2021 US Retail Banking Satisfaction Study

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U.S. Retail Banks Nail Transition to Digital during Pandemic, J.D. Power Finds

Satisfaction Surges as Record Number of Customers Shift to Digital-Only Banking

TROY, Mich.: 27 April 2021 — The nation’s retail banks have successfully navigated an historic transformation in which a record 41% of customers are now digital-only and although 24% of customers say they are worse off financially, overall customer satisfaction has increased. According to the J.D. Power 2021 U.S. Retail Banking Satisfaction Study,SM released today, retail bank efforts to increase customer communication, introduce customer relief and community support efforts and deliver strong digital banking services have helped them score high marks for customer satisfaction in a very challenging year.

“If you’re looking for a case study in how to improve engagement and deliver a superior customer experience in the face of massive disruption, look no further than the U.S. retail banking industry’s response to the COVID-19 pandemic,” said Paul McAdam, senior director, banking intelligence at J.D. Power. “The fact that satisfaction has improved most among customers who say they feel worse off financially speaks volumes to the proactive efforts many banks launched to support their customers in a period of heightened financial stress. Moreover, banks’ ability to deliver consistently through digital channels has helped reassure branch-centric holdouts and ease the large-scale transition to digital-only banking.”

Following are some key findings of the 2021 study:

• Customer satisfaction improves amid flight to digital: Prior to the pandemic, digital-only customers accounted for just 30% of the retail bank customer base, which routinely had the lowest levels of customer satisfaction of any channel. This year, 41% of customers are digital-only and satisfaction improves most among customers who have high levels of digital engagement with banking products and customer service.

• Banks step up efforts to help financially insecure customers: Nearly one-fourth (24%) of retail bank customers say they are worse off financially than they were last year—up from 14% in the 2020 study—and just half of customers say they are satisfied with their current financial condition. Despite the financial setbacks, overall customer satisfaction with retail banks improves this year, led by a significant 21-point gain (on a 1,000-point scale) in satisfaction among those who feel worse off financially.

• Majority of customers believe their bank supported them during pandemic: Nearly two-thirds (63%) of retail bank customers say their banks completely supported them during the pandemic, which drove an 86% increase in likelihood of reusing that bank; a 60-point increase in Net Promoter Score®1; and a 48% decrease in problems or complaints. Specific bank actions that customers associate with support during the pandemic are waiving charges/fees; supporting the community; offering additional advice/guidance; and providing late payment forgiveness.

• Big banks continue to close gap: Big national banks are on track to surpass regional and midsize banks in overall satisfaction after achieving big gains in customer satisfaction with problem

1 Net Promoter,® Net Promoter System,® Net Promoter Score,® NPS,® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

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resolution; products and fees; communication and advice; and assisted online service. Midsize banks have historically been the leaders in customer satisfaction, with a 17-point gap in satisfaction vs. big banks as recently as 2018. Today, that gap is just 4 points.

The study measures customer satisfaction with banks in 15 geographic regions. Highest-ranking banks and scores, by region, are as follows:

California: U.S. Bank (818) Florida: Chase (846) Illinois: Chase (829) Lower Midwest Region: BancFirst (871) Mid-Atlantic Region: Atlantic Union Bank (854) New England Region: Bangor Savings Bank (861) North Central Region: Huntington (845) Northwest Region: Umpqua Bank (830) New York Tri-State Region: PNC (840) Pennsylvania: Northwest Bank (834) South Central Region: Chase (848) Southeast Region: United Community Bank (884) Southwest Region: FirstBank (823) Texas: Frost (861) Upper Midwest: Associated Bank (823) and Chase (823) in a tie

The U.S. Retail Banking Satisfaction Study, now in its 16th year, measures satisfaction in six factors (listed in alphabetical order): account opening; communication and advice; channel activities; convenience; problem resolution; and products and fees. Channel activities include seven subfactors (listed in alphabetical order): ATM; assisted online; branch; call center; IVR; mobile; and website.

The study is based on responses from 94,784 retail banking customers of the largest banks in the United States regarding their experiences with their retail bank. It was fielded from April 2020 through February 2021. Big banks are defined as banks with more than $260 billion in domestic deposits; regional banks are those with $55 billion-$259 billion in domestic deposits; and midsize banks are those with less than $55 billion in domestic deposits.

For more information about the U.S. Retail Banking Satisfaction Study, visit https://www.jdpower.com/business/resource/us-retail-banking-satisfaction-study.

To view the online press release, please visit http://www.jdpower.com/pr-id/2021037.

