Digital Banks Score Better than Traditional Banks in Almost All Categories

According to a new study by J.D. Power digital only banks score better than bank in almost all categories except call centers; digital bank customers reach out to call centers at twice the rate of traditional bank customers and 40 percent wait on the call for more than five minutes; Bob Neuhaus, VP of Financial Services at J.D. Power, tells American Banker, “The companies that can get their arms around it most quickly will mitigate the damage to some degree with their customers if wait times are not long, and they can deliver on services that people need.”; Charles Schwab Bank and E-Trade Bank score the highest on the survey with both banks exceeding the industry average; the study did not look at digital only brands of traditional banks, the highest bank on the list was Discover Bank. American Banker 

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