OMAHA, Neb., April 21, 2014 /PRNewswire/ -- The MSR Group today announced that 1st Source Bank is the recipient of its APECS® Customer Advocacy Award, Midwestern Region.
This award is given to the client retail banking organization receiving the highest Net Advocacy Rating (NAR®) among its customers within their respective region. To qualify as a recipient, clients must have achieved a rating significantly higher than the national average and rank highest among all APECS® clients. 1st Source Bank posted a 2013 Net Advocacy Rating 8.1 points higher than the 2013 APECS® National Average. 1st Source Bank's rating is significantly higher than many of the nation's largest banks, including Bank of America, Chase, US Bank and Wells Fargo. Net Advocacy Rating (NAR®) is one of the strongest indicators of customer retention and increased revenue for financial institutions.
"It's an honor for 1st Source to receive the APECS® Customer Advocacy Award and have our clients recognize the outstanding services we provide," said Jim Seitz, 1st Source President. "This award demonstrates our commitment to being distinctively convenient, providing straight talk and sound advice and always keeping our clients' best interests in mind. We thank our clients and The MSR Group for the positive feedback and recognition."
Ratings are based on results from The MSR Group's National Consumer Banking Survey, which collects feedback on customer satisfaction and advocacy for more than 100 banks and credit unions. To ensure accurate benchmark comparisons for clients, a stratified random sampling of retail banking consumers is conducted each quarter, gathering feedback on consumers' banking experiences. This rolling tracking study interviews 2,400 retail banking consumers annually.
"This award reflects 1st Source Bank's focus on the customers and communities they serve," said The MSR Group Chief Operating Officer Joel Vaslow. "Their willingness to ask for customer feedback and use what they learn to improve their service overall shows the value they place on putting their mission into action."
About 1st Source
1st Source is ranked #25 on Forbes' list of America's Best Banks, and is one of 31 banks nationwide to be listed as KBW's Bank Honor Roll of Superior Performers in recognition of the bank's strong performance over the past 10 years.
1st Source Corporation, parent company of 1st Source Bank, has assets of $4.72 billion and is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area. The Corporation includes 77 banking centers in 17 counties, 21 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations and eight 1st Source Insurance offices.
About The MSR Group
The MSR Group is a nationally recognized full-service market research company. Located in Omaha, Nebraska, The MSR Group offers a full complement of quantitative and qualitative methodologies across the financial, retail, advertising and agricultural industries. The firm's proprietary APECS® System specializes in providing "real-time" voice of the customer research for financial institutions.
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SOURCE The MSR Group