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“The largest retail banks in the nation are playing a different game than smaller, regionally focused rivals, so they should be evaluated on their own scale,” Bob Neuhaus, financial services consultant at J.D. Power, said in PNC’s statement. “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.
“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,” Neuhaus added.
According to PNC’s summary, the study found that:
• Banks cannot afford to make mistakes: The common denominator among top-performing banks in the study is fewer reported problems, which can include such issues as incorrect fees, service charges and other errors.
• Millennials matter: “Younger customers in the Millennial and Gen Z demographics are the most likely to have multi-product relationships with their banks,” the bank’s statement said.
The study found that 22 percent of Millennials maintain accounts with their retail bank. That number increases to 24 percent of Gen Z customers, but falls to just 11 percent of baby boomers and 15 percent of Gen X, PNC said.
The study measures customer satisfaction for the six largest retail banks in the nation. The 2017 study is based on responses from more than 5,784 customers and was fielded in June to July 2017.