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The MSR Group Announces 2016 Best in Retail Banking Award Winners

October 4, 2016

Omaha, NE – October 4, 2016 – The MSR Group (www.themsrgroup.com), a leader in customer experience research within the retail banking sector, today announced it will recognize the superior customer … Read More

Omaha, NE – October 4, 2016 – The MSR Group (www.themsrgroup.com), a leader in customer experience research within the retail banking sector, today announced it will recognize the superior customer experience performance of leading banks with The 2016 MSR Best in Retail Banking Awards.

Customer experience continues to be critically important to the financial success of banks. As is the case in other industries, retail banks that outperform their peers in terms of customer experience also tend to outperform their peers financially.

The MSR Group’s Best in Retail Banking Awards study collects feedback on customer satisfaction and advocacy among the top banks in the U.S.  The second annual study included responses from more than 7,000 retail banking consumers. The study includes a wide variety of questions designed to gain a comprehensive understanding of the interactions between consumers and their bank.  This year the study was expanded to include 70 different banks across the U.S.

The MSR Best in Retail Banking Awards honor the top performers in each of eight categories: Net Advocacy Rating® (NAR), Trust, Ease of Doing Business, Innovation, Branch, Online and ATM and Mobile banking services.

“A superior customer experience is the best defense a bank can mount against the rising threat posed by other banks and by non-traditional financial institutions,” Joel Vaslow, Chief Operating Officer of the MSR Group, said. “We are recognizing a select group of banks who continue to invest in their future by seeking to provide great experiences for their customers every day.”

Net Advocacy Rating® (NAR)

Listed among the eight categories is Net Advocacy Rating®, a proprietary metric that identifies consumers based on their responses to a variety of specific criteria, who consider themselves “Advocates” of their bank.  The NAR® is the most effective enterprise-wide barometer of customer experience and is the most prestigious category within The MSR Group’s National Retail Banking Award’s program.  The awards recognize Gold, Silver and Bronze levels within this category.

Gold Award Winners
Woodforest National Bank, Midwest Region
Citizens Bank, Northeast Region
Trustmark National Bank, South Region
Glacier Bancorp, West Region

Silver Award Winners
The Huntington National Bank, Midwest Region
Northwest Savings Bank, Northeast Region
Woodforest National Bank, South Region
Chase Bank, West Region

Bronze Award Winners
1st Source Bank, Midwest Region
New York Community Bank, Northeast Region
U.S. Bank, South Region
U.S. Bank, West Region

Banks that ranked as top performers in their respective region for Net Advocacy Rating® (NAR) perform well compared to their peers across the various customer experience attributes measured in The MSR Group’s Best in Retail Banking Awards study.

As with last year’s study, the NAR® award winners also provide branch banking experiences that rank highly compared to their peers. The strong branch experience delivered by the NAR® award winners points to branch banking remaining a critical driver of customer loyalty and advocacy despite declining branch transactions and increased adoption of electronic banking channels.

Banking Channel Awards

Study participants were asked to rate their satisfaction with multiple channels of interaction with their bank including Branch, Online, ATM and Mobile banking. The 2016 winners by channel are:

Branch
1st Source Bank, Midwest Region
PNC, Northeast Region
First Tennessee Bank, South Region
U.S. Bank, West Region

ATM
The Huntington National Bank, Midwest Region
New York Community Bank, Northeast Region
M&T Bank, South Region
Washington Federal, West Region

Online
PNC, Midwest Region
Wells Fargo, Northeast Region
Trustmark National Bank, South Region
U.S. Bank, West Region

Mobile
First National Bank, Midwest Region
People’s United Bank, N.A., Northeast Region
Frost Bank, South Region<
Chase Bank, West Region

Brand Essentials Awards

Consumers were also asked to rate their own bank on three specific attributes: Trustworthiness, Ease of Doing Business and Innovation. These qualities are considered to be critical in attracting and retaining customers. The banks rated highest by consumers in 2016 for each attribute are:

Trust
PNC, Midwest Region
New York Community Bank, Northeast Region
Trustmark National Bank, South Region
Columbia Bank, West Region

Ease of Doing Business
First National Bank, Midwest Region
Northwest Savings Bank, Northeast Region
Trustmark National Bank, South Region
Columbia Bank, West Region

Innovation
PNC, Midwest Region
Citizens Bank, Northeast Region
PNC, South Region
Chase Bank, West Region

About The MSR Group

The MSR Group is a nationally recognized full-service market research company headquartered in Omaha, Nebraska.  The firm offers a full complement of qualitative and quantitative methodologies including APECS®, the award-winning customer satisfaction and advocacy measurement program designed specifically for the financial industry.

