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July 2003
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Winning The Changing Financial Consumer |
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US consumers are becoming more mistrustful, more insecure, and more hands-on in their financial lives. The antidote? Customer advocacy -- which drives retention and satisfaction more than any other attribute we study. |
by
Ekaterina Walsh, Ph.D.
with Bill Doyle,
Ron Shevlin,
Jeremy Sweeney |
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- Almost half of US consumers have dumped their primary financial provider at least once.
- Seventy-five percent of investors want to participate in the management of their investments.
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- Customer advocacy is the most important retention driver.
- The Vanguard Group, Fidelity Investments, credit unions, and local banks are seen as leaders in customer advocacy.
- Firms that use advanced technology are perceived by consumers as customer advocates.
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- Expose the ways in which you make money.
- Don't be afraid to say no to customers.
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- Figure 1.
Americans Aren't Loyal To Or Trusting Of Financial Firms
- Figure 2.
Consumers Worry About Their Security And Privacy
- Figure 3.
Americans Retreat To Family
- Figure 4.
Consumers Are Becoming More Hands-On
- Figure 5.
The Drivers Of Retention
- Figure 6.
The Drivers Of Investor Retention
- Figure 7.
The Drivers Of Retaining The Mistrustful, Insecure, And Hands-On
- Figure 8.
How Consumers Feel About Their Firm's Customer Advocacy
- Figure 9.
How Financial Firms Rank On Technology Use
- Figure 10.
Despite Overall Low Trust, Banks Have An Advantage
- Figure 11.
The Drivers Of Customer Satisfaction
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- Methodology
- Experts Interviewed For This Report
- Companies Interviewed For This Report
- Related Research
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