ANN ARBOR, Mich., Nov. 15, 2016 /PRNewswire/ -- Customer satisfaction with banks is up, according to the American Customer Satisfaction Index (ACSI). The report released today covers the Finance and Insurance sector, which includes retail banks, credit unions, health insurance, property and casualty insurance, life insurance and internet investment services.
Bank customer satisfaction climbs 5.3 percent to an ACSI score of 80 on a 100-point scale. Regional and community banks lead with a combined score of 83 (+3.8%). Super regional banks gain 3.9 percent to 79. Although national banks rank lowest, they are the most improved (+6.9% to 77). Credit unions edge up 1.2 percent to 82, slightly below the industry's long-term average. Similar to smaller banks, credit unions offer more personalized service, and also are generally more likely to have lower fees and free checking. "Smaller usually means higher customer satisfaction when it comes to banking services, and that still holds true albeit to a lesser degree this year," says Claes Fornell, ACSI founder and Chairman. "ACSI data show that national banks have improved in nearly every aspect of the customer experience. But even with some of their highest scores ever, national banks still lag regional banks." Citibank leads among national banks with a 12-percent jump to an ACSI score of 82. Wells Fargo loses the top spot by improving the least, adding just 1 percent to 76, and is now below average as the other national banks post greater gains. Bank of America (+10%) and Chase (+6 %) at 75 are closing in on Wells Fargo. Stock performance has followed suit. Since February, Chase, Citibank and Bank of America have each shown solid gains, whereas Wells Fargo's stock lagged its national competitors even before news of improper sales practices broke. BB&T (+6%) leads super regional banks at 82, and Fifth Third Bank (+8%) takes second place (81). Capital One, Citizens Bank, KeyBank and SunTrust Bank all come in at 80, just above the category average and TD Bank (79). PNC Bank is unchanged at 78, tying Regions Bank (-1%), with U.S. Bank in last place at 77.