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The MSR Group Announces 2015 Best in Retail Banking Award Winners

September 23, 2015

Omaha, NE – September 23, 2015 - The MSR Group (www.themsrgroup.com), a top research firm that specializes in customer experience within the retail banking sector, today announced it will recognize the … Read More

Omaha, NE – September 23, 2015 - The MSR Group (www.themsrgroup.com), a top research firm that specializes in customer experience within the retail banking sector, today announced it will recognize the superior customer experience performance of leading banks with The MSR Best in Retail Banking Awards.

Customer experience is critically important to the financial success of banks. MSR Group research shows despite stabilization in the banking industry, 1 in 7 banking consumers is likely to switch their primary bank in the next three months and poor customer experiences are cited most often as the reason for switching.

The MSR Group’s Best in Retail Banking Awards collects feedback on customer satisfaction and advocacy among the top 50 banks in the United Sates. The MSR Group’s study interviews more than 5,000 retail banking consumers annually. The study includes a wide variety of questions designed to gain a comprehensive understanding of the interactions between consumers and their bank.

The MSR Best in Retail Banking Awards honor the top performers in eight categories: Net Advocacy Rating® (NAR), Trust, Ease of Doing Business, Innovation, Branch, Online, ATM and Mobile banking services. “Customers are the pulse of business, which makes keeping them happy all the more important,” said Joel Vaslow, Chief Operating Officer of The MSR Group. “Wanting to provide your customers with a high quality customer experience is one thing. Following through is another. We are recognizing a select group of banks who not only want to provide quality service, but have shown the dedication and persistence to deliver superior experiences to their customers.”

Net Advocacy Rating® (NAR)

Listed among the eight categories is Net Advocacy Rating®, a proprietary metric that identifies consumers based on their responses to a variety of specific criteria, who consider themselves “advocates” of their bank. The NAR® is the most effective enterprise-wide barometer of customer experience and is the most prestigious category within The MSR Group’s National Retail Banking Awards program. The awards recognize Gold, Silver and Bronze levels within this category.

Gold Award Winners
BBVA Compass, West Region
Trustmark National Bank, South Region
First National Bank, Midwest Region
Susquehanna Bank, Northeast Region

Silver Award Winners
Bank of the West, West Region
First Citizens Bank, South Region
1st Source, Midwest Region 
Community Bank NA, Northeast Region

Bronze Award Winners
Rabobank, West Region
Arvest Bank, South Region
Commerce Bank, Midwest Region
TD Bank, Northeast Region

Banks that ranked as top performers in their respective region for Net Advocacy Rating® (NAR) are considered easier to do business with compared to their peers and do well at delivering a problem-free experience for their customers.

The NAR® award winners also provide branch banking experiences that rank highly compared to their peers. The strong branch experience delivered by the NAR® award winners suggests that, despite declining branch transactions and increased adoption of electronic banking channels, branch banking remains a critical driver of customers’ overall perceptions of their bank.

Banking Channel Awards

Participants were asked to rate their satisfaction with multiple channels of interaction with their bank including Branch, Online, ATM and Mobile banking. The 2015 winners by channel are:

Branch
Umpqua Bank, West Region
First Tennessee Bank, South Region
1st Source, Midwest Region
Susquehanna Bank, Northeast Region

ATM
Union Bank, West Region
Trustmark National Bank, South Region
Associated Bank, Midwest Region
Susquehanna Bank, Northeast Region

Mobile
Huntington National Bank, Mobile Banking Satisfaction

Online
Union Bank, West Region
Trustmark National Bank, South Region
Comerica, Midwest Region
Webster Bank, Northeast Region

Brand Essentials Awards

Consumers were also asked to rate their own bank on three specific attributes: Trustworthiness, Ease of Doing Business and Innovation. These qualities are considered to be critical in attracting and retaining customers. The banks rated highest by consumers in 2015 for each attribute are:

Trust
BBVA Compass, West Region
First Tennessee Bank, South Region
First National Bank, Midwest Region
Community Bank NA, Northeast Region

Ease of Doing Business
BBVA Compass, West Region
First Citizens Bank, South Region
First National Bank, Midwest Region
Community Bank NA, Northeast Region

Innovation
Umpqua Bank, West Region
Chase Bank, South Region
First National Bank, Midwest Region
PNC Bank, Northeast Region

About The MSR Group
The MSR Group is a nationally recognized full-service market research company headquartered in Omaha, Nebraska. The firm offers a full complement of qualitative and quantitative methodologies including APECS®, the award-winning customer satisfaction and advocacy measurement program designed specifically for the financial industry.

