The three largest banks in North Carolina — Bank of America Corp., Wells Fargo & Co. and Truist Financial Corp. — remained ranked at the bottom of the 2023 J.D. Power rankings for overall satisfaction with national and super-regional banks.
https://journalnow.com/news/local/business/truist-wells-fargo-bank-of-america-trail-in-customer-satisfaction-report/article_4b69f874-9dbe-11ee-8f1b-3fe165986654.html
Seems about right unfortunately. The issue for the bigger banks is that they have so much overhead with brick and mortars, tellers, etc. Ally and the like can dump all that money into IT.
I will say though that I've never had a problem with all of my Wells accounts. I have had problems with US Bank though.
People hear dont know how to satisfact they customer
we must have forgotten to pay our jd power bill this year
Difference between the biggest banks and the middle. Needed to change rollover terms on two CDs, one at Citi and one at Ally. I logged on to Ally, viewed the current rollover terms, clicked change and selected a different product, done. Citi online did not display the rollover terms, tried AI and what a joke, tried chat and eventually the person sent me a text and asked me to read him the code. The text said "Citi will never ask you for this code.....". I closed the chat. Now had to call customer service. After several minutes finding a phone number on their website I reached someone after a 17 minute wait. Alas, it was an India call center with "Arnold" who I could barely understand. Arnold had no idea what I wanted and kept asking if I wanted rates. Following a script no doubt. After 20 minutes I escalated and got an English speaking person. I asked that they send me a check at closing I was no longer interested in keeping the CD with them. l was told they could not do that except 7 days before or after the CD matured. By the way, Ally texted me the next day asking if everything went OK. I decided to say No and see what happened. My phone rang within the hour. It was Ally.
I’ve had experience with JD Power and Associates at a previous company, a service where companies pay for evaluation of their customer support policies and procedures. This includes reviewing customer satisfaction metrics and other analytical reports. Although results generally favor the company.
Companies often prefer a slightly lower customer satisfaction rate (like 92-93%) over a higher one (99%) because the cost of maintaining near-perfect satisfaction is significantly higher. This approach allows companies to monetize the gap, often by offshoring less critical support services to save costs. For example, handling low-level technical issues with less skilled staff. This strategy is particularly evident in how companies treat different customer segments, prioritizing more important clients like government agencies. This can branch into professional services where income can be generated.
The key is maintaining a balance between service quality and cost. JD Power’s role in this is not altruistic; they are a paid service, and their assessments should be seen in this context. Their service is valuable to public perception, but it’s essential to understand that it’s part of a business strategy, not a charitable offering.