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News Now

CU System
CUs beat most investment firms on customer experience
WABAN, Mass. (3/12/12)--Credit unions had the third-highest rating in the investments industry, beating out some of the top investment firms in a new study of customer experience in that industry.

The 2012 Temkin Experience Ratings rated experience at 206 large companies across 18 industries. In the investments arena, "a credit union" was rated 65%--in the third position and tied with Ameriprise Financial, Edward Jones and Vanguard firms.

Charles Schwab's rating at 70% and Fidelity Investments at 68% were the only investment firms with higher ratings.  Credit unions topped ING Direct, rated at 62%; E*Trade  and Merrill Lynch, both at  59%; Morgan Stanley Smith Barney and TD Ameritrade, both at 57%; and Wells Fargo Advisors at 54%.

Temkin Group also analyzed the changes between 2011 and 2012 and found that the investment industry has seen its sharpest decline in customer experience ratings in the past year.

The group bases its ratings on three dimensions of customer experience:

  • Functional--Does the company meet consumers' needs?
  • Accessible--How easy is it for consumers to do what they are trying to do?
  • Emotional: How do consumers feel about their interactions with companies?
Credit unions and Fidelity Investments received the highest Emotional ratings, while Wells Fargo Advisers received the lowest. 

Charles Schwab and Vanguard received the highest Functional ratings, with Wells Fargo the lowest.  In the Accessible ratings, Charles Schwab and Fidelity received the highest and Wells Fargo Advisors and Morgan Stanley Smith Barney received the lowest.

The report rated customer experience at 206 large companies across 18 industries.


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