American Customer Satisfaction Index (ACSI) Finance and Insurance Report 2016 (Highlights)

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The American Customer Satisfaction Index (ACSI) Finance and Insurance report has just been released, and this year’s report indicates an overall improvement in customer satisfaction for Banks & Insurance companies in the United states.


The national banks measured by ACSI all saw improvements in their customer satisfaction indices, including last year’s leader – Wells Fargo which improved the least by 1%.

ACSI 2016 national banks
Image: acsi.org

The Top Customer Experience (CX) Benchmarks

  • Website satisfaction
  • Courtesy and Helpfulness of tellers or other staff
  • Speed of financial transaction (in branch)

An interesting insight the ACSI 2016 report reveals is that regional & community banks in the US outperform the national banks on nearly every element. According to the report, the only advantage larger banks offer is the number & location of branches and ATMs. Smaller banks were found to do better in staff courtesy, transaction speed, website quality and ease of adding or changing accounts.

Areas of Improvement

The lowest rated customer experience benchmarks for the banking industry in the US were –

  • Number & Location of branches
  • Number & Location of ATMS
  • Competitiveness of Interest rates

Smaller banks in the US performed poorly compared to the bigger national banks like Citi and Wells Fargo in these areas.

In general, the smaller banks have higher overall satisfaction levels than the bigger national banks. This can be attributed to their high rankings in the top customer experience benchmarks listed above, and the ability of smaller institutions to provide a personal touch.

You can download and read the full report here.

See also  7 Strategies For Interacting With Customers For Exceptional Customer Service

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Kelechi Okeke
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