About J.D. Power J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts Geno Effler, J.D. Power; West Coast; 714-621-6224; [email protected] John Roderick; East Coast; 631-584-2200; [email protected]

About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press- release-info

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Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) California

U.S. Bank 818

Chase 817

Bank of the West 809

Bank of America 808

Region Average 808

Citibank 800

Union Bank 798

Wells Fargo 797

Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Florida

Chase 849

Regions Bank 846

Fifth Third Bank 844

Bank of America 834

TD Bank 831

PNC 829

Region Average 828

SunTrust 826

Wells Fargo 821

Citibank 817

BB&T 816

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Illinois

Chase 829

Wintrust Community Bank 827

PNC 826

U.S. Bank 819

BMO Harris Bank 817

Region Average 817

First Midwest Bank 813

Citibank 812

Bank of America 805

Fifth Third Bank 804

TCF Bank 789

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Lower Midwest

BancFirst 871

Arvest Bank 861

Wells Fargo 830

First National Bank of Omaha 826

U.S. Bank 823

Bank of Oklahoma 816

Region Average 815

Bank of America 811

Commerce Bank 796

UMB Bank 777

Note: Lower Midwest includes Kansas, Missouri, Nebraska and Oklahoma. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Mid-Atlantic

Atlantic Union Bank 854

PNC 832

TD Bank 832

SunTrust 821

M&T Bank 817

Region Average 814

BB&T 808

Bank of America 807

Wells Fargo 806

Capital One 804

Note: Mid-Atlantic includes Delaware, Maryland, Virginia and Washington D.C.. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) New England

Bangor Savings Bank 861

Eastern Bank 856

TD Bank 827

People's United Bank 811

Citizens Bank 809

Region Average 808

Santander 802

Bank of America 793

Note: New England includes Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) North Central

Huntington 845

Chase 838

Bank of America 831

BB&T 829

Woodforest National Bank 829

Fifth Third Bank 828

Region Average 827

PNC 826

U.S. Bank 826

Comerica Bank 817

WesBanco 816

KeyBank 805

Citizens Bank 803

Flagstar Bank 800

TCF (includes former Chemical Bank) 797

Note: North Central includes Indiana, Kentucky, Michigan, Ohio and West Virginia. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Northwest

Umpqua Bank 830

Chase 813

KeyBank 810

Region Average 807

Wells Fargo 805

U.S. Bank 798

Bank of America 794

Note: Northwest includes Idaho, Montana, Oregon and Washington. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) NY Tri-State PNC 840

Community Bank 837

Chase 828

New York Community Bank 827

Bank of America 823

Webster Bank 819

NBT Bank 816

M&T Bank 815

TD Bank 815

Citizens Bank 814

Region Average 813

Capital One 812

Santander 811

People's United Bank 809

KeyBank 806

Wells Fargo 803

Citibank 797

HSBC 743

Sterling National Bank 737

Note: NY Tri-State includes Connecticut, New Jersey, New York. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Pennsylvania

Northwest Bank 834

M&T Bank 828

PNC 828

Citizens Bank 827

TD Bank 823

Bank of America 820

First Commonwealth Bank 820

Region Average 820

First National Bank 816

Fulton Bank 816

KeyBank 812

Santander 811

Wells Fargo 810

BB&T 787

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) South Central

Chase 848

Arvest Bank 846

Hancock Whitney Bank 845

Regions Bank 840

Region Average 835

BBVA 834

Capital One 834

Bank of America 831

BancorpSouth 829

BB&T 828

U.S. Bank 827

First Horizon Bank 822

SunTrust 819

Wells Fargo 817

Note: South Central includes Alabama, Arkansas, Louisiana, Mississippi and Tennessee. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Southeast

United Community Bank 884

Fifth Third Bank 853

Regions Bank 848

Synovus Bank 844

PNC 841

First Citizens Bank 839

TD Bank 835

Bank of America 834

Chase 834

Region Average 832

BB&T 831

Woodforest National Bank 829

Wells Fargo 828

South State Bank 825

SunTrust 816

Note: Southeast includes Georgia, North Carolina and South Carolina. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Southwest

FirstBank 823

Chase 822

Zions Bank 811

Region Average 808

Bank of America 807

Bank of the West 806

Wells Fargo 804

U.S. Bank 799

BBVA 798

Note: Southwest includes Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Texas

Frost 861

Woodforest National Bank 848

Capital One 834

Chase 831

Bank of America 829

Region Average 828

First National Bank Texas 823

Prosperity Bank 823

Wells Fargo 823

BBVA 809

Year / Project / Study Name J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Overall Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Upper Midwest

Associated Bank 823

Chase 823

BMO Harris Bank 802

U.S. Bank 801

Region Average 796

TCF Bank 774

Wells Fargo 774

Note: Upper Midwest includes Iowa, Minnesota, North Dakota, South Dakota and Wisconsin. Source: J.D. Power 2021 U.S. Retail Banking Satisfaction StudySM Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in this release or J.D. Power survey results without the express prior written consent of J.D. Power.