AWA RDS
Best Banks In New York
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OUR ANNUAL SURVEY SHOWS CONSUMERS' PICKS FOR TOP BANKS
nnually, the prestigious Banking Choice Awards are presented by American Business Media, publishers of “Banking New York,” and Rivel Banking Benchmarks. Vincent M. Valvo, president and CEO of American Business Media, said, “Customers can choose to bank wherever they want. The Banking Choice Awards determine which banks do it best.” The Banking Choice Awards are based upon the results of the Rivel Banking Benchmarks, the largest and most comprehensive measure of banking customer experience in the world. The benchmarks are conducted independent of any financial institution biannually by Rivel (www.rivel. com), the marketing and investment community research firm and pioneer
in the online measurement and tracking of customer experience for banking institutions. Bruce Paul, Rivel’s managing director, said, “The Rivel Banking Benchmarks, part of our CXLign division, help banks increase revenue by giving them a clear, objective view of what their customers really think of them. We eliminate the bias of internal bank surveys in which happy customers are five times more likely to respond than unhappy or ambivalent ones, thus creating skewed (and unrealistic) results. We put your ratings in context, showing the banks exactly how their scores compare to those of their competitors within their local trade area – not to an irrelevant basket of similar-sized banks from other parts of the country.” The Rivel Banking Benchmarks were developed by Paul, one of the most
‘We eliminate the bias of internal bank surveys in which happy customers are five times more likely to respond than unhappy or ambivalent ones, thus creating skewed (and unrealistic) results.’
12 | Banking New York | Issue Three 2020
respected experts in banking research who developed the CX tracking and brand research programs for seven of the top 15 North American banks. The Benchmarks use the same bestin-class approach used to build the CX programs for the world’s largest banks, now provided to community banks at a small fraction of the cost. “We strongly believe that customer loyalty is a bank’s primary asset. To improve that loyalty, you must measure and track it. The Benchmarks therefore enable banks to understand exactly what their customers and prospects think of them, their people, their channels, and their products so banks can make customer-centric decisions to grow their business,” added Paul. In New York, 17,147 interviews were conducted for a total of 195,552 reviews with 580 institutions represented. Survey respondents are part of a statistically representative sample of households and businesses in each state. The total respondent pool is representative by geography, gender, income, ethnicity, and age profile of the state, based upon the most
