When insurance firms launched social media initiatives, the results were rewarding.
For the fifth consecutive year, Frost Bank has received the highest ranking in customer satisfaction in Texas in the J.D. Power and Associates 2014 U.S. Retail Banking Satisfaction Study.
According to a release, fourteen retail banks in Texas were ranked, including regional and large banks.
With an index score of 856, Frost ranked highest in customer satisfaction among all retail banks in Texas. That is 58 index points above the Texas region average of 798 and 71 points above the national average of 785.
Survey respondents gave Frost particularly high satisfaction marks for product offerings, account information, fees, and account activities-which include branch, website, ATM, mobile and call center-according to the J.D. Power and Associates study. Based on the Power Circle Ratings on JDPower.com, Frost received "among the best" marks in all factors.
"This J.D. Power award recognizes that Frost customers appreciate the unique experience of banking with us," said Dick Evans, Frost chairman and CEO. "When they call us on the phone 24/7, a real person in Texas answers. In financial centers, our bankers treat them with courtesy and provide exceptional service. And when they interact with us online or through their smart phones, their experience is true to Frost. This highest ranking acknowledges Frost's legendary customer satisfaction that is an essential part of our culture.
"In the last year, we have greatly enhanced our mobile services with our top-rated app for iPhone and Android smart phones, and have more than doubled our network of ATMs Frost customers can use free of charge - now number one or two in every region we serve. Of course, it's our employees who make the Frost experience happen through their actions every day in bringing our culture to life."
Although this is the ninth year J.D. Power has studied retail banking, it is only the fifth year they've conducted a separate ranking for banks in Texas. Frost has maintained its highest ranking since it was first included when J.D. Power began conducting a separate ranking for banks in Texas in 2010.
The ninth annual customer satisfaction study is the longest- running and most in-depth survey of the retail banking industry, with more than 80,000 customers covering various aspects of their banking experience. The study measures satisfaction in six factors: account information; channel activities; facility; fees; problem resolution; and product offerings. Banks are ranked based on overall customer satisfaction in 11 regions.
Earlier this year, Frost Bank was recognized as a J.D. Power 2014 Customer Champion, one of only 50 U.S. companies to receive this accolade.
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc., a financial holding company.
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