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Financial Services Reputation Quotient Findings for the US
31/5/01



USAA, TIAA-CREF and Charles Schwab & Company have been rated as the three top companies in the just released Financial Services Reputation Quotient Study for the USA. According to a Reputation Institute/Harris Interactive study, these companies have the best financial services reputations in America.

The survey has also found that the Navy Federal Credit Union and American Express follow these top scoring companies in the US best five. In all, forty financial institutions of all types including banks, brokerage houses, insurance companies and credit card providers were ranked according to each firm’s Financial Services Reputation Quotient (FSRQ).

The FSRQ is a standardised instrument jointly developed by Harris Interactive and Professor Charles Fombrun. It measures corporate reputation by examining how key stakeholder groups—the public, customers, general investors, corporate employees, boycotters, and those who are concerned about their privacy—perceive financial services companies. The rating is based on 24 attributes classified into seven dimensions of reputation:


  • emotional appeal.
  • products & services.
  • vision & leadership.
  • financial performance.
  • workplace environment.
  • social responsibility.
  • financial services performance.


"More than ever, reputation has become an integral part of overall performance for financial services companies," according to Charles Fombrun, executive director of the Reputation Institute and Professor of Management at the Stern School of Business (NYU). "The FSRQ is distinctive in that it uses a common set of standards to quantify public perceptions of performance across a broad range of financial services sectors. It’s clear that convergence and other marketplace dynamics have had a major effect on this industry. The FSRQ provides a powerful benchmarking tool for financial services companies that need to understand public perceptions as a first step in their efforts to improve service, maintain customer loyalty, and compete in the marketplace."

"Four of the top five companies are niche players who know and serve their customers very well," stated Dr. Joy Sever, senior vice president of Harris Interactive. Banks, despite spending millions of dollars on recent ad campaigns touting community involvement and customer service, all ranked in the bottom half—specifically earning nine out of the bottom ten slots. "Even though the banks are saying they put customers first, the customers aren’t convinced. Mergers, increased fees and poor customer service were all cited in the survey as sources of displeasure with banks," continued Sever.

The study was carried out in two phases: August 10 and September 11, 2000 and February 26 to March 15, 2001. Interviews with 4,651 online respondents and 1,010 telephone interviews were conducted by Harris.