What Financial Institutes provide Best Customer Engagement?

By Temkin Group, Special for USDR

USAA and credit unions deliver the best customer experience in the banking industry, according to the 2015 Temkin Experience Ratings, an annual ranking of companies based on a survey of 10,000 U.S. consumers.

USAA and credit unions tied for the top spot, each with a rating of 81%, putting them in 8th place overall out of 293 companies across 20 industries. Credit unions (which is a rating for a group of credit unions, not one company) have earned the highest ranking for banks over the past four years. USAA has been hovering around the top of the banking list since 2011, but this is the first year that it actually took the top spot.

Meanwhile, BB&T debuted on the Ratings at the bottom of the industry, with a rating of 61% and a rank of 199th overall. Citibank was not far ahead, receiving a rating of 62% and coming in 187th place overall.

Credit unions continue to outshine major banks when it comes to customer experience,” states Bruce Temkin, managing partner of Temkin Group.

Here are some additional findings from the banking industry:

  • Overall, the banking industry averaged a 71% rating in the 2015 Temkin Experience Ratings and placed 5th out of 20 industries. The average rating of the banking industry stayed steady at 71% between 2014 and 2015.
  • The ratings of all banks in the 2015 Temkin Experience Ratings are as follows: USAA  (81%), A credit union (81%), Regions(78%), SunTrust Bank (73%), PNC (73%), Chase (73%), Citizens (73%), TD Bank (72%), U.S. Bank (72%), Capital One 360(72%), Bank of America  (67%), Capital One (67%), Wells Fargo (66%), Fifth Third (66%), Citibank  (62%), and BB&T (61%).
  • Citizens (+6 points), Fifth Third (+6 points), and Bank of America (+4 points) improved their ratings the most between 2014 and 2015.
  • TD Bank (-8 points), Wells Fargo (-5 points), and Regions (-3 points) declined by the most percentage-points between 2014 and 2015.

Now in its fifth year of publication, the 2015 Temkin Experience Ratings is the most comprehensive benchmark of customer experience in the industry, evaluating 293 companies across 20 industries.

To generate these ratings, Temkin Group asked 10,000 U.S. consumers to evaluate their recent experiences with a company across three dimensions: success (can you do what you want to do?), effort (how easy is it to work with the company?), and emotion (how do you feel about the interactions?). Temkin Group then averaged these three scores to produce each company’s Temkin Experience Rating.

In these ratings, a score of 70% or above is considered “good,” and a score of 80% or above is considered “excellent.” In this year’sTemkin Experience Ratings, 37% of companies earned a “good” or “excellent” score, while 26% received a “poor” or “very poor” score.

The 2015 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.

The free report “2015 Temkin Experience Ratings” is available for download at the Customer Experience Matters® blog (ExperienceMatters.wordpress.com) and at the Temkin Group website,  www.TemkinGroup.com.

About Temkin Group: Temkin Group is a leading customer experience research and consulting firm. Many of the world’s largest brands rely on its insights and advice to steer their transformational journeys, and Temkin Group accelerates their results by combining customer experience thought leadership with a deep understanding of organizational dynamics. Rather than layering on cosmetic changes, Temkin Group helps companies embed practices within their culture by building up four core competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness. The firm’s ongoing research identifies leading and emerging best practices for engaging the hearts and minds of customers, employees, and partners. For more information, contact Bruce Temkin at 617-916-2075 or send an  Email.

*Customer experience matters is a registered trademark of Temkin Group.

SOURCE Temkin Group

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.
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