Reputation.com Releases 2019 Retail Banking Reputation Report
Banks with Low Reputation Scores Can Benefit by Implementing Key Online Reputation Management Strategies and Monitoring Reputation Score
REDWOOD CITY, Calif. — June 13, 2019 — Reputation.com, provider of the first and only complete cloud-based enterprise reputation and customer experience management platform, today released its 2019 Retail Banking Reputation Report, an in-depth analysis of online data for retail banking locations representing 23 major U.S. banks. The report found that the average Reputation Score for the retail banking industry is significantly lower than other industries, with banks indexing poorly in for online sentiment, recency of reviews, review response rate, review volume and other key factors.
The average Reputation Score for all banks included in the analysis was just 341, compared to 515 for retail, 570 for automotive and 558 for property management. Capital One had the highest overall Reputation Score (405), followed closely by TD Bank (374), Chase Bank (370), U.S. Bank (369) and Fifth Third Bancorp (362). Comerica Bank (261), Citizens Bank (252) and M&T Bank (235) ranked lowest. These findings underscore the importance of careful online reputation management in a retail bank’s ability to shape and influence customer sentiment about their brand.
Similar to a FICO score used to gauge creditworthiness, a company’s Reputation Score is a numerical indicator of how well its online reputation compares with that of others. Calculated by applying a patented algorithm to vast amounts of data about an organization, Reputation Score provides actionable insights that can help banks improve customer service and operations, and their overall online reputation.
According to Reputation.com CEO Joe Fuca, Reputation Score may be the key to helping banks improve their online reputation. “By routinely analyzing Reputation Score and reading and responding to online reviews in a timely manner, retail banks can manage their customer sentiment much more effectively, ultimately improving their online reputation,” said Fuca. “This is critical in today’s Feedback Economy, in which consumers play a powerful role in shaping a business’s reputation and, ultimately, determining its success.”
Factors that contribute to Reputation Score include average star ratings on review websites, review volume, recency and length, search impressions, business listings accuracy, survey feedback, social media comments and more. The resulting score is expressed as a number on a scale of zero to 1,000 points.
Increasing Reputation Scores have been shown to boost revenue and sales for organizations across many industries. For example, hospitals with a high reputation score earn, on average, $1.2 million more revenue per bed. And automotive dealerships that improve their Reputation Scores have seen a six-percent increase in sales.
Low Industry Average May Be Due to Low Review Volume and Response Rates
According to Fuca, the lower industry average score for retail banking may be due to a low volume of online reviews as well as low review response rates. The report’s analysis found that all 23 banks sustained low review volume throughout the four-year analysis period — and that played a crucial role in bringing down the industry’s average Reputation Score. Simply requesting and responding to reviews may be the first step in improving scores.
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Because they are featured prominently in search results, star ratings are another key factor in influencing consumer selection. Although the average star rating for some of the most well-known retail banks has dropped significantly since 2015, research shows that most reviews are positive, and accumulating more reviews can help raise an organization’s average star rating.
“A high volume of reviews provides a more representative sample of the true customer experience the bank delivers,” said Fuca. “Additionally, high review volume increases star ratings and Google search rankings, improving overall Reputation Score and helping consumers find and choose your business over competitors.”
Customer Engagement Essential for Higher Scores
Reputation.com’s report illustrates how customer engagement drives loyalty. Companies that consistently respond to customer concerns demonstrate an ongoing commitment to improving customer experience. KeyBank led in this area by responding to 79% of online reviews, followed by U.S. Bank at 71% — both banks ranked among the top five for overall Reputation Score.
Reputation.com customers who use the Actions solution find it easier to track and resolve customer issues. Introduced earlier this year, Actions centralizes ticket management from all channels, and automates workflows with role-based dashboards that are accessible anywhere.
“As this and other reports indicate, optimizing the customer experience at physical locations and online is a vital strategy for gaining competitive advantage,” said Michael Fertik, Founder and former CEO of Reputation.com. “Monitoring your Reputation Score is the key to gaining the insights you need to address customer experience shortfalls, standardize on what’s working across your organization, and improve how customers experience and feel about your brand.”
Download the complete 2019 Retail Banking Reputation Report to learn more.
Reputation.com delivers the only integrated SaaS platform that helps location-based enterprises improve their reputation with consumers online and onsite, across the entire customer journey – from finding a location on search, to conversion, to operational improvements that deliver a better customer experience.
Reputation.com technology manages tens of millions of consumer reviews, surveys and social media interactions across hundreds of thousands of online points of presence for global companies spanning 77 industry verticals, including healthcare, retail, automotive, restaurants and others. To learn more, visit www.reputation.com.