PNC tops for client satisfaction
The Pittsburgh-based bank edges out New York behemoth Chase Bank in a J.D. Power survey.
In the rarefied field of competition among the nation’s biggest banks, Pittsburgh-based PNC just edged out New York behemoth Chase Bank — the nation’s largest bank with more than $2 trillion in assets — in customer satisfaction. So says J.D. Power’s first ever survey of national bank satisfaction focused exclusively on the country’s six largest commercial banks.
“These banks offer a full line of products, including deposits, credit and investments, and to achieve high levels of customer satisfaction in every market, they must deliver consistently on all of these,” stated Bob Neuhaus, a financial services consultant at J.D. Power. “Ultimately, our study shows that the ability to minimize customer problems and deliver consistently across all lines of business are among the keys to success in building that nationwide base of strong customer relationships.”
Five of the six banks in the survey operate branches and other services in Florida. In addition to PNC and Chase, those banks in Florida are Bank of America, Wells Fargo and Citibank. Measured by deposit share, Bank of America and Wells Fargo are the two largest banks in the Sunshine State.
A sixth bank in the survey, Minneapolis-based U.S. Bank, does not have a physical presence in Florida.
Nationally, PNC beat out Chase in satisfaction by the thinnest of margins, rating an 855 on a scale of 1,000 to Chase’s 854. If there was any sliver of weakness at PNC, the survey indicated lower scores in the area of “problem resolution.” Chase suffered most in the survey in the category of “investment accounts.” Still, based on their composite scores, both banks are identified as “among the best” by J.D. Power.
The remaining big banks operating in Florida — Bank of America, Wells Fargo and Citibank — all rated below J.D. Power’s national 835-point average, with Citibank’s 818 being the lowest. Bank of America earned an “average” rating. And despite the heavy and negative press coverage in recent years of the Wells Fargo scandal of employees opening unauthorized customer accounts just to keep their jobs, the California-based bank still managed to outscore Citibank in satisfaction.
The 2017 study is based on responses from more than 5,784 retail banking customers and was conducted in June and July of this year.
PNC had top customer service ratings in a new analysis.
* U.S. Bank was surveyed but does not operate in Florida.
Source: J.D. Power 2017 national bank satisfaction survey