The top emotions that drive customer loyalty among financial institutions are feeling appreciated, respected, and valued, and providing experiences that impact these emotions will affect a bank’s bottom line, according to Forrester’s 2017 U.S. Banking Customer Experience Index.
O the six drivers that measure brands’ delivery of CX quality, the report shows, 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,” said Forrester Chief Research and Product Officer Cliff Condon. “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.”
Based on a survey of nearly 120,000 U.S. online adult consumers, Forrester’s CX Index measures and ranks more than 300 U.S. brands across 21 industries to identify how well a brand’s customer experience strengthens the loyalty of its customers. Of the 315 U.S. 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.
For the third year in a row, USAA came out on top as the No. 1 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 top 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.
Here are the Top 10 retail banks:
Navy Federal Credit Union
Regions Bank
BB&T
PNC Bank
TD Bank
SunTrust Banks
U.S. Bank
Huntington Bank
Chase
Capital One Bank
Top 10 Direct Banks:
USAA
Capital One 360
Discover Bank
Fidelity Investments
Ally Bank
State Farm Bank
Goldman Sachs Bank
Synchrony Bank
American Express Bank
Charles Schwab Bank
Forrester’s 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.