Credit Unions, USAA, and Regions Earn Top Customer Experience Ratings for Banks

We recently released the 2016 Temkin Experience Ratings that ranks the customer experience of 294 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Credit unions, USAA, and Regions deliver the best customer experience in the banking industry, according to the 2016 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.

Credit unions took the top spot in the banking industry for the fifth year in a row, earning a rating of 77% and placing 7^th overall out of 294 companies across 20 industries. USAA and Regions tied for second place, each receiving a rating of 75% and an overall rank of 12^th. 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 190^th overall. Citizens was not far ahead as it received a 60% rating and came in 153^rd place overall.

Of the 15 banks we looked at, not a single one improved its rating over the past year. Citizens dropped the most, falling 12 points between 2015 and 2016.

Overall, the banking industry averaged a 67% rating in the 2016 Temkin Experience Ratings and tied for 4^th 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%.

Here are some additional findings from the banking industry:

Edward Jones and Fidelity Investments Earn Top Customer Experience Ratings for Investment Firms

We recently released the 2016 Temkin Experience Ratings that ranks the customer experience of 294 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Edward Jones and Fidelity Investments deliver the best customer experience in the investment industry, according to the 2016 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.

Edward Jones and Fidelity tied for the top spot out of 13 investment firms in this year’s ratings, each earning a score of 64%. While this is Fidelity’s third straight year at the top, this is the first year Edward Jones has ascended from the middle of the pack.

Likewise, this year Morgan Stanley Smith Barney climbed from its historically low position in the industry—it received the lowest score in 2013—to coming in a close to the leaders with a 63%. Edward Jones and Morgan Stanley Smith Barney were the only investment firms to improve their ratings over the past year.

At the other end of the spectrum, Capital One 360 was the lowest-rated investment firm for the second year in a row, receiving a 48% rating, and placing 253^rd overall.

The investment industry averaged a 58% rating in the 2016 Temkin Experience Ratings and placed 6^th out of 20 industries. The average rating of the industry decreased by six percentage points between 2015 and 2016.

Here are some additional findings from the investment firm industry:

USAA and Credit Unions Lead Banks in Customer Experience

We recently released the 2015 Temkin Experience Ratings that ranks the customer experience of 293 companies across 20 industries based on a survey of 10,000 U.S. consumers.

USAA and credit unions tied for the top spot, each with a rating of 81%, putting them in 8^th place overall out of 293 companies across 20 industries. Credit unions (which is a rating for a group of credit unions, not one company) have earned the highest ranking for banks over the past four years. USAA has been hovering around the top of the banking list since 2011, but this is the first year that it actually took the top spot.

Meanwhile, BB&T debuted on the Ratings at the bottom of the industry, with a rating of 61% and a rank of 199^th overall. Citibank was not far ahead, receiving a rating of 62% and coming in 187^th place overall.

Here are some highlights from the banking industry:

• Overall, the banking industry averaged a 71% rating in the 2015 Temkin Experience Ratings and placed 5^th out of 20 industries. The average rating of the banking industry stayed steady at 71% between 2014 and 2015.
• The ratings of all banks in the 2015 Temkin Experience Ratings are as follows: USAA (81%), A credit union (81%), Regions (78%), SunTrust Bank (73%), PNC (73%), Chase (73%), Citizens (73%), TD Bank (72%), S. Bank (72%), Capital One 360 (72%), Bank of America (67%), Capital One (67%), Wells Fargo (66%), Fifth Third (66%), Citibank (62%), and BB&T (61%).
• Citizens (+6 points), Fifth Third (+6 points), and Bank of America (+4 points) improved their ratings the most between 2014 and 2015.
• TD Bank (-8 points), Wells Fargo (-5 points), and Regions (-3 points) declined by the most percentage-points between 2014 and 2015.

Fidelity Investments Leads Investment Firms in Customer Experience

We recently released the 2015 Temkin Experience Ratings that ranks the customer experience of 293 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Here are some highlights from investment firms:

