CAMBRIDGE, Mass., Sept. 11, 2018 /PRNewswire/
-- Forrester ranked 28 multichannel and direct banks in
its 2018 US Customer Experience Index (CX Index™), and the
findings show that leaders Navy Federal Credit Union and USAA
continue to excel in providing their customers with high-quality
experiences. However, the rest of the industry — both multichannel
and direct banks — has failed to improve over the last
year.
Customers of multichannel bank leader Navy Federal Credit Union
and direct bank leader USAA feel more valued and rewarded for their
loyalty, according to Forrester's 2018 CX Index. This is important
because 85% of customers who feel valued plan to spend more with
their bank. While other banks perform well in effectiveness and
ease, on average they underperform the industry leaders by a
significant gap. Consequently, many customers believe that their
bank does not value them or reward their loyalty: Both multichannel
and digital banks saw poor performance in these areas compared to
industry leaders.
"The traditional economic engine of loyalty and relationship
strength has stalled, complicating banks' ability to retain
customers and provide additional products through the customers'
life stages," Forrester Chief Research and Product Officer
Cliff Condon said. "This
relationship gap threatens financial performance; in fact,
Forrester estimates that a 1-point improvement in a large
multichannel retail bank's CX Index score can lead to an
incremental $119 million in
revenue."
Based on a survey of more than 110,000 US online adult
consumers, Forrester's CX Index measures and ranks nearly 300 US
brands across 19 industries to identify how well a brand's customer
experience strengthens the loyalty of its customers. Of the 287 US
brands ranked in 2018, 18 multichannel banks and 10 direct banks
were analyzed to determine how customers perceive their experiences
and how CX drives loyalty.
Navy Federal Credit Union, Huntington National Bank and Regions
Bank top the multichannel bank list, while USAA, Ally Bank and Fidelity Cash Management are the
three leaders for direct banks. For a full list of the 2018
multichannel and direct banks rankings, read Forrester's banking
findings [subscription required].
Additional Resources
- To learn more about how Forrester's CX Index can help your
business, please visit forr.com/cxindex or contact us for more
information.
- Download our complimentary CX Index guide to understand how
your brand can create human connections that drive loyalty.
- Listen to Forrester's What It Means podcast episode where Vice
President and Research Director Harley
Manning digs into Forrester's 2018 CX Index rankings and
explains how companies can become CX leaders by placing customers
at the core of their 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.
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, analytics, 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
Public Relations Manager
617-613-5746
jvassallo@forrester.com
View original
content:http://www.prnewswire.com/news-releases/banking-cx-quality-remained-flat-in-2018-300710358.html
SOURCE Forrester