June 30, 2009

Customer Advocacy 2009: How Customers Rate Canadian Banks

Scores Drop Overall, But RBC Rises And Credit Unions Lead

This is the 14th document in the "Customer Advocacy" series.

by Bill Doyle, Peter Wannemacher

with Benjamin Ensor, Brad Strothkamp, Courtney Tincher

Executive Summary (This is a document excerpt)

Customer advocacy — the extent to which a firm's customers believe it does what's best for them rather than its own bottom line — is a key predictor of customer retention and growth. Forrester has measured customer advocacy among Canadian banks and credit unions for the past five years; in our most recent survey, banks and credit unions as a group hit a new low. Just 33% of Canadian households believe their banking provider does what's best for them. Even so, Royal Bank of Canada managed to improve its rankings, and credit unions lead the banking industry overall. Canadian customer advocacy leaders achieved this through customer-centric messaging, products, and service.

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