Fourth Annual Temkin Experience Ratings Evaluates 268 Companies Across 19 Industries
WABAN, Mass., March 24, 2014 /PRNewswire/ — Regions and credit unions deliver the best customer experience in the banking industry, according to the 2014 Temkin Experience Ratings, an annual ranking of companies based on a study of 10,000 U.S. consumers.
The leading banks in the study earned an 81% rating—only narrowly overtaking USAA and TD Bank—and tied for 8th place overall out of 268 companies across 19 industries. Credit unions scored the highest rating in both 2012 and 2013, while Regions earned the top spot in 2011. At the other end of the spectrum, HSBC received the lowest rating for any of the 16 banks for the second year in a row, landing in 226th place overall with a 56% rating. Fifth Third also tumbled down the rankings from its "good" rating in 2013 to have the second lowest score in the banking industry.
"The banking industry as a whole is becoming more focused on delivering good customer experience. Kudos to Regions and to all of the credit unions that are focusing on meeting their customers' needs," states Bruce Temkin, managing partner of Temkin Group.
Here are some additional findings from the banking industry:
- The ratings of all banks in the 2014 Temkin Experience Ratings are as follows: Credit unions (81%), Regions (81%), USAA (80%), TD Bank (80%), ING Direct (74%), SunTrust Bank (74%), US Bank (73%), PNC (71%), Chase (71%), Wells Fargo (71%), Citizens (67%), Capital One (66%), Citibank (64%), Bank of America (63%), Fifth Third (60%), and HSBC (56%).
- Regions (+12 points), TD Bank (+6 points), Wells Fargo (+6 points), and Chase (+5 points) improved their ratings the most between 2013 and 2014.
- Fifth Third (-10 points), Citibank (-2 points), and HSBC (-1 point) were the only banks whose ratings declined between 2013 and 2014.
- Overall, the banking industry averaged a 71% rating in the 2014 Temkin Experience Ratings and placed 5th out of 19 industries. Banking is also one of the 15 industries to improve its rating over the past year, increasing its average by 2.4 percentage points.
Now in its fourth year of publication, the 2014 Temkin Experience Ratings examines the quality of the customer experience delivered by 268 organizations across 19 industries: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, grocery chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, TV service providers, and wireless carriers.
To generate these ratings, Temkin Group asked consumers to evaluate their experiences with a company across three dimensions:functional (can you do what you want to do?), accessible (how easy is it to work with the company?), and emotional (how do you feel about the interactions?). Temkin Group then averaged these three scores to produce a 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."
The 2014 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.
The free report "2014 Temkin Experience Ratings" is available for download at the Customer Experience Matters® blog (ExperienceMatters.wordpress.com) and at the Temkin Group website, www.TemkinGroup.com.
About Temkin Group: Temkin Group is widely recognized as a leading customer experience research and consulting 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 four critical 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.
*Customer experience matters is a registered trademark of Temkin Group.