USAA Leads And Citibank Lags In Customer Advocacy

Forrester just published Customer Advocacy 2008: How US Consumers Rate Their Banks, Brokerages, And Insurers which is an annual ranking of 41 financial institutions. For this analysis, customer advocacy is defined as:

The perception on the part of consumers that the firm does what’s best for its customers, not just the firm’s own bottom line.

It turns out that the customer advocacy ratings across all three groups of financial institutions dropped this year after increasing last year. And the overall rating across financial institutions is at its lowest level in five years.  Here are some other highlights of the rankings:

  • Top five firms: USAA (was also #1 in 2007), Independent financial advisor, Credit unions,  AAA, and State Farm.
  • Bottom five firms: Citibank (was also #41 in 2007), Regions Bank, JPMorgan Chase, Wells Fargo, and TD AMERITRADE.
  • Largest decline from last year: A.G. Edwards in brokerage, AIG and New York Life in insurance, National City in banking. 

The bottom line: As I’ve written to Citibank’s CEO Vikram Pandit in the past, Citibank needs a customer experience overhaul!

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I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and Emeritus Chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

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