STRATEGIC PARTNERS
National banks maintain an advantage over smaller banks and credit unions in just two areas — number of branch locations and quantity of ATMs.
November 19, 2015
According to new data from the American Customer Satisfaction Index, consumers' opinion of the finance and insurance sectors remains at a low ebb.
Satisfaction with banks is unchanged year over year with an ACSI score of 76, amid cost-cutting and rising fees for out-of-network ATMs, an ACSI press release said.
National banks earn an ACSI score of 72, significantly below the average for super-regional banks, at 76. Among the largest national banks, the gap from top to bottom grows.
Only Wells Fargo Bank improved year over year, gaining 4 percent to a score of 75. The remaining three largest banks dipped lower: Citibank dropped 1 percent to 73; Chase retreated 4 percent to 71; and Bank of America fell to last place among nationals with an ACSI score of 68.
Super-regional banks were ranked by name in the rankings for the first time; leaders of this group rank fared better than their national counterparts. Regions Bank scored highest-scoring at 79, just ahead of PNC Bank (78) and BB&T and Capital One (tied at 77).
U.S. Bank matched the average of all banks at 76. Fifth Third Bank and TD Bank posted matching scores of 75, while SunTrust Bank comes in at 74. Citizens Bank made a lackluster debut at 70. Regional and community banks, measured in aggregate, represented the highest-scoring category in retail banking at 80.
Credit unions are struggling to stay ahead of small banks amid an influx of new members. As credit union membership surpassed 101 million, customer satisfaction with credit unions declined 4.7 percent to 81.
Still, ACSI data showed that smaller banks and credit unions provided similar service levels far exceeding those of large national banks across most elements of the customer experience — including staff courtesy, transaction speed, service variety and competitiveness of interest rates. National banks, by virtue of their size and resources, maintain an advantage in just two areas, number of branch locations and quantity of ATMs.
