CAMBRIDGE, Mass., Oct. 4, 2017 /PRNewswire/ -- According to
Forrester's US 2017 Customer Experience Index (CX Index™), customer
experience (CX) quality for the banking industry was stagnant. The
lack of improvement was due to an even mix of modest gains and
falling scores of the 28 direct and traditional retail banks ranked
this year.
Based on a survey of nearly 120,000 US online adult consumers,
Forrester's CX Index measures and ranks more than 300 US brands
across 21 industries to identify how well a brand's customer
experience strengthens the loyalty of its customers. Of the 315 US
brands ranked in 2017, 28 direct and traditional retail banking
brands were analyzed to determine how customers perceive their
experiences and how CX drives loyalty. Key findings include
that:
- For the third year in a row, USAA came out on top as the number
one direct bank – and leading bank overall – even though its score
declined slightly this year. As for traditional retail banks, Navy
Federal Credit Union also held the number one spot for the third
consecutive year, and is one of the few traditional retail banks to
maintain its CX quality compared to others declining in its
category.
- The top emotions that drive loyalty are feeling appreciated,
respected and valued, and providing experiences that lead to these
emotions will affect a bank's bottom line. For example, customers
who feel valued by direct banks and traditional retail banks plan
to increase their spending by 79% and 85% respectively. Moreover, a
one-point CX Index score improvement can lead to $30 million in revenue for direct banks and up to
$119 million for large retail
banks.
- Of the six drivers that measure brands' delivery of CX quality,
customer service is the most important driver for both direct banks
and traditional retail banks. Seventy-three percent of customers of
both bank industries report that they receive good customer service
– second only to the top-ranked hotel industry.
"Understanding your customers' needs is vital to creating great
experiences that drive revenue," Forrester Chief Research and
Product Officer Cliff Condon said.
"But many banks have not yet mastered which drivers and emotions
most prominently affect their brand. For example, direct banks
believe improving prices and fees is the most important driver, but
according to Forrester's latest CX Index data, it doesn't
necessarily compel customer loyalty the way strong customer service
does."
Contact us to learn more about how Forrester's CX Index can help
your business.
About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in
the market today. The CX Index gives businesses a deep and
actionable understanding of the quality of their customers'
experiences, competitive benchmark data so that business and
technology leaders know how they stack up against their peers, and
the ability to model the improvements that will have the biggest
impact on revenue.
For more information, please
visit http://forr.com/cxindex.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research
and advisory firms in the world. We work with business and
technology leaders to develop customer-obsessed strategies that
drive growth. Forrester's unique insights are grounded in annual
surveys of more than 675,000 consumers and business leaders
worldwide, rigorous and objective methodologies, and the shared
wisdom of our most innovative clients. Through proprietary
research, data, custom consulting, exclusive executive peer groups,
and events, the Forrester experience is about a singular and
powerful purpose: to challenge the thinking of our clients to help
them lead change in their organizations.
Contact
Forrester
Jenna Vassallo, 617-613-5746
Public Relations Manager
jvassallo@forrester.com
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SOURCE Forrester