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Financial Services in the US

  Financial Services in the US

  • Sector average score 61 Financial Services in the US
  • Knowledge & Expertise 65
  • Style of Communication 64
  • Speed of Resolving Problems 65
  • Valuing the Customer 65

While US Bank remains top of the Financial Services in the US table, USAA's +2 increase in its Overall Effort Score has resulted in a three-way tie for second, alongside Citi and Chase.

Further down the table, TD Bank and Truist advance two places each in the table. Their gain is Bank of America’s and PNC’s loss, with the two now at eighth and 10th respectively, after tumbling from their highest rankings of fourth and seventh in Q3 2024.

Turning to the Overall Effort Scores themselves, US Bank has extended its lead by adding +2 points to its Overall Effort Score, while a score of 50 for Varo sees it score the lowest Overall Effort Score recorded in the Financial Services Table in the US so far.

 
Rank
Brand
Effort
i
  Effort

The Overall Effort Score is calculated using modelling on the results recorded in each of the four pillars

  Score breakdown Hide
Knowledge
&
Expertise
i
  Knowledge & Expertise

Having knowledgable customer service agents that can clearly explain details to customers impacts the score in the ‘Knowledge & Expertise’ pillar

Style
of
Communication
i
  Style of Communication

How polite customer service staff are and whether they can communicate in a customers’ chosen language contribute to ‘Style of Communication’ 

Speed
of
Resolving
Problems
i
  Speed of Resolving Problems

A quick resolution and short holding times ensure a strong ‘Speed Solving the Problem’ score

Valuing
the
Customer
i
  Valuing the Customer

Companies that make their customers feel valued and understand their needs perform well in the ‘Understanding & Valuing the Customer’ pillar

NPS
i
  NPS

NPS scores can be used to compare and contrast with Effort for an additional perspective

1
US Bank
69
   
Knowledge & Expertise 69
Style of Communication 72
Speed of Resolving Problems 67
Valuing the Customer 68
NPS -7
2
Chase Bank
66
   
Knowledge & Expertise 67
Style of Communication 70
Speed of Resolving Problems 64
Valuing the Customer 68
NPS 1
2
Citi
66
   
Knowledge & Expertise 68
Style of Communication 69
Speed of Resolving Problems 62
Valuing the Customer 64
NPS -17
2
USAA Bank
66
   
Knowledge & Expertise 66
Style of Communication 67
Speed of Resolving Problems 64
Valuing the Customer 65
NPS -13
5
Wells Fargo
64
   
Knowledge & Expertise 65
Style of Communication 67
Speed of Resolving Problems 62
Valuing the Customer 65
NPS -13
6
Capital One
63
   
Knowledge & Expertise 63
Style of Communication 67
Speed of Resolving Problems 61
Valuing the Customer 63
NPS 4
7
TD Bank
62
   
Knowledge & Expertise 63
Style of Communication 62
Speed of Resolving Problems 63
Valuing the Customer 64
NPS -23
8
Bank of America
61
   
Knowledge & Expertise 62
Style of Communication 65
Speed of Resolving Problems 58
Valuing the Customer 62
NPS 0
8
Truist
61
   
Knowledge & Expertise 62
Style of Communication 66
Speed of Resolving Problems 59
Valuing the Customer 60
NPS -17
10
PNC Bank
58
   
Knowledge & Expertise 59
Style of Communication 65
Speed of Resolving Problems 54
Valuing the Customer 58
NPS -29
10
Chime
58
   
Knowledge & Expertise 57
Style of Communication 59
Speed of Resolving Problems 55
Valuing the Customer 60
NPS -12
12
Current
55
   
Knowledge & Expertise 57
Style of Communication 58
Speed of Resolving Problems 49
Valuing the Customer 55
NPS 17
13
Varo Bank
50
   
Knowledge & Expertise 49
Style of Communication 53
Speed of Resolving Problems 49
Valuing the Customer 48
NPS 7
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Last updated: Jul 2024 Next update: Oct 2024
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  Capital One

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  TD Bank

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  Bank of America

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  Truist

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  PNC Bank

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  Chime

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  Current

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  Varo Bank

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Last updated: Jul 2024 Next update: Oct 2024
  • Looking at the pillars, Valuing the Customer appears to be the biggest area that US Financial Services should look to focus on, with multiple brands reporting their lowest scores seen so far in this pillar this wave.
We say Consumers expect to feel valued when they are talking money matters, so how can these companies use technology to make them feel like they are being given the attention they believe they deserve?
Image 05

Customer Effort Scores for the quarter are presented in the rankings, ordered by highest Overall Effort Score first, to show which brand scored highest with its customers for that period. Individual brand ratings against the four pillars take us underneath that Overall Effort Score, with brand-specific explanatory analysis from the CEI Editorial team.

You can use the display above to toggle between score, ranking and individual pillars. Clicking 'Performance Tracker'  enables you to analyse the performance over time.

The Customer Effort Index is calculated using a self-referential scale that is recomputed every wave based on what the minimum and maximum values are. This enables us to see how each brand is performing compared to the others within the data set. See About for more on the methodology. 

ContactEngine sponsors the Customer Effort Index

ContactEngine believes that a great customer experience is an effortless one, where life is made as easy as possible for the customer. ContactEngine commissioned the Customer Effort Index to measure how real people perceive the effort it takes to be a customer of some of the leading brands in the world. By enabling a comparison of effort not only within an industry, but across industries, we can identify and learn from the brands who lead on making it easy for their customers to do business with them.

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