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J.D. Power Ranks U.S. Bank Highest in Customer Satisfaction for Retail Banking in California
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For the fourth consecutive year, U.S. Bank has been ranked highest in customer satisfaction for retail banking in California by J.D. Power. The 2024 U.S. Retail Banking Satisfaction Study evaluated customer satisfaction across seven dimensions including trust, customer service, account offerings, and digital channels. U.S. Bank's recent acquisition of MUFG Union Bank added over 1 million consumer clients and 190,000 small business clients. This expansion has helped U.S. Bank climb from 10th to 4th in deposit position in California. Executives attribute this success to their commitment to client-centric services and advanced digital products.
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U.S. Bank ranked highest in customer satisfaction for retail banking in California by J.D. Power for the fourth consecutive year.
Recent acquisition of MUFG Union Bank brought over 1 million consumer clients and 190,000 small business clients.
U.S. Bank's deposit position in California improved from 10th to 4th place.
Continued focus on client-centric service and advanced digital product offerings.
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For the fourth consecutive year, U.S. Bank receives the prestigious statewide accolade
LOS ANGELES--(BUSINESS WIRE)--
For the fourth consecutive year U.S. Bank has received the highest score in California in the J.D. Power 2024 U.S. Retail Banking Satisfaction Study of clients’ satisfaction with their primary bank.
U.S. Bank named #1 in Customer Satisfaction for Retail Banking in California for the fourth consecutive year. (Photo: Business Wire)
The U.S. Retail Banking Satisfaction Study, now in its 19th year, measures satisfaction across seven dimensions: trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints. The study is based on responses from retail banking customers of the largest banks in the United States regarding their experiences.
“We’ve worked hard to earn and maintain a sense of trust with our clients throughout the state,” said Carl Jordan, executive vice president, branch and small business banking for California. “It is particularly rewarding to receive this recognition in a year when we welcomed former Union Bank clients to U.S. Bank. We have combined to bring them the care and individualized focus on their financial needs that they expect, while also offering the industry’s leading technology offerings like our mobile banking app.”
With the MUFG Union Bank acquisition last year, U.S. Bank gained more than 1 million consumer clients and about 190,000 small business clients on the West Coast in addition to significant loans and deposits. Through continued focus on client-centric service, U.S Bank has grown its deposit position in California from 10th to 4th.
“Our clients are the reason we show up to work every day,” said Tim Welsh, U.S. Bank vice chair of consumer and business banking. “It is our culture and mission to invest our hearts and minds into powering the human potential of the communities we serve. We do that by providing digital products that make our clients’ lives more efficient and by ensuring that our employees understand the vitally important role we play in each of our communities’ success stories.”
“We recognize that our clients have a choice when it comes to who they bank with, and we are honored to earn the right to be a part of their financial journey,” said Sekou Kaalund, U.S. Bank head of small business and branch banking. “To receive this recognition from our clients and for the fourth consecutive year is a testament to the knowledgeable, dedicated bankers on our team, and the result of a relationship we take great pride in.”
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 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power 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.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $684 billion in assets as of March 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
What award did U.S. Bank receive from J.D. Power in 2024?
U.S. Bank was ranked highest in customer satisfaction for retail banking in California by J.D. Power in 2024.
How many years in a row has U.S. Bank ranked highest in customer satisfaction in California?
U.S. Bank has ranked highest in customer satisfaction for retail banking in California for four consecutive years.
What dimensions does the J.D. Power U.S. Retail Banking Satisfaction Study measure?
The study measures satisfaction across seven dimensions: trust, people, account offerings, banking convenience, saving time and money, digital channels, and resolving problems.
What was a significant result of U.S. Bank's MUFG Union Bank acquisition?
The acquisition brought over 1 million consumer clients and 190,000 small business clients, significantly boosting U.S. Bank's market position.
How did U.S. Bank's deposit position in California change after the acquisition?
U.S. Bank's deposit position improved from 10th to 4th in California after the acquisition.
