FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” received the highest customer satisfaction ranking for the Southwest Region in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study. This is the third year in a row the bank earned the study’s top rating across six states.
“60 years ago, we started FirstBank with a commitment to doing what’s right for customers, communities, and employees. It’s wonderful to see our guiding philosophy and strategic decision-making continue to create happy customer experiences,” said Jim Reuter, CEO of FirstBank. “We’re proud FirstBank continues to receive top marks in customer satisfaction across several areas and are honored to receive J.D. Power’s highest rating in the Southwest for the third consecutive year.”
The J.D. Power results were based on 101,440 retail bank customers, who were asked to rank their bank across seven factors: trust; people; account offerings; allowing customers to bank how and when they want (convenience); saving time and money; digital channels; and resolving problems or complaints (problem resolution).
According to the J.D. Power study, banks that provided relevant communication about how to avoid fees and fraud gained an advantage. FirstBank, in particular, increased its financial education and fraud prevention measures, through financial literacy courses, in-person events, newsletters, online video/blog content, and its 24/7 fraud department. It also provides customers with several tools and services to help avoid NSF/overdraft fees, including text and email notifications, the ability to opt out of overdraft services, linked accounts, and overdraft protection, to name a few.
Another notable takeaway from the study found access to in-person services matters. In fact, 72% of customers say they plan to use their bank’s branches at the same rate in the coming year. These findings differed from previous years, where customers had put more value on digital-only products and services during the height of the pandemic.
“We meet customers where they want to be met, whether that’s online, in a mobile app; over the phone with our 24-hour customer service department, or at one of our many branch locations. Customers have the security, tools, resources, and support they need when they need it,” said Reuter. “We have the tech and innovation of a big national bank, but the accessibility and customer service of a small community bank. I think our customers appreciate that.”