The Consumer Bankers Association (CBA) said findings from the J.D. Powers 2021 U.S. Retail Banking Satisfaction Study affirm the industry’s focus on aiding consumers amid the COVID-19 pandemic.
CBA President and CEO Richard Hunt issued a statement regarding the survey results, which maintained banks have made a concerted effort to strengthen communication, offer digital products and services and support their communities, which has resulted in a customer satisfaction surge.
“The survey results underscore our industry’s unwavering commitment to navigating the new normal, especially in the wake of one of the most uncertain times in our nation’s history,” Hunt noted. “When COVID-19 hit communities last March, the banking industry joined together to support struggling small businesses and consumers during their time of need. Banks offered increased flexibility to support customers and enhanced online banking services, with bankers working around the clock to close the digital divide.”
The study found that customer satisfaction improved amid flight to digital; banks stepped up efforts to help financially insecure customers, the majority of customers believe their bank supported them during the pandemic, and big banks continue to close the gap.
“If you’re looking for a case study in how to improve engagement and deliver a superior customer experience in the face of massive disruption, look no further than the U.S. retail banking industry’s response to the COVID-19 pandemic,” J.D. Power Senior Director, Banking Intelligence Paul McAdam said. “The fact that satisfaction has improved most among customers who say they feel worse off financially speaks volumes to the proactive efforts many banks launched to support their customers in a period of heightened financial stress. Moreover, banks’ ability to deliver consistently through digital channels has helped reassure branch-centric holdouts and ease the large-scale transition to digital-only banking.”