WABAN, Mass.–Credit unions have again been ranked highly in a survey of consumers over trustworthiness.
Credit unions were ranked third in the 2016 Temkin Trust Ratings, which benchmark the level of trust that consumers have with 294 companies across 20 industries, with the top two spots claimed by USAA (one for bank/financial services, the other for insurance services). USAA was given a Temkin Trust Rating of 76% and 71%, respectively, followed by “a credit union” at 70% (which tied with Publix Supermarkets). The rest of the Top 10 included Mercedes-Benz, USAA (this time for credit cards), Chick-fil-A, Amazon.com, Residence Inn, H-E-B, Lexus, and BJ's Wholesale Club.
Among highlights of the research:
- The supermarket industry earned the highest average Temkin Trust Ratings (61%), and was the only industry to earn an "OK" rating. Insurance companies, retailers, investment firms, and hotels were next on the list with mediocre ratings between 54% and 55%.
- TV services (27%) and Internet services (29%) fell far below any other industries. The next lowest industry is health plans, which has a rating that is more than 10 points higher (40%).
- The following companies outperformed their industry average by 15 points or more: USAA (banks, credit cards, and insurance), Kaiser Permanente, Chick-fil-A, credit unions, Amazon.com (computers and tablets),Lexus, and TriCare.
- The following companies are 15 points or more below their industry average: Motel 6, Chrysler, HSBC, Citibank, Super 8, Days Inn, Compaq, Spirit Airlines, Compact, Haier, and Dollar Rent A Car.
- Of the 260 companies in the 2015 and 2016 Temkin Trust Ratings, 81% of companies decreased in score while only 13% increased.
- Mercedes-Benz, Consolidated Edison Company of New York, Charles Schwab, and Fox Rent A Car are the only companies with double-digit increases in their Temkin Trust Ratings over the last year.
- Dodge, Office Depot, E*TRADE, Toys 'R' Us, Subaru, Chrysler, and Cadillac declined the most, leading 78 companies that fell by more than 10 points.
- The average Temkin Trust Ratings across all industries declined between 2015 and 2016, with the largest drop in Computers and Tablets (down eight points) and the smallest decline in hotels, wireless carriers, and Internet service providers (down three points).
For the second year in a row, Comcast earned the lowest two spots in the Temkin Trust Ratings for its TV service and Internet service businesses. But many of its competitors also earn very poor ratings, Temkin reported. The next lowest rated companies were Charter Communications (for Internet service and TV service), Time Warner (for Internet service and TV service), and Cox Communications.