Regions Delivers Top Banking Experience

In The 2011 Temkin Experience Ratings, we examined the customer experience across 12 industries. For this post, we will take a closer look at the 16 banks in the ratings.

Banks, as a group, had an average rating of “Okay” and ended up in the middle of the pack; the 5th ranked industry out of 12…

Let’s take closer look at the results for all of the individual banks…

As you can see, Regions is the only bank with a “Good” customer experience rating, but is closely followed by USAA, credit unions (as a group), and TD. At the other end of the spectrum, five banks ended up with “Poor” overall customer experience ratings: HSBC, Citibank, Capital One, Bank Of America, and Citizens.

Let’s take a look at the three components of the Temkin Experience Ratings…

While 10 of the 16 banks crossed the “Good” line for the Functional component of their experience, only the top three made it to that level for the Accessible component.

For more access to the data, visit the Temkin Ratings website.

The bottom line: Banks need to make it easier for customers

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Customer Experience Industry Leaders

In my previous post, I introduced the 2011 Temkin Experience Ratings and showed the top 20 firms. While that is the best way to identify overall leaders, I also want to give a shout-out to firms that are leading in their industries.

USAA, for instance, is the tops in two categories: credit card and insurance.  And Cox Communications may only be #82 on the list and have a “poor” rating, but at least it’s better than all of the other TV Service providers.

The bottom line: It’s better to be the best of the worst than the worst of the worst


USAA Leads And Citibank Lags In Customer Advocacy

Forrester just published Customer Advocacy 2008: How US Consumers Rate Their Banks, Brokerages, And Insurers which is an annual ranking of 41 financial institutions. For this analysis, customer advocacy is defined as:

The perception on the part of consumers that the firm does what’s best for its customers, not just the firm’s own bottom line.

It turns out that the customer advocacy ratings across all three groups of financial institutions dropped this year after increasing last year. And the overall rating across financial institutions is at its lowest level in five years.  Here are some other highlights of the rankings:

  • Top five firms: USAA (was also #1 in 2007), Independent financial advisor, Credit unions,  AAA, and State Farm.
  • Bottom five firms: Citibank (was also #41 in 2007), Regions Bank, JPMorgan Chase, Wells Fargo, and TD AMERITRADE.
  • Largest decline from last year: A.G. Edwards in brokerage, AIG and New York Life in insurance, National City in banking. 

The bottom line: As I’ve written to Citibank’s CEO Vikram Pandit in the past, Citibank needs a customer experience overhaul!

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