WABAN, Mass., March 22, 2017 /PRNewswire/ -- Regions and Citizens deliver the best customer experience in the banking industry, according to the 2017 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.
Regions took the top spot out of the 15 banks included in this year's ratings, earning a score of 82% and coming in 4th place overall out of 331 companies across 20 industries. Citizens came in a close second with a score of 79% and an overall rank of 22nd.
The ratings of all banks in the 2017 Temkin Experience Ratings are as follows:
- Regions: 82%
- Citizens: 79%
- USAA: 78%
- A credit union: 78%
- Navy Federal Credit Union: 75%
- SunTrust Bank: 74%
- PNC: 73%
- Chase: 72%
- TD Bank: 72%
- U.S. Bank: 71%
- Capital One: 69%
- Wells Fargo: 69%
- Fifth Third: 67%
- Citibank: 67%
- Bank of America: 66%
"The smaller banks and credit unions still tend to outperform major banks when it comes to customer experience," states Bruce Temkin, managing partner of Temkin Group.
Overall, the banking industry averaged a 72% rating in the 2017 Temkin Experience Ratings and came in 5th place out of 20 industries. The average rating of the industry improved by five percentage-points between 2016 and 2017, going from 67.3% to 72.0%.
The ratings for all banks increased between 2016 and 2017. Citizens improved the most, gaining 18 points, while TD Bank improved the least, gaining only one point.
Now in its seventh year of publication, the 2017 Temkin Experience Ratings is the most comprehensive benchmark of customer experience in the industry, evaluating 331 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 2017 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.
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SOURCE Temkin Group