 

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The MSR Group Recognizes 1st Source Bank with Highest Rating in Customer Advocacy for Midwestern Region

April 21, 2014

Omaha, Nebraska, April 21, 2014 — The MSR Group today announced that 1st Source Bank is the recipient of its APECS® Customer Advocacy Award, Midwestern Region.

This award is given to the client … Read More

Omaha, Nebraska, April 21, 2014 — The MSR Group today announced that 1st Source Bank is the recipient of its APECS® Customer Advocacy Award, Midwestern Region.

This award is given to the client retail banking organization receiving the highest Net Advocacy Rating (NAR®) among its customers within their respective region. To qualify as a recipient, clients must have achieved a rating significantly higher than the national average and rank highest among all APECS® clients. 1st Source Bank posted a 2013 Net Advocacy Rating 8.1 points higher than the 2013 APECS® National Average. 1st Source Bank’s rating is significantly higher than many of the nation’s largest banks, including Bank of America, Chase, US Bank and Wells Fargo. Net Advocacy Rating (NAR®) is one of the strongest indicators of customer retention and increased revenue for financial institutions.

“It’s an honor for 1st Source to receive the APECS® Customer Advocacy Award and have our clients recognize the outstanding services we provide,” said Jim Seitz, 1st Source President. “This award demonstrates our commitment to being distinctively convenient, providing straight talk and sound advice and always keeping our clients’ best interests in mind. We thank our clients and The MSR Group for the positive feedback and recognition.”

Ratings are based on results from The MSR Group’s National Consumer Banking Survey, which collects feedback on customer satisfaction and advocacy for more than 100 banks and credit unions. To ensure accurate benchmark comparisons for clients, a stratified random sampling of retail banking consumers is conducted each quarter, gathering feedback on consumers’ banking experiences. This rolling tracking study interviews 2,400 retail banking consumers annually.

“This award reflects 1st Source Bank’s focus on the customers and communities they serve,” said The MSR Group Chief Operating Officer Joel Vaslow. “Their willingness to ask for customer feedback and use what they learn to improve their service overall shows the value they place on putting their mission into action.”

About 1st Source
1st Source is ranked #25 on Forbes’ list of America’s Best Banks, and is one of 31 banks nationwide to be listed as KBW’s Bank Honor Roll of Superior Performers in recognition of the bank’s strong performance over the past 10 years.

1st Source Corporation, parent company of 1st Source Bank, has assets of $4.72 billion and is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area. The Corporation includes 77 banking centers in 17 counties, 21 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations and eight 1st Source Insurance offices.

About The MSR Group
The MSR Group is a nationally recognized full-service market research company. Located in Omaha, Nebraska, The MSR Group offers a full complement of quantitative and qualitative methodologies across the financial, retail, advertising and agricultural industries. The firm’s proprietary APECS® system specializes in providing “real-time” voice of the customer research for financial institutions.

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The MSR Group Recognizes Investors Bank with Customer Advocacy Award for Northeast Region

April 7, 2014

Omaha, Nebraska April 7, 2014 – The MSR Group today announced that Investors Bank is the recipient of its APECS® Customer Advocacy Award, Northeast Region.

This award is given to the client retail … Read More

Omaha, Nebraska April 7, 2014 – The MSR Group today announced that Investors Bank is the recipient of its APECS® Customer Advocacy Award, Northeast Region.

This award is given to the client retail banking organization receiving the highest Net Advocacy Rating (NAR®) among its customers within their respective region. To qualify as a recipient, clients must have achieved a rating significantly higher than the national average and rank highest among all APECS® clients. Investors Bank posted a 2013 Net Advocacy Rating 7.4 points higher than the 2013 APECS® National Average. Investors Bank’s rating is significantly higher than many of the nation’s largest banks, including Bank of America, Chase, US Bank and Wells Fargo. Net Advocacy Rating (NAR®) is one of the strongest indicators of customer retention and increased revenue for financial institutions. 

Speaking about the honor of receiving the APECS® Award, Investors Bank EVP and Chief Retail Officer Paul Kalamaras said, “Our achievement is testament to the quality of the client experience that our dedicated employees provide to their customers each day across our banking network. This award acknowledges our commitment to building valuable customer relationships and how our clients’ expectations continue to influence and enhance our client-centric focus.”

