Arvest Bank ranks highest among its peers in customer satisfaction with retail banking in both the South Central and Southwest Regions, according to the J.D. Power 2020 U.S. Retail Banking Satisfaction Study released today.
The study is conducted annually to measure banking consumers’ satisfaction with their financial institutions, and those institutions are then ranked according to J.D. Power’s scoring system. This year’s study was conducted with more than 90,000 banking consumers across 11 regions.
Arvest now has a total of 16 J.D. Power wins in the last 12 years: Southeast (2009), South Central (2010, 2012-2015, 2019-2020) and Southwest (2010-2016 and 2020).
The bank’s score of 863 this year in the South Central Region is 33 points higher than the region average and 15 points ahead of its nearest competitor. In the Southwest Region, Arvest’s score of 851 is 41 points higher than the region average and 7 points higher than the nearest competitor.
“It is always exciting to win a J.D. Power award because they are based primarily on the experience we provide our customers across a variety of channels,” Arvest president and CEO Kevin Sabin said. “Considering the circumstances we all are operating under, and the role we are playing to help a lot of our customers through some trying times, it feels like an extra dose of inspiration.
“We will celebrate this recognition as a company because it reflects the commitment our associates show every day, but we will not lose sight of the hard work that remains to be done. We will continue to strive for excellence and to serve our customers in bigger and better ways.”
The study measures satisfaction in six factors: channel activities, communication and advice, convenience, new account opening, problem resolution, and products and fees. Arvest received the highest scores in the Southwest Region in four factors: channel activities, communication and advice, convenience, and products and fees. The region consists of Arizona, Colorado, New Mexico, Nevada, Oklahoma, Utah and Wyoming.
In the South Central Region, which consists of Alabama, Arkansas, Louisiana, Mississippi and Tennessee, Arvest scored the highest in communication and advice, convenience, and products and fees.
Arvest did not meet the minimum total assets requirement in the Midwest Region which includes Kansas and Missouri.
Go here to view the full release from J.D. Power.