San Antonio-based Frost Bank has claimed the top spot for the 13th straight year as Texans’ favorite retail bank, according to research firm J.D. Power.
The firm’s ranking measures customer satisfaction on a range of factors — from trust and account offerings to digital banking and how companies resolve problems and complaints. It’s based on responses from 101,587 customers surveyed between April 2021 and January 2022.
This is the 17th year J.D. Power has released the study. Frost Bank, founded in 1868 and now with over 4,700 employees statewide, has topped the Texas ranking each year the firm has broken the state out as its own region.
Frost has 158 financial centers in Texas, including 17 in the Dallas area and 22 in the Tarrant County region. The bank’s parent company, Cullen/Frost, is a financial services firm with $50.9 billion in assets as of the end of 2021.
“Frost has strength in personal service and convenience that has created a very loyal customer base,” said Jennifer White, senior consultant of banking intelligence at J.D. Power.
Frost does everything with the customer in mind, said spokesman Bill Day. He cited its recent expansions in Houston and Dallas, its addition of overdraft grace and early payday, its largest ATM network in the state and its plan to start mortgage lending as examples.
On Feb. 28, Frost opened its Little Elm Financial Center, the second of 28 new financial centers it plans to open in the Dallas region.
The study aims to give customers a voice in helping banks understand how to improve, White.
“Retail banking is a very intimate relationship for many customers, from understanding how their money moves to trusting the organization to house that money and provide advice and guidance,” she said.
With the digital age, there has been an increase in customer desire for speed and options to bank how and when they want, White said.
This year, White’s team noticed that banks can improve by doing a better job at supporting customers in financial stress, she said.
“Digital banking typically results in lower satisfaction scores than in-person banking so banks have to think how to bring a high-touch approach to digital banking,” White said.
Natalie Walters, Money Reporter. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. She grew up in Augusta, Ga. and holds an MA in Investigative Journalism from The Cronkite School.