Reputation Institute: Webster Bank No. 7 most reputable retail bank in U.S.

WEBSTER FINANCIAL CORP. is the parent company of Webster Bank, which is based in Connecticut. The company saw its 33rd consecutive quarter of year-over-year revenue growth in the fourth quarter of 2017. / PBN FILE PHOTO
WEBSTER FINANCIAL CORP. is the parent company of Webster Bank, which is based in Connecticut. The company saw its 33rd consecutive quarter of year-over-year revenue growth in the fourth quarter of 2017. / PBN FILE PHOTO

Updated at 3:02 p.m.

WATERBURY, Conn. – Webster Bank was ranked No. 7 on a list of the most reputable United States retail banks in 2017, according to a survey conducted by the Reputation Institute.

The study measured U.S. consumers’ perceptions of 39 major-market bank brands, surveying both customers of the banks and noncustomers.

“Webster’s community-minded, values-guided bankers excel in service to our customers and communities each and every day,” Webster Bank chairman and CEO Jim Smith said in a statement. “We stand by our customers through thick and thin as we fulfill our mission to help businesses and consumers achieve their financial goals. We especially appreciate this recognition because we understand that our reputation is only as good as our customers’ confidence in us.”

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Webster Bank ranked relatively high in both categories, No. 11 in a survey of customers and No. 7 in a survey of noncustomers. Webster made the top 5 ranking for innovation in the noncustomer survey as well.

Citizens Bank ranked No. 31 on the list, with a No. 21 ranking overall for its standing with its customers, and a No. 29 ranking for the perception of noncustomers.

The regional bank based in Georgia, Synovus Financial, ranked No. 1 overall in the 2017 survey.

Banks with Rhode Island operations in the survey:

  • Webster Bank ranked No. 7 overall
  • BNY Mellon ranked No. 12 overall
  • TD Bank ranked No. 25 overall
  • Citizens Bank No. 31
  • Santander Bank ranked No. 36 overall
  • Bank of America ranked No. 38 overall
  • Wells Fargo ranked last at No. 39 overall

The study was based on more than 12,000 ratings collected in a questionnaire in the first quarter of 2017. The questionnaire asked about seven reputation categories including citizenship, governance, innovation, leadership,  performance, products and services,  and workplace.

Companies were drawn from the Federal Reserve’s list of commercial banks as of Dec. 31, 2016 and coupled with key regional and nontraditional banks identified through Reputation Institute’s US RepTrak pulse study.

Chris Bergenheim is the PBN web editor.

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