WABAN, Mass.–One bank and credit unions overall deliver the best customer experience in the financial services industry, according to the just-released 2018 Temkin Experience Ratings, an annual consumer experience benchmark of companies based on a survey of 10,000 U.S. consumers.
Navy FCU, which appears separately, was also highly ranked.
According to Temkin, of the15 banks included in this year's Ratings, Citizens Bank and credits unions tied for the top spot. Each earned a score of 83% and came in second place overall out of 318 companies across 20 industries, the company reported. Two other banks received "excellent" ratings: USAA, which scored 82% and placed seventh overall, and Regions, which scored 81% and placed 12th overall.
Overall, the banking industry averaged a 73% rating in the 2018 Temkin Experience Ratings and came in fourth place out of 20 industries. The average rating of the industry improved by 1.1 percentage-points between 2017 and 2018, going from 72.0% to 73.1%, Temkin reported.
The ratings of all banks in the 2018 Temkin Experience Ratings are:
- Citizens: 83%
- A credit union: 83%
- USAA: 82%
- Regions: 81%
- Navy Federal Credit Union: 75%
- Chase: 75%
- PNC: 75%
- U.S. Bank: 75%
- Fifth Third: 73%
- TD Bank: 73%
- SunTrust Bank: 71%
- Capital One: 69%
- Bank of America: 68%
- Wells Fargo: 67%
- Citibank: 64%
"Once again, we see that smaller banks and credit unions tend to deliver a better experience to their customers compared to major banks," said Bruce Temkin, managing partner of Temkin Group, in a statement.
Temkin reported that Fifth Third's customer experience score improved the most over the previous year, gaining six percentage-points. SunTrust Bank's score, on the other hand, declined the most, dropping by three points.
The 2018 Temkin Experience Ratings evaluated 318 companies across 20 industries: airlines, auto dealers, banks, computer and tablet makers, credit card issuers, fast food chains, health plans, hotels and rooms, insurance carriers, investment firms, parcel delivery services, rental cars and transport, retailers, software firms, streaming media, supermarket chains, TV and appliance makers, TV/Internet service providers, utilities, and wireless carriers.
To generate these ratings, Temkin Group said it 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 said it 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," while a score below 60% is considered "poor,” according to the company.
The 2018 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.