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VOL. 11 | NO. 22 | Saturday, June 2, 2018

Trustmark Bank Scores No. 1 Ranking In Customer Satisfaction Survey

By Michael Waddell

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With intense competition in the Memphis banking market to win over new customers and keep their existing ones, customer satisfaction is key. In the most recent J.D. Power U.S. Retail Banking Satisfaction Study, Trustmark National Bank scored the highest marks for the South Central region, which includes Memphis.

Trustmark National Bank regional president Gene Henson inside the bank’s newest branch at 6165 Poplar Ave. Trustmark shares the space with Starbucks. (Lisa Buser)

“We’re thrilled to be in the top spot for the second time in the past three years,” said Trustmark regional president Gene Henson.

The bank also had the top ranking in the South Central Region the 2016 U.S. J.D. Power Retail Banking Satisfaction Study.

The 2018 survey measured customer satisfaction with retail banks, based on responses from more than 88,000 retail banking customers from 200 of the largest banks in the U.S.

“In order to achieve Trustmark’s vision, we know that we must offer products and services that best meet the needs of our customers while providing the outstanding customer satisfaction they deserve,” Henson said. “We don’t take this recognition lightly and understand that there are always opportunities for improvement.”

The J.D. Power study separated results across 11 broad regions of the U.S. Memphis’ largest bank by market share – First Tennessee Bank – ranked No. 9 in the region.

Henson said many of the metrics banks were scored on are behaviors that Trustmark’s employees do every day.

“Not only do we practice these expected behaviors, we also coach, measure and reward our associates at the branch level on service performance on an ongoing basis,” he said. “Things that may seem insignificant in the bigger picture are actually important to customers, such as calling them by name, greeting them as soon as they walk in and sincerely thanking them for their business.”

Several years ago Trustmark created a Customer Experience Department charged with monitoring and measuring customer satisfaction.

Trustmark has enjoyed significant growth in the Memphis/Northern Mississippi region over the past few years, particularly on the commercial side.

“As the local economy continues to pick up steam we are able to leverage that activity on both the commercial and consumer sides,” Henson said.

Trustmark is making a significant investment in technology. Over the past several years the bank has rolled out a new mobile app with mobile deposit functionality; implemented Deposit Express ATMs, which allows customers to deposit checks or cash at an ATM; upgraded myTrustmark online banking for consumers and businesses; and introduced Treasury Management products designed to enhance business customer security.

“The shift to digital has clearly presented challenges for some banks, but those who are managing to get the customer satisfaction formula right, with the right combination of high-tech, high-touch customer interaction, are already setting the pace for others to follow,” said Bob Neuhaus, J.D. Power senior director of financial services.

Last July Trustmark introduced an Interactive Teller Machine at a newly configured branch location at 6165 Poplar Ave. in a space it shares with Starbucks.

“Through that machine, you can accomplish 99 percent of all teller transactions that you would normally see at a more traditional live teller window,” Henson said. “More and more of our customers are leveraging technology to accomplish their banking.”

With that in mind, Henson and J.D. Power believe in maintaining a balance of traditional and mobile offerings.

“Robust digital offerings from some of the nation’s largest banks have helped them grow their customer bases, but the study reveals that customers who use exclusively online or mobile banking channels are the least satisfied with their banks’ service quality,” said Paul McAdam, J.D. Power senior director of the banking practice.

Neuhaus believes some retail banks need to address the growing “digital divide” that is emerging within their customer bases.

“Successfully navigating that transition will require a combination of providing better, more personalized advice that is consistent across both digital and branch interactions, and ensuring that customer needs are being met regardless of what channel they are using,” he said.

Trustmark, which counts 20 branches and more than 150 employees in the Mid-South area, plans to continue to embrace technology without forgetting that at the end of the day banking is a people business.

“Most banks provide basically the same products, so we look to differentiate ourselves through our service and by living our tagline, ‘People You Trust. Advice That Works,’ every single day,” Henson said.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 151 1,493
MORTGAGES 45 105 1,152
FORECLOSURE NOTICES 5 19 209
BUILDING PERMITS 201 410 3,466
BANKRUPTCIES 35 119 872
BUSINESS LICENSES 9 32 361
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0