Credit Unions And SunTrust Lead Banks In Customer Experience
January 22, 2010 7 Comments
Forrester’s 2010 Customer Experience Index (CxPi) ranks 133 firms across 14 industries. I recently published the bank analysis which examines the 13 banks in the CxPi. Here are the overall results:
As a group, the banks were in the middle of the pack of industries with an “okay” average rating of 66%. But banks had the largest drop of any industry, down five percentage points from the 2008 CxPi. Here are some insights from looking at the banking results:
- The best bank customer experience. Credit unions and SunTrust Bank up well above the other 11 banks on the list.
- The worst bank customer experience. At the bottom of the list, three banks ended up with “very poor” ratings: Washington Mutual, Bank of America, and Capital One.
- Most banks declined. Of the 11 banks that were also ranked in 2008, only three of them improved: SunTrust Bank, Wachovia, and U.S. Bancorp. Going in the other direction, Bank of America, Washington Mutual, and Wells Fargo had double-digit declines.
- Capital One and Bank Of America and Citibank aren’t enjoyable. The CxPi has three underlying components: 1) meeting needs, 2) being easy to work with, and 3) enjoyability. Three banks tied for the bottom of the “enjoyability” ratings: Bank of America, Capital One, and Citibank.
The bottom line: Banks headed in the wrong direction in 2009