Arvest Bank ranks highest among its peers in customer satisfaction with retail banking in both the South Central and Southwest Regions, according to the recently released J.D. Power 2020 U.S. Retail Banking Satisfaction Study.
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, an Arvest news release said.
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.
"This is a rewarding honor to receive because it is based on the level of service our associates give our customers across all our channels," Franklin Bass, community bank president of Arvest Bank in southwest Arkansas, said in the release. "As we navigate these unfamiliar circumstances, it is motivational to hear that our customers value our service."
The survey 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 South Central Region in three factors: communication and advice, convenience and products and fees. The region consists of Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
In the Southwest Region, which consists of Arizona, Colorado, New Mexico, Nevada, Oklahoma, Utah and Wyoming, Arvest scored the highest in channel activities, communication and advice, convenience, and products and fees. Arvest's score of 851 is 41 points higher than the region average and 7 points higher than the nearest competitor, the release said.
Arvest did not meet the minimum total assets requirement in the Midwest Region which includes Kansas and Missouri.
To view the full release from J.D. Power, visit www.jdpower.com/business/news.Business on 05/18/2020
Print Headline: Arvest tops in region in J.D. Power study