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

FAQs

What 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.

U.S. Bank was ranked No. 1 in the following dimensions of the study: product and service offerings; allowing clients to manage their wealth how and when they want; and resolving problems or complaints.

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.

Regulatory Compliance

Navigating regulatory changes poses a big challenge for retail banks. Keeping up with new rules and laws is challenging and can be costly. It's not just about following the rules; it's also about ensuring customers are protected and the bank stays on the right side of the law.

Wells Fargo Bank, Bank of America, and JPMorgan Chase were the most complained-about banks in the United States, as measured by total number of complaints. They are also the nation's three largest banks based on the size of their deposits.

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.

Our U.S. Bank Ratings

We've researched more than 100 banks and credit unions, and we give U.S. Bank 4 out of 5 stars overall. It earns higher scores for its banking accessibility — including thousands of branches and free ATMs — as well as for offering high-yield CDs and multiple checking and money market accounts.

Moody's put six regional banks on a review for possible downgrades because of their exposure to potentially risky real estate loans. Those under review are First Merchants, F.N.B., Fulton Financial, Old National Bancorp, Peapack-Gladstone Financial, and WaFd.

What are the disadvantages of retail banking? ›

How is Retail Banking different from Corporate Banking? Retail banking is primarily concerned with offering financial goods and services to private individuals and small companies. These services usually consist of checking and savings accounts, credit cards, mortgages, personal loans, and investment goods.

The banks of greatest concern are Flagstar Bank and Zion Bancorporation, according to the screener. Flagstar Bank reported $113 billion in assets with a total CRE of $51 billion. The bank, however, only had $9.3 billion in total equity, making its total CRE exposure 553% of its total equity.

There has only been one bank failure so far in 2024. Republic First Bank (Philadelphia), which did business as Republic Bank, failed April 26. That was the first Federal Deposit Insurance Corp. (FDIC) bank to fail since Citizens Bank of Sac City, Iowa failed in November 2023.

Digital banking may be the future, but branch baking is here to stay. Sales leaders in retail banking who want to thrive in the future need to embrace this transformation, the integration of old and new, and reimagine how they manage their customer experience and how they meet customer needs.

According to the Which? customer satisfaction survey, as of August 2023, approximately 89 percent of customers of. Another online-only bank, Monzo Bank, completed the top together with First Direct, both with 82 percent.