The J.D Power 2019 Direct Banking Satisfying Study has found that direct banks recorded the highest customer satisfaction ranking in the banking sector. According to the study, direct banks outperformed retail banks in performance and customer satisfaction.
On a 1,000-point scale, the satisfaction score for direct banks is reported at 860. It is 53 points higher than the overall satisfaction score for traditional branch-based retail banks. The study also shows that long-term direct bank customers are less satisfied than new customers are. Existing direct bank customers with accounts for a year or more are notably less satisfied (862) with their bank that are new customers (882).
“Direct Banks are performing better than the Retail Banks across the comparable factor- even areas like communication and problem resolution, where one might intuitively think a traditional retail bank would have an advantage,” said Bob Neuhaus, Vice President of Global Financial Services at J.D. Power.
The study shows the top three performers—Charles Schwab, Ally, and Discover—have taken different paths to the market and delivered high levels of customer satisfaction in very distinct ways.