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CUs Lead in Temkin Ratings
Tuesday, August 13, 2013 6:00 AM

Each year, the Temkin Group asks consumers to rate their experiences with more than 100 companies and the associated loyalty of those consumers is then measured. The ratings are very similar to Net Promoter Scores on loyalty. Interestingly, in all six ratings, credit unions rank in the top 20 scores (credit unions are consolidated into one entity and not singled out).

According to Rick Grady, vice president of Research for the Cornerstone Credit Union League, this is very significant for several reasons:

  • It demonstrates that among all financial institutions, credit unions are held in very high regard by their members.
  • When it comes to customer satisfaction and customer loyalty, the only real competition to credit unions is USAA, a financial non-profit cooperative. Even though it is a bank, it is exceptionally good company, and it proves that non-profit cooperatives are significantly more satisfying.
  • In two satisfaction ratings credit unions come in first among all financial institutions, including USAA. Credit unions are significantly more satisfying to consumers in their “experience” with the financial institution, and consumers rate them highest in “customer service.”
  • If credit unions want to study any corporate model to seek methods of and means for improving the experience, it should be either USAA (and absolutely no bank since they are noticeably very low in every ranking except website experience) or grocery store chains.

Here are the full Temkin Ratings for 2013:

2013

Temkin Ratings - based on 10,000 consumer feedbacks of their recent interactions with companies.

Position

Experience - Temkin asked consumers to rate three components of the experience: Functional, Accessible, and Emotional

Loyalty - Temkin asked consumers to rate three elements of their loyalty: willingness to buy more, reluctance to switch business away, and likelihood to recommend.

Forgiveness - Temkin asked consumers how likely they would be to forgive the companies if those firms made a mistake.

Trust – Temkin asked consumers how much they trust those firms.

Customer Service – Temkin asked consumers to rate how satisfied they are with recent customer service experiences.

Web Experience – Temkin asked how satisfied were you with the experience

1

84% - Publix – grocery chain

65% - Sam’s Club – retailer

61% - Advantage – rental car agency

79% - USAA – insurance carrier

71% - Publix – grocery chain

77% - Amazon.com – retailer

2

83% - Trader Joe’s – grocery chain

64% - Aldi – grocery chain

60% - USAA – bank

79% - USAA – bank

71% - Hy-Vee – grocery chain

75% - USAA – bank

3

82% - Aldi – grocery chain

63% - USAA – bank

58% - USAA – insurance carrier

77% - Credit Unions – bank

71% - Credit Unions – bank

73% - USAA – insurance carrier

4

82% - Chick-fil-A – fast food chain

62% - Publix – grocery chain

53% - USAA – credit card issuer

73% Publix – grocery chain

70% - Chick-fil-A – fast food chain

72% - Regions – bank

5

81% - Sam’s Club – retailer

61% - Amazon.com – retailer

51% - H.E.B. – grocery chain

72% - H.E.B. – grocery chain

69% - H.E.B. – grocery chain

70% - Advantage – rental car agency

First mention of “credit unions”

79% - Position #19

61% - Position #6

47% - Position #9

77% - Position #3

71% - Position #3

69% - Position #8

First mention of a “bank”

78% - Position #28 (USAA)

63% - Position #3 (USAA)

60% - Position #2 (USAA)

79% - Position #2 (USAA)

64% - Position #16 (USAA)

75% - Position #2 (USAA)

Second mention of a “bank”

74% - Position #61 (ING Direct)

54% - Position #30 (PNC)

28% - Position #150 (Regions)

56% - Position #91 (TD Bank)

64% - Position #19 (PNC)

72% - Position #4 (Regions)

 

The Temkin Group is a customer experience research and consulting company. Their ratings amplify the voice of consumers by making their feedback widely available. The compiled data helps organizations benchmark themselves within their industry and compare themselves to companies across other industries. The data is then broken down into consumer segments (age, income, education, gender, and ethnicity) providing companies with a deeper understanding of the link between customer experience and loyalty for their customers.