Today’s retail banking customers rely on information in online reviews and social media to inform their decisions. In fact 86% of consumers read reviews of local businesses and 57% won’t use a business with a rating lower than four stars. This means that for retail banking institutions, maintaining a stellar online reputation is essential.
Unfortunately, banking institutions are falling behind other industries in this area. To create its 2019 Retail Banking Reputation Report, Reputation.com performed an in-depth analysis of unstructured text from reviews, listings, social media, search results and customer engagements for retail banking locations representing 23 major U.S. banking institutions.
Key findings include:
- Overall Reputation Scores for the banks included in the study are lower than business in other industries, such as retail, property management and automotive.
- The average Reputation Score for all banks included in the analysis was just 341, compared to 515 for retail, 570 for automotive and 558 for property management.
- Capital One had the highest overall Reputation Score (405), followed closely by TD Bank (374), Chase Bank (370), U.S. Bank (369) and Fifth Third Bancorp (362). Comerica Bank (261), Citizens Bank (252) and M&T Bank (235) ranked lowest.
In addition to these findings, the report uncovers the Reputation Score for the top the 23 banking institutions included in our study. It also explores the three best practices that providers must focus on to improve their online reputation.
Reputation.com’s 2019 Retail Banking Report can be used by banks to uncover actionable insights that determine online reputation. It will also make the case for investing in reputation management as a key element of a bank’s consumer experience strategy.