U.S Banks score high on American Customer Satisfaction Index

In the competitive banking and finance sector, it's imperative that institutions have effective and efficient customer experience management strategies in place.

In the competitive banking and finance sector, it's imperative that institutions have effective and efficient customer experience management strategies in place.

U.S. Bank was recently honored by the American Customer Satisfaction Index for its ability to keep customers happy and loyal. According to research conducted in the third quarter of 2011, the financial institution surpassed the industry average and the combined average of all other banks.

The ACSI determined scores by looking at two factors of satisfaction: quality and value. Compared to the other financial institutions, U.S. Banks also scored higher in customer retention.

"Our customer satisfaction scores validate the investment we've made in our employees, products and technology," said Richard Davis, chairman, president and CEO of U.S. Bancorp. "Our customers have rewarded us with their business, and I'm proud to represent 60,000 U.S. Bancorp employees who are honored to be their financial partner."

However, not all banks fared as well. Bank of America ended up at the bottom of the heap, after testing customer loyalty with a failed debit card fee plan that proved "wildly unpopular," according to AllGov.