WABAN, Mass.–Credit unions have again finished highly in national rankings on “experience.”
The just-released 2016 Temkin Experience Ratings, an annual consumer experience ranking of companies based on a survey of 10,000 U.S. consumers, ranked credit unions number one in the “banking industry” for the fifth year in a row, earning a rating of 77% and placing seventh overall out of 294 companies across 20 industries, according to Temkin.
USAA and Regions Bank tied for second place, each receiving a rating of 75% and an overall rank of 12th. Three other banks earned “good” ratings (above 70%): Capital One 360, TD Bank, and PNC.
Meanwhile at the bottom of the list, Citibank has the lowest score of out of 15 banks in the ratings (56%), and it placed 190th overall. Citizens was not far ahead as it received a 60% rating and came in 153rd place overall, the company reported.
“Credit unions continue to outshine major banks when it comes to customer experience,” stated Bruce Temkin, managing partner of Temkin Group.
Overall, the banking industry averaged a 67% rating in the 2016 Temkin Experience Ratings and tied for 4th place out of 20 industries. The average rating of the industry decreased by four percentage points between 2015 and 2016, dropping from 71% to 67%.
Among the findings in the Temkin survey:
- The ratings of all banks in the 2016 Temkin Experience Ratings are as follows: A credit union (77%), USAA (75%), Regions Bank (75%), Capital One 360 (71%), TD Bank (70%), PNC (70%), SunTrust Bank (68%), U.S. Bank (68%), Chase (67%), Capital One (66%), Fifth Third (65%), Wells Fargo (64%), Bank of America (63%), Citizens Bank (60%), and Citibank (56%).
- No bank improved its rating between 2015 and 2016.
- Citizens (-12 points), USAA (-7 points), Chase (-6 points), and Citibank (-6 points) declined by the most percentage points between 2015 and 2016.
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 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’s Temkin Experience Ratings, 20% of companies earned a “good” or “excellent” score, while 44% received a “poor” or “very poor” score.
Earlier this year credit unions also finished highly in Temkin Group’s “Trust” rankings, as CUToday.info reported here. http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/A-Look-at-Where-Credit-Unions-Finished-In-Latest-Trust-Rankings