As Synovus moves to put its brand name on more than two dozen banks across the South, the Columbus-based banking firm has been named the "Most Reputable Bank" in the country in the annual Survey of Bank Reputations conducted by Reputation Institute and published by American Banker.
Among banks rated across the country from among over 12,000 respondents, Synovus was ranked No. 1 by non-customers and was in the top 10 in the ratings by its own customers to achieve the top rating overall.
Synovus moved from No. 2 last year to No. 1 this year among all banks in the annual reputation ranking. Synovus' overall score this year was nearly 10 points from the previous year and rose to the highest overall score in survey history for a bank.
"This year's ranking demonstrates that who we are, what we stand for, and how we do business resonate strongly with customers and non-customers," Synovus CEO Kessel D. Stelling said in a statement Wednesday. "It also validates the strength of Synovus' service-focused culture as we transition to a single brand in 2018."
Synovus, the parent company of Cohutta Banking Co. in Chattanooga and Northwest Georgia, is transitioning 26 of its banks that have operated under different names, such as Cohutta Banking, to the Synovus brand over the next year.
First Tennessee Bank, the biggest bank in both Chattanooga and overall in Tennessee, ranked No. 5 in the latest bank reputation ranking, while Regions Bank rated above average at No. 19 among the 42 banks included in the survey.
Wells Fargo, which paid $185 million in fines last year for encouraging employees to secretly issue credit cards to customers without their consent, was rated the worst among all banks included in the reputation ranking. Bank of America, which paid a record $16.65 billion dollars in penalties for its role in the financial crisis, was ranked as having the second worst reputation among all banks.
"The most reputable banks in 2017 recognize that perceptions of good governance - inclusive of ethics, openness, honesty, and fairness - carry the most weight of importance," said Stephen Hahn-Griffiths, vice president and U.S. consulting director for Reputation Institute. "Highly reputable banks such as Synovus also realize that beyond the table stakes of delivering on high quality products and services, that perceptions of innovation are increasingly important, accounting for 13.5 percent of the weight of reputation."
The annual Survey of Bank Reputations, which began in 2010, also showed that banking overall is improving its reputation as the industry recovers from the financial crisis that triggered the 2009-2010 Great Recession in America. Banking overall is now rated better than other financial services and higher than major industries such as healthcare, telecommunications and energy.
But banking is still rated less favorably for its reputation than major consumer goods, food and beverage, automotive or retail industries, according to the Reputation Institute.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340.