction in the website and mobile app offerings of these banks.
Key data points include:
- Customer satisfaction with problem resolution fell 67 points as the amount of time to resolve a problem grew from 1.9 days to 2.6 days.
- Number of customers saying access to live phone representatives was easy declined by 3%.
- Charles Schwab Bank had highest score of 732 while Capital One and Ally Bank came second and third.
- Marcus by Goldman Sachs saw the highest approval rating among savings providers with a score of 756, followed by Ally Bank and Capital One.
"Customers of online-only direct banks have higher levels of satisfaction than customers of traditional banks, but satisfaction among direct bank customers declined this year, particularly those with checking accounts," Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in the release. "Despite significant increases in deposit interest rates for both checking and savings accounts—but decreases in the proportion of customers who had to pay a fee or experienced a problem—overall satisfaction still declined. That's because customers who experienced problems had a very tough time resolving them in a timely manner, causing satisfaction with the ease of problem resolution to decline sharply."
