Credit Unions and PNC Deliver Best Customer Experience in Banking

This post examines the 16 banks included in the 2012 Temkin Experience Ratings.

Credit unions, which are ranked third across all industries, as a group were the only bank to receive an excellent rating. Four banks earned “good” ratings: PNC, TD Bank, USAA, and ING Direct. Eight banks received “okay” ratings while three banks received “poor” ratings: Citibank, Bank of America, and HSBC.

The banking industry received the fifth highest average customer experience rating, falling behind grocery chains, fast food restaurants, retailers, and parcel delivery services. Compared with 2011, banks increased their ratings by three percentage points, an improvement that was only outdone by insurance carriers and personal computer makers. Thirteen of the 16 banks improved their customer experience ratings between 2011 and 2012.

Credit unions and PNC experienced double-digit increases in their ratings between 2011 and 2012 while ING Direct, TD Bank, and Fifth Third improved by more than five percentage points. Only Regions experienced a double-digit decline in its ratings between 2011 and 2012 and Citibank is the only other bank that declined by more than five percentage points.

Do you want to see the data? Go to the Temkin Ratings website where you can sort through all of the results for free. You can even purchase the underlying data if you want to get more access.

The bottom line: Some big banks are heading in the wrong direction

About Bruce Temkin, CCXP
I'm an experience (XM) management catalyst; helping organizations improve results by engaging the hearts and minds of their employees, customers, and partners. I enjoy researching and speaking about these topics. I lead the Qualtrics XM Institute, which is the world's best job. We're igniting a global community of XM Professionals who are inspired and empowered to radically improve the human experience. To achieve this goal, my team focuses on thought leadership, training, and community building. My work is driven by a set of fundamental beliefs: 1) Everything starts and ends with human beings, so you need to understand how people think, feel, and behave; 2) XM is a discipline that needs to be woven throughout an organization's entire operating fabric; and 3) Building the XM discipline requires a combination of culture, competency, and technology.

6 Responses to Credit Unions and PNC Deliver Best Customer Experience in Banking

  1. Arti says:

    Hello Bruce

    Thanks for the Temkin Experience Ratings. Indeed interesting to see the changes from last year. Just wanted to share something I noticed. PNC seems to have come strong with more than 15 points of improvement. So I went around and searched the net… to know more on what they have done for this improvement. Surprisingly, I could not find much and stumbled on the following two sites –

    Customers seem to be really unhappy with PNC and these comments are very recent. I would like to hear from you on this. I do not live in the US and hence have no personal experience with PNC.

    • Bruce Temkin says:

      Arti: Good question. Every large company delivers a collection of good and bad experiences, so the question about good and bad experience has to do with the full portfolio of experiences. I took a quick look at those sites and they have a small number of responses during the early part of this year. And, our research shows that the people that tend to give feedback on those types of sites are biased towards sharing negative experiences. The Temkin Experience Ratings eliminates that bias, by reaching out to a significant number of people who have had interactions with companies.

      • Arti says:

        Yes actually you are right. Mostly when customers are upset they look at websites to vent their frustration. PNC’s improvement in a year is really commendable. It would be nice if you can post some blog on what they did to achieve this improvement, your knowledge or maybe some interview with people in PNC leadership team. Thanks!

  2. I am a Content Creator and Content Manager. My business background includes 18 years of mortgage banking experience with approximately 9 of those years expended in a management capacity. Last year, I wrote a cover article on ‘Customer Service’ and I performed numerous interviews and did extensive research. Regardless of what industry, when customers complain either in person or on social media platforms, that’s a good thing because the customer is at least still with you communicating concerns. Many unhappy customers don’t take the time to communicate. They just go somewhere else to do business. If concerns of customers are handled promptly and properly, especially in social media, that impresses customers and prospective customers. The problem comes when the complaints are out there and are not handled properly or are ignored. Another issue is that there are several generations in the workplace and each generation, generally speaking, likes to do business differently. For example, the Millenials also known as the Generation Ys grew up with technology. They typically don’t want to mess with a lot of paperwork. They want to do everything by computer and want fast responses. That said, most customers expect a lot more and are more impatient that they were five or so years ago.

  3. Bruce Temkin says:

    Arti: Good idea. Maybe I’ll do a post on what PNC has been doing. I’ll reach out to some people there.

    Susan: Thanks for commenting. It turns out that Millenials have a couple of dynamics going on. As you mention, they have been using digital technologies throughout their lives which makes them much more willing/likely to do things online. But they are also young and relatively new to the financial sector. As it turns out, this second factor really affects their channel choices for more complex financial interactions where they often prefer to seek out an in-person meeting to help make the decision than to use self-service technologies. See our recent report: Data Snapshot: Consumer Channel Preferences.

  4. mcgntr says:

    I work with Community Banks as HR and Training consultant here in New England where these banks are slowly absorbing the facts that they need to pay attention to Social Media (SM). While Susan notes that the Millenials use technologies, I would claim that SM knows no age groups. In recent training session, I challenged the group (non-Millenial crowd) to discover if their use of the Internet and SM changed their expectations as customers. Resounding – yes!
    What needs to change, I think, is the view by service industries of their Customer Service employees which includes the job and training – naturally I am biased in this viewpoint. For what has changed due to the SM world is two fold: 1) customers now perform a lot of the routine data entry work (personal info & payments, etc) that were required in most CS jobs; 2) customers expect systems take care of routine and CS personnel are smart and savvy enough to solve their problems quickly. As technology from its inception has made the routine easier, so it continues to leave the more complex for people to solve

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: