Banks’ customer service no match for credit unions—Temkin Survey
Credit unions still lead the banking sector by a sizeable margin in customer experience, even though customer service has improved overall in the banking sector, according to the just-released 2013 Temkin Experience Ratings.
"Credit unions take first place in the industry for the second straight year with a rating of 79%," said Newton, Mass.-based Temkin Group. Credit unions are well above the banking sector's average score of 68.6%.
Credit unions led in two out of three evaluation areas: Functional (can member/customers do what they want to do) and Accessible (how easy it is to work with the company). USAA, which got the second highest banking sector score at 78%, led in the third area, Emotional (how consumers feel about their interactions).
"Credit unions and USAA continue to lead the banking industry in customer experience, but the entire sector is making great progress," said Bruce Temkin, managing partner at Temkin Group.
Temkin noted that the banking industry has steadily improved the past three years, from an average rating of 62% in 2011 to this year's 68.6%. HSBC (57% score) and Capital One (62%) and Bank of America (63%) were the lowest-ranked banks.
Ratings for two of the banks declined since 2011. PNC lost six percentage points, while HSBC lost one point.
The banking industry earned the fifth highest average rating out of 19 industries served. Scoring higher than the banking sector were grocery chains, fast food chains, parcel delivery services and retailers.
The results are based on a study of 10,000 U.S. consumers. Credit unions already are getting positive headlines in media because of the survey. The Sacramento Bee, the Birmingham Business Journal, and The FinancialBrand.com reported on the study this week.
Last year, credit unions topped a number of customer service ranking studies.