Direct banks gain support as customers go online


According to a new study, “direct” banks continue to grow in popularity with retail customers.

Digital branchless alternatives to traditional retail banking scored highly in terms of customer satisfaction in a recent survey by research firm JD Power.

The JD Power 2022 US Direct Banking Satisfaction Study also found that 27% of banking customers in the US use online banking only.

Paul McAdam, Senior Director of Banking and Payments Intelligence at JD Power, said: “As much of our lives continue to shift to digital providers, direct banks have been in a prime position to gain market share. market and share the spirit by offering around-the-clock access, as well as products that have attractive fee structures and interest rates.

Nearly nine in 10 (88%) of checking and savings customers said it was easy to do business with their direct bank. In addition, 59% say they have never had a problem or complaint with their direct bank.

Of those who had a problem in the past 12 months, 83% said it was convenient to contact customer service, and 88% said their most recent issue was resolved.

Charles Schwab Bank and Discover Bank rank first in overall satisfaction among checking account providers. Among savings account providers, American Express ranked first in overall satisfaction.

McAdam added, “Increasingly, we’re seeing top-performing brands get the right personalization formula by helping customers reduce bank fees and make their money work harder, and showing they’re available to help. customers in these difficult financial times.

While satisfaction was high, another recent study by JD Power found that retail banks struggled to support customers as inflation rose.

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