WABAN, Mass., April 4, 2018 /PRNewswire/ -- Citizens Bank and credit unions deliver the best customer experience in the banking industry, according to the 2018 Temkin Experience Ratings, an annual customer experience benchmark of companies based on a survey of 10,000 U.S. consumers.
Of the 15 banks included in this year's Ratings, Citizens and credits unions tied for the top spot. Each earned a score of 83% and came in 2nd place overall out of 318 companies across 20 industries. Two other banks received "excellent" ratings: USAA, which scored 82% and placed 7th 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%.
The ratings of all banks in the 2018 Temkin Experience Ratings are as follows:
- 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," states Bruce Temkin, managing partner of Temkin Group.
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 3 points.
Now in its eighth year of publication, the 2018 Temkin Experience Ratings is the most comprehensive benchmark of customer experience in the industry, evaluating 318 companies across 20 industries: airlines, auto dealers, banks, computer & tablet makers, credit card issuers, fast food chains, health plans, hotels & rooms, insurance carriers, investment firms, parcel delivery services, rental cars & transport, retailers, software firms, streaming media, supermarket chains, TV & appliance makers, TV/Internet service providers, utilities, and wireless carriers.
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," while a score below 60% is considered "poor."
The 2018 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.
About Temkin Group: Temkin Group is a leading customer experience research, consulting, and training 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 to firstname.lastname@example.org.
*Customer Experience Matters is a registered trademark of Temkin Group.
SOURCE Temkin Group