Charlotte's Truist Financial Corp. (NYSE: TFC) landed in last place among big banks for customer satisfaction with its mobile app and online banking services, according to a recent study from J.D. Power.
Truist, which formed when BB&T and SunTrust merged in late 2019, received a score of 814 out of 1,000 for mobile app satisfaction and 801 for online banking. The bank recently revamped its digital services, fully rolling out a more unified customer platform in the first quarter as part of its post-merger integration. That, plus a systems conversion, created friction with some accountholders who had trouble accessing their funds.
The opportunities for technological scale, with a strategy incorporating tech and touch, were touted as a key reason for the deal.
Customer satisfaction declined overall for big-bank mobile apps, although there was a small uptick for online banking. In general, digital services continue to lack the desired personalization, the study found.
“Based on their experiences with other consumer apps and websites that anticipate their needs and offer a highly personalized customer experience, bank and credit card customers are expecting more from their digital solutions. The tough economic climate has amped up the urgency of those expectations," Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, said in a statement.
Capital One Financial Corp. (NYSE: COF) landed at the top among peers for mobile app satisfaction, with a score of 868. Charlotte-based Bank of America Corp. (NYSE: BAC) came in a little below the industry average, which is set at 843. Wells Fargo & Co. (NYSE: WFC) reported a score of 846.
For online banking, Capital One was again at the top with a score of 861. BofA, logging an 852, was above the industry average (844) in this category. Wells Fargo had a score of 837.
J.D. Power looked at customer satisfaction based on navigation, speed, visual appeal and content. There were responses from more than 16,000 retail bank customers and credit card users, which was considered a separate category. Responses were collected from February through April.
The J.D. Power study also found banks' spending analysis and budgeting capabilities contributed to better customer satisfaction. BofA, for example, continues to invest in its Better Money Habits platform, which offers features such as a breakdown of transactions, a monthly spending overview and an option to set budgets within different categories. Wells Fargo offers similar services with its Budget Watch or My Money Map.
Here's a rundown of the results (out of 1,000):
Big banks' scores for mobile app customer satisfaction
- Capital One — 868
- Chase Bank — 855
- Wells Fargo Bank — 846
- Bank of America — 840
- PNC Bank — 838
- Citibank — 836
- U.S. Bank — 828
- TD Bank — 821
- Truist Bank — 814
Big banks' scores for online banking customer satisfaction
- Capital One — 861
- Chase Bank — 858
- Bank of America — 852
- Citibank — 840
- TD Bank — 838
- Wells Fargo Bank — 837
- PNC Bank — 834
- U.S. Bank — 819
- Truist Bank — 801
