You may not think of your bank as a best friend, but one financial institution in particular is looking to change that.
According to a recent report by Satmetrix, USAA has some of the most devoted customers in the U.S. The report ranked 14 banks by customer loyalty and the special financial services they offer, and USAA led the pack for the fifth year in a row.
What makes the bank so special? For starters, USAA targets a specific community; with more than 10 million members, it serves current and former members of the U.S. military and their families. Beyond just banking, USAA provides a number of different financial services, such as insurance, investment and retirement products. Last year, Forrester Research, Inc. gave USAA the Customer Experience Index Award of Excellence.
The Satmetrix report awarded USAA 81 points for customer loyalty in the banking category, and also ranked it first for customer loyalty in automotive insurance and home/contents insurance.
In second place, SunTrust, with branches in southern U.S. states, received 45 points for customer loyalty. A Forrester Research report shows that its customer experience ranking is higher than many of its better known peers. But SunTrust has shown dips in customer satisfaction in the past few years, according to the American Banker and Reputation Institute.
While Bank of America came in sixth, it’s risen 10 percentage points from the lowest customer loyalty ranking in 2012.
And the bank with the least dedicated customers? HSBC, which received a score of -14 points.
As banks create more tailored experiences with new products and policies—and as alternatives to brick-and-mortar banks pop up—there are many more factors, from ATM fees to better mortgage rates, to consider when choosing a new bank. Thinking about switching banks? Read this first.