USAA and Discover Earn Top Customer Experience Ratings in Credit Cards, According to Temkin Group
Sixth Annual Temkin Experience Ratings Evaluates 294 Companies Across 20 Industries
WABAN, Mass., May 31, 2016 /PRNewswire/ -- USAA and Discover deliver the best customer experience in the credit card industry, according to the 2016 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.
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Out of the 11 credit card issuers evaluated, USAA was the highest rated for the sixth year in a row, earning a 69% rating and placing 60th overall out of 294 companies across 20 industries. However, despite receiving the highest score in the industry, USAA also declined by the most percentage points over the past year, dropping by 11 points between 2015 and 2016. This dramatic fall enabled Discover to come in a close second, with a rating of 68% and placing 69th overall.
At the other end of the spectrum, HSBC was the lowest-rated credit card issuer for the fourth straight year, receiving a 45% rating and an overall ranking of 274th.
Overall, the credit card industry averaged a 63% rating in the 2016 Temkin Experience Ratings and placed 6th out of 20 industries. The average rating of the industry decreased by four percentage points between 2015 and 2016.
"USAA continues to dominate customer experience in credit cards, but Discover has closed the gap considerably," states Bruce Temkin, managing partner of Temkin Group.
Here are some additional findings from the credit card industry:
- The ratings of all credit card issuers in the 2016 Temkin Experience Ratings are as follows: USAA (69%), Discover (68%), Chase (66%), Barclaycard (66%), Capital One (65%), American Express (64%), Citigroup (61%), Wells Fargo (58%), U.S. Bank (58%), Bank of America (57%), and HSBC (45%).
- No credit card issuer improved its ratings between 2015 and 2016.
- USAA (-11 points), American Express (-9 points), HSBC (-9 points), and U.S. Bank (-8 points) declined by the most percentage-points between 2015 and 2016.
Now in its sixth year of publication, the 2016 Temkin Experience Ratings is the most comprehensive benchmark of customer experience in the industry, evaluating 294 companies across 20 industries: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, supermarket chains, TV service providers, utilities, and wireless carriers.
To generate these ratings, Temkin Group asked 10,000 U.S. consumers to evaluate their recent experiences with a company across three dimensions: success (can you do what you want to do?), effort (how easy is it to work with the company?), and emotion (how do you feel about the interactions?). Temkin Group then averaged these three scores to produce each company's Temkin Experience Rating.
In these ratings, a score of 70% or above is considered "good," and a score of 80% or above is considered "excellent." In this year's Temkin Experience Ratings, 20% of companies earned a "good" or "excellent" score, while 44% received a "poor" or "very poor" score.
The 2016 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.
The free report, "2016 Temkin Experience Ratings," is available for download at the Customer Experience Matters® blog (ExperienceMatters.wordpress.com) and at the Temkin Group website, www.TemkinGroup.com.
About Temkin Group: Temkin Group is a leading customer experience research and consulting firm. Many of the world's largest brands rely on its insights and advice to steer their transformational journeys, and Temkin Group accelerates their results by combining customer experience thought leadership with a deep understanding of organizational dynamics. Rather than layering on cosmetic changes, Temkin Group helps companies embed practices within their culture by building up four core competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness. The firm's ongoing research identifies leading and emerging best practices for engaging the hearts and minds of customers, employees, and partners. For more information, contact Bruce Temkin at 617-916-2075 or send an email.
*Customer experience matters is a registered trademark of Temkin Group.
SOURCE Temkin Group
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