2010 Bank & Credit Union Satisfaction Survey Bank Rankings - Report I: Overall Satisfaction

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1 2010 Bank & Credit Union Satisfaction Survey Bank Rankings - Report I: Overall Satisfaction Jim S Miller President, Prime Performance

2 Overall Satisfaction with Service Net Score* Small Banks (<20 branches): 88% Credit Unions: Small Banks (20 99 branches): Small Banks ( branches): Regions: 8 Citizens/Charter One: 8 Fifth Third: 80% SunTrust: 80% PNC: 79% Industry Average: 77% BB&T: 77% U.S. Bank: 76% Other Large Banks: 75% Wells Fargo: 7 TD Bank: 7 Bank of America: 70% Chase: 67% Citibank: 59% Capital One: 57% 1% 1% 0% 1% 4% 4% 4% 6% 8% 9% 88% 86% 86% 86% % 79% 74% 74% 7 67% 66% % Negative Responses % Positive Responses Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3) 2

3 The Representative Was Friendly Regions Credit Unions Small Banks (<20 branches) SunTrust Small Banks (20 99 branches) Fifth Third U.S. Bank Small Banks ( branches) PNC Industry Average Wells Fargo Citizens/Charter One Other Large Banks BB&T TD Bank Bank of America Citibank Capital One Chase 98% 97% 97% 97% 96% 96% 96% 95% 95% 9 60% 65% 70% 75% 80% 85% 90% 95% 100% 105% % Positive Responses (% Yes) 3

4 The Representative Seemed to Enjoy His or Her Job Regions Small Banks (<20 branches) Credit Unions Small Banks (20 99 branches) SunTrust Small Banks ( branches) Fifth Third 9 Citizens/Charter One PNC Wells Fargo Industry Average Other Large Banks U.S. Bank BB&T Chase Bank of America Capital One Citibank TD Bank 8 81% 80% 79% 77% 76% 75% 60% 65% 70% 75% 80% 85% 90% 95% % Positive Responses (% Yes) 4

5 The Representative Seemed Genuinely Interested in Helping Me Credit Unions Regions Small Banks (<20 branches) Fifth Third Small Banks ( branches) Citizens/Charter One Small Banks (20 99 branches) PNC SunTrust Wells Fargo Industry Average U.S. Bank BB&T Other Large Banks Bank of America 95% 90% 90% 88% 85% TD Bank Chase 8 8 Capital One Citibank 79% 60% 65% 70% 75% 80% 85% 90% 95% 100% % Positive Responses (% Yes) 5

6 Methodology To learn more about the methodology used in this report, please see the Prime Performance 2010 Bank & Credit Union Satisfaction Survey: Customer Experience with Branch and Call Center Representatives. Implications A review of data suggests banks and credit unions should focus on the basics. Simple behaviors such as using the customer s name, thanking the customer and showing a helpful attitude drive customer satisfaction, loyalty and retention. The institutions which do not manage the basic, and controllable, behaviors will see their customers looking for service elsewhere. It is clear from the findings of this report, that accurately handling a transaction is not enough. Customers are looking for a positive emotional experience and are disappointed when their emotional needs are not met. We Can Help Financial institutions that deliver a superior client experience enjoy higher profits, stronger growth and better client loyalty than institutions that don t. To learn how we can assist you, contact: Jim S Miller: jim.miller@primeperformance.net How s your client experience? Not sure, Prime Performance can help. About Prime Performance Headquartered in Denver, CO, Prime Performance works with financial institutions to increase profitability by developing and implementing a superior client experience. Since 1989, the company has specialized in measuring the customer experience through live phone interviews and providing the tools and training needed for banks, credit unions and financial contact centers to elevate the level of service they provide their customers. Prime Performance is part of NCBS, a SunTrust Banks Inc. subsidiary that sells training, design and construction services to retail banks. About the Author Jim S Miller is the President of Prime Performance. Jim has worked with some of the nation s largest financial institutions, including SunTrust Bank, Bank One and NationsBank. Through senior roles in marketing, finance and retail administration, Jim has acquired a broad understanding of the many challenges faced by bankers. While developing and managing sales incentive programs for retail bankers, Jim grew a passionate interest in understanding how behavior change among front-line branch employees affects an organization s bottom line. It is his personal mission to empower banks and credit unions to realize their full potential. Jim majored in Finance at The College of William and Mary and earned his MBA from The University of Virginia s Darden Graduate School of Business Administration. Jim now calls Boulder, CO home. 6