The results are in for the 2017 Annual Bank Reputation Survey, and USAA ranked as the "Most Reputable Bank" among customers.
This is the first time USAA was included in the survey presented by Reputation Institute and American Banker. USAA Bank had the highest score among customers and ranked second for excellent overall reputation. Members scored USAA for its products and services, innovation and leadership.
“It’s an honor and a privilege to serve our members. We appreciate the trust they place in USAA, and we will continue to work hard to maintain their trust every day,” said Chad Borton, USAA Bank president.
“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 consulting director, U.S., 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. For the year ahead products/services and innovation are also key dimensions — indicating that product quality assurances and innovative delivery experience are also foundational to building reputation strength for banks.”
Now in its seventh year, the survey — a partnership between Reputation Institute and American Banker — measures U.S. consumers’ perceptions of major bank brands. Companies were drawn from the Federal Reserve’s list of large commercial banks, with final selections determined by American Banker, based on the size of each firm’s assets and deposits. Only companies with significant retail businesses and significant retail brands were considered.
The 2017 Annual Survey of Bank Reputations scores and rankings are based on more than ratings collected via an online questionnaire in the first quarter of 2017. They measure the general public’s perception where the company stands on seven key rational dimensions of reputation: products and services, innovation, workplace, governance, citizenship, leadership and performance.
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