Bank customer satisfaction climbs 5.3 percent to an ACSI score of 80 on a 100-point scale. Regional and community banks lead with a combined score of 83 (+3.8%). Super regional banks gain 3.9 percent to 79. Although national banks rank lowest, they are the most improved (+6.9% to 77). Credit unions edge up 1.2 percent to 82, slightly below the industry's long-term average. Similar to smaller banks, credit unions offer more personalized service, and also are generally more likely to have lower fees and free checking.
"Smaller usually means higher customer satisfaction when it comes to banking services, and that still holds true albeit to a lesser degree this year," says
Citibank leads among national banks with a 12-percent jump to an ACSI score of 82. Wells Fargo loses the top spot by improving the least, adding just 1 percent to 76, and is now below average as the other national banks post greater gains. Bank of America (+10%) and Chase (+6 %) at 75 are closing in on Wells Fargo. Stock performance has followed suit. Since February, Chase,
BB&T (+6%) leads super regional banks at 82, and
The health insurance industry improves 4.3 percent to 72 as all major providers post gains. Large boosts for
Property and casualty insurance is the only category in the sector to decline, down 1.3 percent to 78. Waning customer satisfaction for the industry is the result of a 5-percent fall for smaller insurers. Many of the largest insurers, however, improve.
Policyholder satisfaction with life insurance is up 2.6 percent to an ACSI score of 79. Allstate and
"Customer satisfaction with internet investment services often reflects strength or weakness in
The ACSI report, which is based on 9,608 customer surveys collected in the third quarter of 2016, is available for free download at http://www.theacsi.org/news-and-resources/customer-satisfaction-reports/reports-2016/acsi-finance-and-insurance-report-2016.
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No advertising or other promotional use can be made of the data and information in this release without the express prior written consent of
The American Customer Satisfaction Index (ACSI) is a national economic indicator of customer evaluations of the quality of products and services available to household consumers in
ACSI results are released throughout the year, with all measures reported on a scale of 0 to 100. ACSI data have proven to be strongly related to a number of essential indicators of micro and macroeconomic performance. For example, firms with higher levels of customer satisfaction tend to have higher earnings and stock returns relative to competitors. Stock portfolios based on companies that show strong performance in ACSI deliver excess returns in up markets as well as down markets. At the macro level, customer satisfaction has been shown to be predictive of both consumer spending and GDP growth.
ACSI and its logo are Registered Marks of the
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SOURCE American Customer Satisfaction Index