New York, NY (June 28, 2017) – American Banker has released the results of its 8th annual bank reputation survey, assessing the corporate reputations of banking companies. Synovus Financial captured the top spot in the survey and shared with USAA Bank the honor of being the only U.S. banks to enjoy an “excellent” reputation.
In addition, the 2017 survey revealed that the banking industry overall extended its multiyear reputation recovery among U.S. consumers, achieving a reputation score that qualified as “strong” for the first time since the Survey of Bank Reputations began in 2011.
The industry’s gains came despite a significant blow to Wells Fargo’s reputation score in the wake of revelations that bank personnel had engaged in the widespread creation of phony bank accounts.
Full results of the survey and an overview of the trends are available at American Banker and in the July issue of American Banker Magazine. An in-depth feature also details how BOK Financial made some of the biggest reputation gains of any bank over the past year.
The annual Survey of Bank Reputations measures U.S. consumers’ perceptions of major financial institutions, providing a detailed analysis of how banks rank on a range of attributes that contribute to a corporate reputation. Scores are based on the results of an online survey fielded by the Reputation Institute in the spring of 2017.
Customer perceptions of banks – whether large, regional or non-traditional – are much better than that of non-customers. Of the 39 banks evaluated this year, 24 achieved “excellent” scores from their customers. The five top-scoring banks among their respective customers were (in order):
- First Tennessee
- BNY Mellon
- BOK Financial
- CIT Bank
Among non-customers, the regional and nontraditional banks improved their standing, while large banks held steady. None were viewed as “excellent,” but 13 banks received a score that is considered “strong.” The five banks that had the top scores among non-customers were (in order):
- Cullen/Frost Bankers Inc.
- BOK Financial
- Northern Trust
Wells Fargo lost significant ground with both customers and non-customers, with its overall score dropping to 48.6 (a score under 50 is considered “weak”).
“Governance has become the most important driver of reputation in banking. In particular, ethical behavior and fairness are key trigger points for enhancing reputation in 2017,” said Stephen Hahn-Griffiths, vice president and U.S. consulting director for Reputation Institute. “For a bank, having a strong reputation is important because it ensures customers will do business with you, policymakers and regulators will give you license to operate, and potential employees will be more willing to work for you.”
BOK Financial posted a larger year-over-year increase in its overall score than any other bank. It improved by 9.6 points, which propelled it to third place in the overall ranking from eighth place last year. “BOK has invested heavily in employee training and development over the past few years, and that is paying off,” said Bonnie McGeer, executive editor of American Banker. “It also has fostered customer loyalty by sticking with borrowers in the energy sector through the tumult, as other banks bailed.”
Additional information is available at www.reputationinstitute.com/us-banking-reptrak.
About American Banker
American Banker, a SourceMedia brand, is the essential resource for senior executives in banking and financial services, keeping its users updated on vital developments and focusing sharply on their most important concerns. Financial industry professionals turn to American Banker to stay maximally informed and engage with an authoritative community of analysts, practitioners and innovators through opinion content, research reports, social media, and live events. American Banker Magazine is a monthly print publication of American Banker, focusing on the ideas, the people, and the companies that are changing the way bankers do business.
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About Reputation Institute
Reputation Institute (RI) is the world’s leading consulting and advisory firm for reputation. RI enables many of the world’s leading companies to make more confident business decisions that build and protect reputation capital, analyze risk and sustainability topics, and drive competitive advantage. RI’s most prominent management tool is the RepTrak® model for analyzing the reputations of companies and institutions — best known via the Global RepTrak® 100, the world’s largest and most comprehensive study of corporate reputations, as well as Country RepTrak® and City RepTrak® studies that look at reputation across organizations within a given geography.