Market Overview

Regions Bank “Friendliest” Among Big U.S. Financial Institutions: Citibank, Capital One, Chase Finish Last for Friendliness, Low on Customer Satisfaction


Regions Bank “Friendliest” Among Big U.S. Financial Institutions: Citibank, Capital One, Chase Finish Last for Friendliness, Low on Customer Satisfaction

This report is the first in a series on Bank Customer Satisfaction Rankings from the Prime Performance 2010 Bank and Credit Union Satisfaction Survey.

Denver, Colorado (Vocus/PRWEB) January 05, 2011

Regions Bank is the friendliest large American financial institution. It also enjoys the highest customer satisfaction levels among its peers. The least friendly banks are Citibank, Capital One and Chase. They also have the nation's lowest customer satisfaction rates, according to a new study by Prime Performance, which advises banks on improving the client experience.

“How does Regions do this? It has a winning formula: Friendliness + Job Enjoyment + Interest In Customers = High Customer Satisfaction. The study shows that customers believe Regions employees are the friendliest, even ahead of credit unions and small banks. Plus, Regions' representatives seem to enjoy their jobs and to be interested in their customers' needs. However, Citibank and Capital One score at the bottom on friendliness, enjoying their jobs and helping customers,” said Jim S Miller, Prime Performance president.

These findings and others come from the Prime Performance 2010 Bank and Credit Union Satisfaction Survey. The survey polled more than 6,000 customers of credit unions, small banks, large banks and three mega-banks–Bank of America, Chase and Wells Fargo–who had recently opened a new account, performed a teller transaction or spoken to a call center representative.

“Our research proves conclusively that bank customers care about how they are treated. They are not just interested in rational needs but emotional ones, too. Ultimately, satisfying customers means not only helping them with their loans and deposits but also delivering a superior client experience,” Miller said.

The Prime Performance survey found that the national average for customer satisfaction was a net score of 77 percent. Small banks with less than 20 branches did best in the nation with a net score of 88 percent. Credit unions followed closely with an 87 percent net score. A net score is the percent of satisfied customer minus the percent of dissatisfied ones.

Capital One finished last with a net score of 57 percent. Other banks at the survey's bottom and their net scores were: Citibank, 59 percent; Chase, 67 percent; and Bank of America, 70 percent.

Among larger institutions, Regions Bank achieved the highest net satisfaction score at 83 percent. Based in Birmingham, Ala., Regions Financial Corporation is the holding company for Regions Bank. It has about 1,800 banking offices in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia. The company was founded in 1970.

A closer look at Regions' performance showed its employees received the nation's highest “friendliness” score from customers at 98 percent. SunTrust, credit unions and small banks with less than 20 branches followed closely with a 97 percent score. Citibank, Capital One and Chase finished at the bottom with 91 percent scores–below the national average of 94 percent.

Regions' employees also scored highest, 93 percent, for enjoying their job. In this area, small banks with less than 20 branches scored 91 percent and credit unions scored 89 percent. TD Bank finished last with a 75 percent score, but Citibank did only slightly better at 76 percent.

Regions received a 94 percent score on employees taking a genuine interest in customers. This was just behind credit unions at 95 percent, and was tied with small banks having less than 20 branches. The weakest results came from Citibank, 78 percent, and Capital One, 79 percent.

According to Miller, the study's implications are important for all banks regardless of size. “The Prime Performance survey suggests banks and credit unions should focus on the basics. Use the customer's name. Say “thank you.” Be helpful. These simple steps build satisfaction and loyalty,” Miller said. “If you don't handle the basics, people will leave. Customers want a positive emotional experience. They are disappointed when they get something less.”

Headquartered in Denver, Prime Performance works with financial institutions to increase profits by developing and implementing a superior client experience. Since 1989, the company has specialized in measuring the customer experience through live phone interviews and providing the tools and training needed for banks, credit unions and financial contact centers to elevate the level of service they provide their customers. Prime Performance is part of NCBS, a SunTrust Banks Inc. subsidiary that sells training, design and construction services to retail banks.


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