December 18, 2008 (updated February 4, 2009)

Customer Experience Index 2008 Snapshot: Banks

Banks Make Significant Improvements In Customer Experience

This is the second document in the "Customer Experience Index, 2008" series.

by Bruce D. Temkin

with William Chu, Steven Geller

Executive Summary (This is a document excerpt)

Forrester asked nearly 4,700 consumers about their interactions with a variety of companies, gauging the usefulness, usability, and enjoyability of those experiences. Based on these consumer responses, we calculated the Customer Experience Index (CxPi) for 113 firms in 12 different industries. In this document we examine the 11 large banks in the CxPi. Credit unions were once again at the top of the list while SunTrust, National City, and Wells Fargo differentiated themselves in some of the underlying components of the CxPi. Led by U.S. Bancorp, banks made the largest improvement of any industry this year. But it wasn't all good news. JP Morgan Chase ended at the bottom of the banking list, and Wachovia was the only bank with a decline in its CxPi.

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