2020 New England Banking Choice Awards

The Banks That Do It Best

The prestigious Banking Choice Awards are presented annually by American Business Media, publishers of “Banking New England,” and Rivel Banking Benchmarks.

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.

2020 Winners

Rhode Island

Overall Quality

Milford Federal Bank
Freedom National Bank
BankNewport
4.
Washington Trust Company
5.
Centreville Bank

Community Contribution

BankNewport
Washington Trust Company
Centreville Bank
4.
Bank Rhode Island
5.
HarborOne Bank

New Hampshire

Overall Quality

Savings Bank of Walpole
Kennebunk Savings Bank
Ledyard National Bank
4.
Newburyport Five Cents Savings Bank
5.
Mascoma Bank

Community Contribution

Savings Bank of Walpole
Claremont Savings Bank
Meredith Village Savings Bank
4.
Woodsville Guaranty Savings Bank
5.
Passumpic Savings Bank

West, CT

Overall Quality

Salisbury Bank and Trust Company
The Torrington Savings Bank
Thomaston Savings Bank
4.
Ion Bank
5.
Newtown Savings Bank

Community Contribution

Northwest Community Bank
Litchfield Bancorp
The Torrington Savings Bank
4.
The First Bank of Greenwich
5.
Savings Bank of Danbury

Central / Eastern, CT

Overall Quality

Thomaston Savings Bank
Collinsville Bank
Windsor Federal Savings and Loan Association
4.
Liberty Bank
5.
Hometown Bank

Community Contribution

Stafford Savings Bank
Chelsea Groton Bank
Hometown Bank
4.
Essex Savings Bank
5.
Collinsville Bank

West, MA

Overall Quality

bankESB
Monson Savings Bank
Florence Bank
4.
Country Bank for Savings
5.
MountainOne Bank

Community Contribution

Greenfield Cooperative Bank
The Pittsfield Cooperative Bank
Greenfield Savings Bank
4.
Adams Community Bank
5.
Lee Bank

Central, MA

Overall Quality

Cornerstone Bank
Webster Five Cents Savings Bank
Hometown Bank
4.
Main Street Bank
5.
North Brookfield Savings Bank

Community Contribution

North Brookfield Savings Bank
Country Bank for Savings
Rollstone Bank & Trust
4.
Millbury National Bank
5.
Savers Co-operative bank

Greater Boston, MA

Overall Quality

StonehamBank
The Village Bank
Needham Bank
4.
Reading Cooperative Bank
5.
Middlesex Savings bank

Community Contribution

Commonwealth Bank
Wellesley Bank
Charles River Bank
4.
The Village Bank
5.
Bank of Canton

North Shore, MA

Overall Quality

BankGloucester
Institution of Savings
Cape Ann Savings Bank
4.
Beverly Bank
5.
Salem Five Cents Savings Bank

Community Contribution

Institution For Savings
Newburyport Five Cents Savings Bank
Haverhill Bank
4.
Salem Five Cents Savings Bank
5.
Marblehead Bank

South Shore, MA

Overall Quality

The Cape Cod Five Cents Savings Bank
Martha's Vineyard Savings Bank
BayCoast Bank
4.
The Cooperative Bank of Cape Cod
5.
HarborOne Bank

Community Contribution

The Cooperative Bank of Cape Cod
The Cape Cod Five Cents Savings Bank
Martha's Vineyard Savings Bank
4.
Rockland Tust Compay
5.
South Shore Bank

Selection Criteria

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.

The Rivel Banking Benchmarks were developed by Bruce Paul, one of the most 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 best-in-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 England, the interviews, reviews and institutions represented broke out this way among the four states covered: 

  • Massachusetts: 11,099 interviews and 313,842 reviews and 281 institutions
  • Connecticut: 6653 interviews and 180,130 reviews and 148 institutions
  • Rhode Island: 2329 interviews and 56,868 reviews and 62 institutions
  • New Hampshire: 2657 interviews and 59,849 reviews and117 institutions

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 recent government census. Given the large sample size, the results are also representative of household penetration and business penetration of each banking institution within each state. 

The survey is double blind: respondents are not told the subject of the interview beforehand, and we do not know which banks they use before initiating the interview. This approach minimizes bias and provides the most objective results possible.

The Customer Experience Benchmarks ask respondents to evaluate up to 53 different metrics about each institution they use for banking services. These include the following metrics used for the Banking Choice Awards: overall quality, customer service, tools & technology.

The Prospect Brand Benchmarks ask respondents about their impressions of banks they do not yet use. These marketing and brand metrics include community contribution, measured in the Banking Choice Awards.

Have questions about the banking benchmarks? Contact Bruce Paul at bpaul@rivel.com