ACSI: Digital Banking Lifts Customer Satisfaction to New High
Customer satisfaction with finance and insurance overall is up 0.9 percent to an ACSI score of 77.2 on a 100-point scale. Retail banks climb 1.3 percent to 81, closing in on credit unions, which are unchanged at 82.
"Digitalization is a major factor in the success of retail banks," says
Banks
Regional and community banks improve the most, up 2.4 percent to 85. National banks rank lowest, but gain 1.3 percent to 78. Steady at 79, super regional banks are in the middle, both in terms of size and service.
Citibank remains the highest-scoring national bank despite slipping 1 percent to 81. In second place, Chase gains 5 percent to 79, the biggest improvement of any individual bank. Chase's investments in its website, mobile banking, peer-to-peer payment services and ATMs have all helped boost the bank to its highest ACSI score ever.
Bank of America also continues to adopt emerging technology, climbing 3 percent to 77. Its customers use digital banking more than any other channel. Meanwhile, Wells Fargo continues to struggle, falling 3 percent to last place at 74.
With an ACSI score of 81,
The lowest-scoring banks register declines.
November marks the fifth annual season for Americans to purchase health care insurance under the Affordable Care Act (ACA). In a second year of improvement, health insurance is up 1.4 percent to 73. According to ACSI data, policyholders with individual plans are more satisfied than those with group plans (ACSI score of 75 vs. 72).
Large gains for Humana (+10%) and
Smaller insurers improve (+3%) to a combined score of 75, overtaking Aetna (-1% to 74). UnitedHealth is up 4 percent to 73, followed by
During one of the worst hurricane seasons in
American Family,
Life Insurance
Customer satisfaction with life insurance slips 1.3 percent to 78.
Most of the remaining large life insurers show stagnant or deteriorating customer satisfaction. Mutual of
Prudential and MetLife are the only other providers to improve (+1% each) to 78 and 77, respectively. Farmers drops (-4%) to match smaller insurers (-3%) at 77. Lincoln Financial is unchanged at 76, followed by Primerica (-1%) at 74.
Internet Investment Services
Customer satisfaction with internet investment services is down 1.3 percent to 79. Only two of the large online brokerages post gains.
The biggest winner is Vanguard, which is up 1 percent to 82. The gain solidifies Vanguard's lead over the next three firms, which shared first place with Vanguard a year ago.
Smaller online brokers dip just below the industry average (-1% to 78).
The ACSI report, which is based on 17,861 customer surveys collected between
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About ACSI
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 several 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.
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SOURCE American Customer Satisfaction Index
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