Ratings are based on results from The MSR Group’s National Consumer Banking Survey, which collects feedback on customer satisfaction and advocacy for more than 100 banks and credit unions. To ensure accurate benchmark comparisons for clients, a stratified random sampling of retail banking consumers is conducted each quarter, gathering feedback on consumers’ banking experiences within each of four quadrants across the US.  This rolling tracking study interviews 2,400 retail banking consumers annually. 

“Investors Bank recognizes the value of customer feedback and it’s an important component of how they operate,” said The MSR Group Chief Operating Officer Joel Vaslow. “Even as they grow, they continue that focus. APECS® allows them to keep in touch with how well they’re doing.”

About Investors Bank

Investors Bank is a full-service community bank that has been serving customers since 1926. With $15.56 billion in assets and a network of 125 retail branches in New Jersey and New York City and on Long Island. Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking services include deposit products, online and mobile banking, home equity loans and lines of credit and a full array of mortgage loans. Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and an array of commercial financing solutions. Investors Bank is a member of the FDIC and an Equal Housing Lender.

About The MSR Group

The MSR Group is a nationally recognized full-service market research company. Located in Omaha, Nebraska, The MSR Group offers a full complement of quantitative and qualitative methodologies across the financial, retail, advertising and agricultural industries.  The firm’s proprietary APECS® System specializes in providing “real-time” voice of the customer research for financial institutions.  

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The MSR Group Recognizes First Citizens Bank with Highest Rating in Customer Advocacy for Southern Region

March 11, 2014

Omaha, Nebraska March 11, 2014 – The MSR Group today announced that North Carolina-headquartered First Citizens Bank is the recipient of its APECS® Customer Advocacy Award, Southern Region for the second consecutive … Read More

Omaha, Nebraska March 11, 2014 – The MSR Group today announced that North Carolina-headquartered First Citizens Bank is the recipient of its APECS® Customer Advocacy Award, Southern Region for the second consecutive year. 

This award is given to the client retail banking organization receiving the highest Net Advocacy Rating (NAR®) among its customers within their respective region. To qualify as a recipient, clients must have achieved a rating significantly higher than the national average and rank highest among all APECS® clients. First Citizens Bank posted a 2013 Net Advocacy Rating 2.8 points higher than the 2013 APECS® National Average. First Citizens Bank’s rating is significantly higher than many of the nation’s largest banks, including Bank of America, Chase, US Bank and Wells Fargo. Net Advocacy Rating (NAR®) is one of the strongest indicators of customer retention and increased revenue for financial institutions.

“For more than 100 years, First Citizens Bank has been helping customers make more of the money they earn, save and invest,” said Doug Sprecher, senior vice president and manager of retail sales support at First Citizens.  “Today we help consumers, businesses and institutions make smart financial decisions that create long-term value.  This award is due in large measure to the efforts of our company’s hard-working associates. Being part of the First Citizens team means making a lasting difference for our customers, every day, by delivering on our Forever First® promise of quality, longevity and respect.”

Ratings are based on results from The MSR Group’s National Consumer Banking Survey, a study which collects feedback on customer satisfaction and advocacy for more than 100 banks and credit unions. To ensure accurate benchmark comparisons for clients, a stratified random sampling of retail banking consumers is conducted each quarter, gathering feedback on consumers’ banking experiences within each of four quadrants across the US.  This rolling tracking study interviews 2,400 retail banking consumers annually. 

“By measuring their customer experience, First Citizens is able to ensure they’re meeting their commitment to providing top quality service in every community they serve. We’re glad APECS® helps them to reach that goal,” said The MSR Group Chief Operating Officer Joel Vaslow.

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank provides a broad range of financial services to individuals, businesses, professionals and the medical community through a network of more than 400 branch offices, telephone banking, mobile and online banking and ATMs. First Citizens serves 17 states and the District of Columbia. The bank is a major subsidiary of First Citizens BancShares Inc. (Nasdaq: FCNCA), which has $21 billion in assets. 

The MSR Group is a nationally recognized full-service market research company. Located in Omaha, Nebraska, The MSR Group offers a full complement of quantitative and qualitative methodologies across the financial, retail, advertising and agricultural industries.  The firm’s proprietary APECS® System specializes in providing “real-time” voice of the customer research for financial institutions.  

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