Synovus brings home 26 Greenwich Excellence Awards, third most in the U.S.
It might be called the bronze medal of banking, with Synovus Financial Corp. racking up 26 Greenwich Excellence Awards for 2015, good enough for third best in the U.S.
Synovus, headquartered in Columbus and parent company of Columbus Bank and Trust, received 16 awards in the category of Small Business Banking and 10 in Middle Market Banking. The company has 28 bank divisions in Georgia, Alabama, Florida, South Carolina and Tennessee.
The top two finishers in the annual Greenwich Excellence Awards were Salt Lake City-based Zions Bancorporation, with 31 total awards in small and middle market banking, and San Antonio-based Frost Bank, which picked up 29 altogether.
"Our local leadership and relationship-centered approach to banking is especially appealing to small and middle market customers, who need personal service and flexibility as they manage and grow their businesses," Synovus Chairman and Chief Executive Officer Kessel Stelling said in a statement. "I am grateful for the passion our bankers have for serving these valued customers, and we never take for granted our need to earn their business every single day."
Stamford, Conn.-based Greenwich Associates is a "market intelligence" and research firm catering to the financial industry. Its awards are aimed at recognizing banks with top-quality service.
Overall, regional banks such as Synovus did better this year with the awards, with those smaller financial institutions experiencing higher customer-service levels. On the other hand, middle market banks, which serve larger communities, are grappling with new regulations and government compliance requirements, Greenwich Associates said.
"The entire middle market banking industry saw slippage last year in customer satisfaction and loyalty levels," Greenwich consultant Don Raftery said in a statement. "The regulatory changes, cost pressures, and rising expectations from business owners’ experience as consumers (1-click ordering from Amazon, visibility into service delivery from Uber, etc.) are helping drive those declines."
More than 600 banks nationwide were scrutinized for the 2015 Greenwich Excellence Awards, with only 34 being honored on the small business side and 31 in middle markets.
Areas in which Synovus did well included overall satisfaction, advice to help my business grow, credit policy, likelihood to recommend, branch satisfaction, industry expertise, relationship manager performance and cash management. The company also received seven South Regional awards.
This story was originally published February 25, 2016 at 12:44 PM with the headline "Synovus brings home 26 Greenwich Excellence Awards, third most in the U.S.."