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Established Direct Banking Brands Flex Their Digital Banking Muscle, According to J.D. PowerDirect banks-those branchless, digital alternatives to traditional retail banks-continue to grow in popularity. But instead of replacing incumbents, the new model has given many established financial brands an opportunity to shine with new customers. According to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study,SM released today, forging personal relationships through digital channels and delivering superior customer service have helped brands such as Charles Schwab, Discover and American Express become direct banking powerhouses. "Today, 27% of banking customers in America use an online-only bank," said Paul McAdam, senior director of banking and payments intelligence at J.D. Power. "As so much of our lives continue to shift to digitally based providers, direct banks have been in prime position to gain market share and mindshare by delivering around-the-clock access, along with products that have attractive fee structures and interest rates. Increasingly, we're seeing the top-performing brands get the personalization formula right by helping customers reduce banking fees and grow their money, and by showing that they're available to help customers in challenging financial times." Following are some key findings of the 2022 study:
Charles Schwab Bank (715) and Discover Bank (715) rank highest in overall satisfaction in a tie among checking providers. Ally Bank (709) ranks third. The segment average is 701. American Express ranks highest in overall satisfaction among savings providers with a score of 718. Discover Bank (717) ranks second and Charles Schwab Bank (713) ranks third. The segment average is 704. See the rank charts for each segment at http://www.jdpower.com/pr-id/2022032. The U.S. Direct Banking Satisfaction Study, now in its sixth year, was redesigned for 2022. The study measures overall satisfaction with direct bank and neobank checking and/or savings/money market products based on seven factors (in alphabetical order): customer service; ease of moving money; helps grow money; level of trust; managing account via mobile app; managing account via website; and reduce banking fees. The study defines direct banks as online/branchless institutions with federal banking charters, with either the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) or the Federal Deposit Insurance Corporation (FDIC) as their primary regulator. To learn more about the U.S. Direct Banking Satisfaction Study, visit https://www.jdpower.com/business/resource/us-direct-banking-satisfaction-study. About J.D. Power J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com. About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
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