Omaha, NE – September 23, 2015 – The MSR Group (themsrgroup.wpengine.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.
