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By 
May 09, 2024 at 12:32 PM
Customer satisfaction with online-only direct banks trended lower during the past year even as a surge of new customers opened checking and savings accounts, according to the J.D. Power 2024 U.S. direct banking satisfaction study, released this week.
“Despite significant increases in deposit interest rates for both checking and savings accounts — but decreases in the proportion of customers who had to pay a fee or experienced a problem — overall satisfaction still declined,” Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said in a statement.
“That’s because customers who experienced problems had a very tough time resolving them in a timely manner, causing satisfaction with the ease of problem resolution to decline sharply.”
J.D. Power’s annual study measures overall satisfaction with direct bank and neobank checking and/or savings/money market products based on these dimensions:
- Customer service
- Ease of moving money
- Helps grow money
- Level of trust
- Managing account via mobile app
- Managing account via website
- Reduce banking fees
The new study, fielded from December through March, is based on responses from 8,648 direct bank customers.
Delayed Responses
The study found year-over-year declines in satisfaction with direct banking, though satisfaction was still higher than with traditional banks.
