About Woodforest : News
April 23, 2010 – Houston Business Journal
Woodforest National Bank has received the second-highest Texas score in an annual banking satisfaction report.
The Woodlands-based bank scored 800 points out of a possible 1,000 in the J.D. Power and Associates 2010 U.S. Retail Banking Satisfaction Study.
Topping the Texas ranking was San Antonio-based Frost National Bank, with a score of 829, while Virginia-based Capital One came in third among Lone Star State customers polled at 787. The average satisfaction score across the country was 748 out of a possible 1,000 points.
BBVA Compass had the lowest score among Texas customers at 717. BBVA Compass, based in Birmingham, Alabama, is the U.S. banking arm of Spanish financial services giant Banco Bilbao Vizcaya Argentaria SA. The holding company for BBVA's U.S. operations is based in Houston.
The study analyzes customer satisfaction with the retail banking experience based on six factors: Account activities; account information; facility; fees; problem resolution; and product offerings.
Overall, J.D. Power noted that, for a fourth consecutive year, customer loyalty and perceptions of brand image among retail banking customers continue to decline, while satisfaction has leveled off.
The gap in loyalty intent between customers of larger and smaller banks is considerable, with 41 percent of customers at smaller banks who say they "definitely will not" switch, compared with 3.2 percent at larger banks. Poor customer service - the most common reason given for switching banks - is cited by 37 percent of customers who changed their primary bank in 2010.
