About Banking Choice Awards
The Bankers Choice Awards winners were determined by detailed analysis of a comprehensive, independent survey administered by Customer Experience Solutions Inc, a recognized leader in tracking and measuring customer experience.
The principal of CES has more than 25 years’ experience in the survey and financial industries, including time with Nielson, the world’s largest market research company, as well as Greenwich Associates, one of the leading strategic consulting companies in Financial Services. For more information on CES, visit their website at cescx.com
Survey respondents are part of a national database representing a significant cross section of the American public. This is the primary panel used by the largest national and global companies to gather consumer feedback (Coke, Apple, etc.). The panel agree to be offered various surveys on different consumer related topics, and to answer several of those surveys per year. They get a brief description of the survey, including length, and they opt-in to take it.
This survey asked them a significant number of questions about both their primary bank or credit union, and their perception of other banks and credit unions they are aware of but not a customer of. 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 survey was offered to 20,000 people across the state of Massachusetts, to customers of banks or credit unions with no restriction on asset size. 10,040 people agreed to take this survey, providing 200 rankings and responses based on 55 different question sets. Respondents did not have to answer all the questions.
Those 10,040 people gave a total of 98,932 reviews on their banking experiences, which yielded a total of 1,536,000 data points. Institutions with a limited number of respondents were not considered. The average number of respondents (customers) for the banking finalists in our selected categories was 228. The average number of respondents (customers) for the credit union finalists in our selected categories was 100.
Considering the overwhelming response, results for banks and credit unions are reported separately, and subdivided by region. For both groups, the top three finalists for each category, subdivided by region banking industry will be honored at separate events. Banks will be celebrated at the Omni Parker House on April 26th, and credit unions honored the night before the Great New England Credit Union Show on May 7th .
The same survey was delivered to 10,000 people in Connecticut. 6,009 people responded, yielding 58,888 reviews and 919,377 data points. The same basic rules from Massachusetts applied regarding those with a limited number of responses. The average number of respondents (customers) for the finalists in our selected categories was 141. The top three finalists in each category, subdivided by region, with credit unions and banks combined, will be honored at the Banking Choice CT event April 19th at the Hilton Hartford.
Customer Experience Solutions LLC helps banks in Connecticut increase revenue by enabling them to understand their customers and their prospective customers much better. We provide Customer Satisfaction/Customer Experience measurement programs specifically designed for Commercial, Retail and Wealth units in Connecticut banks. These are the same programs our Industry Thought Leaders have built for the world’s largest banks, but now we provide them to Connecticut 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.