10 Best Financial Companies in 2010
And the 7 Banks that Performed Worst…
The news is out and HSBC Bank ranks worst amongst this year’s Forrester’s Customer Advocacy rankings with only 16 percent of HSBC’s customers agreeing to the statement: “My financial provider does what’s best for me, not just its own bottom line.”
The survey involved an estimated 4,500 consumers and 46 different financial services companies, which includes banks, insurance providers, and investment firms. The bottom seven banks, based on customer responses to the above question, were HSBC with only 16 percent, Citibank with 26 percent, Fifth Third Bank with 27 percent, TD/Commerce with 28 percent, Capital One with 29 percent, Chase with 31 percent, and Bank of America with 33 percent.
According to The New York Times, A spokesperson for HSBC declined to comment because he had not seen the survey.
Only 16% of HSBC Customers Surveyed Feel the Bank does What’s In Their Best Interest
Oh, and for those of you who may be wondering, the top ten rated firms in this year’s Forrester’s Customer Advocacy rankings are:
1. USAA (insurance) – A Fortune 500 company that mainly provides insurance services, but also conducts consumer banking and investment planning product and services.
2. Any credit union
3. Any independent financial advisor
5. USAA (banking) – Yes, two top five positions.
6. AAA – Referred to as Triple-A (formerly known as American Automobile Association) boasts 50 million-plus members in North America and mainly provides vehicle insurance.
7. State Farm – The largest automobile and home insurance company in the United States, and ranked 31st in the 2009 Fortune 500 list of American companies by revenue.
8. Any regional or local bank
9. Aflac – In the United States they’re the largest provider of supplemental insurance, in Japan, the’re the largest life insurer and second largest overall insurance company.
10. GEICO – Also known as the Government Employees Insurance Company, mainly provides auto insurance, offering coverage on more than ten million vehicles, by more than nine million policy holders.
Related Information
Consumer Trust In US Financial Institutions Is Returning
The Least-Trusted Banks in America
Insurance Outshines Banks In Customer Advocacy Survey
How Customers Rate US Banks, Investment Firms, And Insurers
Consumers Rate Top 10 Firms on Customer Advocacy
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Tags: AAA, Aflac, Bank of America, Capital One, Chase, Citibank, Fifth Third Bank, Forrester's Customer Advocacy, GEICO, HSBC Bank, State Farm, TD/Commerce, USAA
 Money Market Savings℠ Wells Fargo |
 Citi Chairman® Citibank |
Comments (6)
I can’t even imagine how HSBC could only have a 16% approval rating!! Unbelievable.. but look who landed bottom of the list, banks.
And when I go shop for insurance guess who I going with?? If you guessed USAA, you’d be right! They got 1st and 5th?!
I’m not the least bit surprised to see the likes of Bank of America, Chase, and Citibank at the bottom of the list.
I was surprised to see insurance companies like USAA, GEICO, and AAA in the top ten. Who knew?!
Ha.. I for one am not surprised Bank of America found its way to the bottom of the list!
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