ANN ARBOR, Michigan, November 16, 2021– (BUSINESS WIRE) – Americans’ dissatisfaction with most financial services has stopped, at least for now.
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(Graphic: Business Wire)
According to the American Customer Satisfaction Index (ACSI®) Financial Survey 2020-2021 – which provides customer satisfaction benchmarks for banks, credit unions, financial advisors and online investments – satisfaction with banks is broadly stable with an ACSI score of 78 (out of 100) , beating credit unions (down 1.3% to 76) for the third year in a row.
After dropping dramatically last year, client satisfaction with the online investing category is flat at 78, while financial advisers rebound slightly, up 1.3% to a score of 78.
“Financial services took a hit in the eyes of consumers last year, but managed to weather the storm for the most part,” said David VanAmburg, CEO of ACSI. “Banks, in particular, are better positioned than most due to the industry’s years of engagement and investment in digital offerings. which has successfully responded to a digitally engaged consumer base. “
Regional and community banks continue to outperform national and super-regional institutions
Among banks, regional and community institutions remain in the lead despite a decline of 1.2% to 80. National banks are unchanged at 76, followed by regional super banks with a stable score of 75.
Chase and Citibank remain tied for first place among domestic banks, both unchanged at 77. Bank of America is up 1% to 76, while Wells Fargo is down 1% to 74, marking its fifth consecutive year in the last square.
Capital One leads regional super banks, climbing 1% to 78. PNC Bank and TD Bank are next on the list, both stable at 76. Truist, formed by the merger of BB&T and SunTrust, debuts with an ACSI score of 75, tied with the two regions Bank (down 1%) and US Bank (unchanged).
Near the bottom of the category, Citizens Bank (down 1%) and Fifth Third Bank (up 1%) each score 74 points. KeyBank is in last place despite rising 1% to 73.
Vanguard claims online investment
Vanguard leads the online investing industry after increasing 1% to 80. Loyalty also improves by 1% to an ACSI score of 79.
Client satisfaction with the group of smaller online investment firms was unchanged at 77, tied with Edward Jones, up 1%.
Charles Schwab was the biggest hit, stumbling 4% to 76, the same score as E * Trade (up 1%). Merrill Edge (Bank of America) is stable at 75.
In his first year of measurement, Robinhood ranks at the bottom of the category with an ACSI score of 71.
Fidelity stands out among financial advisors
Fidelity takes sole possession of the industry’s top spot, climbing 3% to 81. Charles Schwab and Wells Fargo each improve 1% to 80 and 79, respectively, followed by Merrill (Bank of America) and Morgan Stanley, all two up 1% to 78.
After sharing the lead last year, the group of small advisers plummeted 3% to 77, equaling UBS (+ 1%). The group of independent advisers (+ 1%) and Raymond James (unchanged) each score 76, just ahead of LPL Financial, which finished last despite an increase of 1% to 75.
The ACSI Finance 2020-2021 study is based on interviews with 15,120 clients, chosen at random and contacted by email between October 5, 2020 and September 30, 2021.
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No advertising or other promotional use may be made of the data and information contained in this press release without the express prior written consent of ACSI LLC.
The American Customer Satisfaction Index (ACSI®) has been a national economic indicator for 25 years. It measures and analyzes customer satisfaction with more than 400 companies in 46 industries and 10 economic sectors, including various departments of federal and local government agencies. Reported on a scale of 0 to 100, the scores are based on data from interviews with approximately 500,000 clients per year. For more information, visit www.theacsi.org.
ACSI and its logo are registered trademarks of American Customer Satisfaction Index LLC.
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Denise DiMeglio 610-228-2102