Citizens Bank and credit unions earned the top customer experience ratings for banks, according to a survey.
The Eighth Annual Temkin Experience Ratings evaluates 318 companies across 20 industries. The annual customer experience benchmark of companies is based on a survey of 10,000 U.S. consumers.
Of the 15 banks included in this year’s ratings, Citizens and credits unions tied for the top spot. Each earned a score of 83% and came in second place overall out of 318 companies across 20 industries.
Two other banks received "excellent" ratings: USAA, which scored 82% and placed seventh overall and Regions, which scored 81% and placed twelfth overall.
Fifth Third's customer experience score improved the most over the previous year, gaining six percentage-points. SunTrust Bank's score, on the other hand, declined the most, dropping by three points.
Overall, the banking industry averaged a 73% rating in the 2018 Temkin Experience Ratings and came in fourth place out of 20 industries. The average rating of the industry improved by 1.1 percentage points between 2017 and 2018, going from 72% to 73.1%.
The remaining banks, in order, are: Navy Federal Credit Union, Chase, PNC and U.S. Bank, all with 75%; Fifth Third and TD Bank with 74%, Sun Trust Bank 71%, Capital One 69%, Bank of America 68%, Wells Fargo 67% and Citibank 64%.
"Once again, we see that smaller banks and credit unions tend to deliver a better experience to their customers compared to major banks," says Bruce Temkin, managing partner of Temkin Group.
Other industries evaluated in the report are airlines, auto dealers, computer and tablet makers, credit card issuers, fast-food chains, health plans, hotels and rooms, insurance carriers, investment firms, parcel delivery services, rental cars and transport, retailers, software firms, streaming media, supermarket chains, TV and appliance makers, TV/Internet service providers, utilities and wireless carriers.