Survey Says: The Banks That Get Top Scores From Customers

Katie Simon
Posted

switching-bankYou 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.

  • Anon101

    I really miss ING Direct. I was extremely loyal. But glad to have found Ally Bank. I had been asking for a few years for my dad to join USAA so that I could join, too. He finally signed up last year. Thanks to him I am saving so much money on my car insurance! Having changed all of my investments over to USAA, purchasing a life insurance policy, and having a checking and savings account with USAA, my car insurance is even lower. :-)

  • mary

    I do most of my banking online with Charles Schwab and I seriously could not love a bank more. My debit card can be used at any ATM world wide (any ATM fees are credited back to your account) and with no foreign transaction fee, which is wonderful when i travel. I messed up and wrote a bad check once and the fee was only $5! great interest rate, can always get a wonderful CS rep on the phone, and i can deposit checks and do everything i need to do with my mobile app. i only have wells fargo (which i hate. fees everywhere! terrible CS!) for when i am occasionally paid in cash and need a physical place to deposit it.