The Banking Choice Awards are based upon the results of the Banking Benchmarks®, the largest and most comprehensive measure of banking customer experience in the world. The Benchmarks are independent of any financial institution and conducted by Customer Experience Solutions LLC (www.cescx.com), the recognized leader in measuring and tracking customer experience for banking institutions.
Survey respondents are part of a statistically representative sample of households and businesses in each State. The total respondent pool is representative of the geography, gender, income, ethnicity, and age profile of the state, based upon the most recent government census. Given the large sample size, the results are also representative of household penetration of each banking institution within each state.
The survey is double blind: we do not know which banks they use before conducting the interview and recruited respondents are not told the subject of the survey is about banking. This therefore minimizes bias and provides the most objective results.
This survey asks respondents up to 53 different metrics about each institution they use for banking services. These include the metrics used for the Banking Choice Awards: Overall Quality, Customer Service, Tools & Technology, and Community Contribution. Rankings for Overall Quality, Customer Service and Technology are based on people’s responses concerning their primary banking institution. The final category, Community Contribution, is based on the responses for institutions that they are aware of but do not currently use, making it a reputation-based ranking.
The total number of reviews for each State are below, as well as the total number of banking institutions covered by the Benchmarks:
|State||# of reviews||# of banking institutions|
Benchmarks cover every single institution, including community banks, regional banks, national banks, in-state banks, out-of-state banks, credit unions, online banks, non-banks and any other institution respondents use for banking services.
For every institution in the rankings, at least n=100 reviews were recorded.
Customer Experience Solutions LLC produces the Banking Benchmarks® to help banks increase revenue by giving them a clear, objective view of what their customers REALLY think of them. We eliminate the bias of internal surveys in which happy customers are 5X more likely to respond than unhappy ones, thus creating skewed (and unrealistic) results. We put your ratings in context, showing you exactly how your scores compare to your competitors across the street not to a overly simplified industry index or a random basket of similar-sized banks from other parts of the country.
Our Customer Experience Benchmarks® were developed by the leading minds in Banking research—leaders who have developed the CX tracking programs for 7 of the top 15 North American banks. The Benchmarks® use the same Best-in-Class approach we used to build the CX programs for the world’s largest banks, but now we provide them to community banks at 1/1000th the cost. We strongly believe that customer loyalty is a bank’s key asset and in order to improve that loyalty, you must measure and track it. We therefore enable banks to understand exactly what their customers think of them, their people, their channels, and their products so they can make customer-centric decisions to grow their business.