• The investment industry’s average declined sharply over the past year, down from 67.7% in 2014 to 64.0% in 2015. The industry tied for 9^th place out of the 20 industries we evaluated.
• Despite dropping by three percentage-points, Fidelity Investments earned the highest average of any investment firm, scoring 72% and place 89^th out of 293 companies. This is the second year in a row that Fidelity took the top spot; although, it still took second place every year between 2011 and 2013. Charles Schwab took 2nd place int e industry with a Rating of 69%.
• Capital One 360 spent its first year in the Ratings at the bottom of the investment industry, scoring 55% and placing 245th out of 293 companies.
• Of the 12 companies we looked at both last year and this year, only three improved their ratings. Scottrade improved the most, going up eight percentage-points since 2014, while Wells Fargo Advisors went up by four points and Merrill Lynch improved by two points.
• Nine companies decreased their rating between 2014 and 2015. The companies that dropped the most were TD Ameritrade (-14 percentage-points), E*TRADE (-9 points), Edward Jones (-8 points), and Charles Schwab (-6 points).
• Since 2014, TD Ameritrade’s three component score declined more than any other investment firm’s. Its success score dropped by 14 percentage-points between 2014 and 2015, while its effort score dropped by 12 points and its emotion score dropped by 15 points.
• Since 2014, Scottrade’s three component scores improved more than any other company’s. Its success score improved by eight percentage-points over the past year, its effort score improved by 10 points and its emotion score improved by nine points.
• Capital One 360 fell furthest below the industry average for both the success and effort score.

USAA and Capital One 360 Top 2014 Temkin Web Experience Ratings

We just published the 2014 Temkin Web Experience Ratings, the fourth year of the ratings. It uses feedback from 10,000 U.S. consumers to rate 222 organizations across 19 industries.

Download dataset for $295

USAA’s banking business took the top spot and Capital One 360 (formerly ING Direct) earned the second highest rating in the 2014 Temkin Web Experience Ratings, which rates 222 companies across 19 industries. USAA’s insurance and credit card businesses tied for third place.Rounding out the top 13 companies in the ratings are Charles Schwab, Amazon.com, credit unions, TD Bank, U.S. Bank, Sheraton, Ace Hardware, eBay, and Nordstrom.

The award for delivering the worst web experience goes to Coventry Health Care, followed closely by Medicaid. Four of the bottom 14 organizations are health plans and three are TV service providers. The remaining companies in the bottom 14 of the Temkin Web Experience Ratings are Charter Communications, Comcast (TV service and Internet service), Dunkin’ Donuts, Time Warner Cable (TV service and Internet service), Jack in the Box, CareFirst, MetroPCS, Highmark, Adobe, and Wendy’s.

Here’s how the industries compare with each other:

The 2014 Temkin Web Experience Ratings shows that companies have made improvements in web experience between 2013 and 2014. Led by airlines, which increased by nearly 15 percentage points since last year, 17 of 19 industries improved. The two industries that earned lower ratings in 2014 are parcel delivery services and rental cars.

Nearly two-thirds of the 195 organizations that were in both the 2013 and 2014 Temkin Web Experience Ratings improved this year. On average, firms earned an increase of 3.2 percentage points. Eleven companies improved by more than 15 percentage points: Southwest Airlines, Health Net, United Airlines, PetSmart, AOL, Sony, Bright House Networks, Morgan Stanley Smith Barney, Edward Jones, Cablevision, and AAA.

Six companies saw their Temkin Web Experience Ratings fall by 10 points or more between 2013 and 2014: Dunkin’ Donuts, Avis, Hertz, Jack in the Box, Dollar, and Blackboard.

Methodology:

The data was collected from an online survey of 10,000 U.S. consumers during January 2014. Quotas were set to mirror the U.S. census data for age, income, gender, ethnicity, and geographic regions of the U.S. population.

Temkin Web Experience Ratings are based on asking consumers the following question about companies with whom they’ve had a customer service interaction during the previous 60 days: “Thinking back to your most recent interaction with the websites of these companies, how satisfied were you with the experience?” Potential responses range from 1= “very dissatisfied” to 7= “very satisfied.” Temkin Web Experience Ratings are calculated by taking the percentages of consumers who respond with a 6 or 7 and subtracting the percentage who respond with 1, 2, or 3.

Download dataset for $295

You can view a sortable list of results from the Temkin Web Experience Ratings as well as other ratings on the Temkin Ratings website.

 

Capital One Rebrands ING Direct, Puts Brand Equity At Risk

Capital One announced that it will drop the ING Direct brand (along with its highly recognizable orange ball logo) and rename the unit Capital One 360. While it may make sense to reinforce the Capital One brand across its operating units, this move comes with some risk.

It turns out that ING Direct has considerably more positive brand equity than Capital One. Take a look at banking results across many of our 2012 Temkin Ratings:

• Temkin Experience Ratings: ING Direct (72%) vs. Capital One (60%)
• Temkin Loyalty Ratings: ING Direct (44%) vs. Capital One (27%)
• Temkin Trust Ratings: ING Direct (59%) vs. Capital One (31%)
• Temkin Forgiveness Ratings: ING Direct (27%) vs. Capital One (14%)

The bottom line: Hopefully a lot of ING Direct rubs off on Capital One