Citibank And JPMorgan Chase Face Customer Experience Crossroads

It’s been quite a week in the banking industry. Washington Mutual was sold to JPMorgan Chase and there’s talk of Wachovia merging with Citibank. From a customer experience perspective, it doesn’t look good. Why not? In Forrester’s Customer Experience Index, we ranked 14 banks. The bottom 2 on the list were Citibank and JPMorgan Chase. Wachovia was fourth and Washington Mutual was eighth. If we assume that the acquiring company will set the prevailing tone, then that’s a big loss for customer experience. Making matters worse, the integration of large organizations tends to make people become very internally focussed as they try to merge Read More …

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: Read More …