For eBusiness & Channel Strategy Professionals

Customer Advocacy 2009: How Customers Rate Canadian Banks

Scores Drop Overall, But RBC Rises And Credit Unions Lead

by Bill Doyle, Peter Wannemacher, June 30, 2009

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 . . .

For eBusiness & Channel Strategy Professionals

Customer Advocacy 2009: How Customers Rate US Banks, Investment Firms, And Insurers

by Bill Doyle, May 26, 2009

US consumers rate their financial services firms lower than ever in our most recent customer advocacy survey. Investment firms as a group rank lowest as former high-fliers Edward Jones and Vanguard slip and full-service firms like Morgan Stanley skid . . .

For eBusiness & Channel Strategy Professionals

Trends 2009: European Retail Banking eBusiness And Channel Strategy

The Financial Crisis And The Recession Have Changed Priorities For Executives

by Benjamin Ensor, May 12, 2009

Under the impact of the financial crisis and the recession, eBusiness and channel strategy executives at European retail banks will focus on retaining customers and increasing efficiency in 2009. In this environment, we expect to see eBusiness and channel . . .

For eBusiness & Channel Strategy Professionals

How US Online Investors Rate Their Firms On Retirement Planning

Edward Jones, Independent Advisors, And Vanguard Rank Highest

by Bill Doyle, Peter Wannemacher, April 3, 2009

More than half of all US investors are worried that they won't have enough money to retire comfortably. When we ask clients to rate investment firms' ability to prepare them for retirement, Edward Jones, independent financial advisors, and Vanguard lead . . .

For eBusiness & Channel Strategy Professionals

The Recession's Impact On US Consumers' Financial Behavior

The Crisis Affects Consumers' Likelihood To Switch Banks And Use Credit

by Edward Kountz, Peter Wannemacher, February 24, 2009

More than half of all US online adults say their personal financial situation has gotten worse in the past 12 months. Just one-third of these consumers think their circumstances will improve in 2009. There is some good news for banking executives though: . . .

For eBusiness & Channel Strategy Professionals

Case Study: New York Life's eBusiness And Agents Live Happily Ever After

A Revamped eBusiness Strategy Scores By Selling The Agent Appointment

by Chad Mitchell, February 20, 2009

In 2001, New York Life Insurance's Web site, which was intended for communication, education, and service, was not meeting its customers' or agents' needs. Web analytics showed that customers were trying to use the Web site to connect with agents, yet . . .

For eBusiness & Channel Strategy Professionals

Lessons In How To Retain Financial Services Customers

Insights From Industry Keynote Presentations At Forrester's 2008 Finance Forum

by Bill Doyle, December 8, 2008

In times of crisis, smart financial services firms focus on the customers they already have. Smart channel strategy executives do their part by delivering superior customer experiences. At Forrester's 2008 Financial Services Forum For Marketing And Strategy . . .

For eBusiness & Channel Strategy Professionals

How The Financial Crisis Will Affect Bank Customer Loyalty

Big US Banks Need To Demonstrate Customer Advocacy Now More Than Ever

by Bill Doyle, November 25, 2008

Customer advocacy scores are down this year as the financial crisis takes its toll. Low customer advocacy scores are bad news for any firm that wants to deepen relationships with existing customers. They're especially bad news for the three biggest US . . .

For eBusiness & Channel Strategy Professionals

Customer Advocacy 2008: How Customers Rate European Banks

by Vanessa Niemeyer, Ph.D., Alexander Hesse, November 20, 2008

Customers who consider their main bank as a customer advocate that does what's best for them have more accounts at their main bank, are more likely to consider it for future purchases, and are more likely to recommend it to others. But only 29% of Western . . .

For eBusiness & Channel Strategy Professionals

Customer Advocacy 2008: How US Consumers Rate Their Banks, Brokerages, And Insurers

by Bill Doyle, June 23, 2008

Consumers who rate their financial services providers high on customer advocacy are more likely to consider those firms for additional financial products. USAA customers give their firm the highest rating, as they have for each of the past four years. . . .

For eBusiness & Channel Strategy Professionals

Case Study: Charles Schwab Storms Back By Focusing On Customer Loyalty

by Bill Doyle, May 21, 2008

After stumbling badly in the early 2000s, Charles Schwab bounced back, thanks to a strategy built around customer advocacy and loyalty. The strategy of driving organic growth by doing what's right for customers led senior management to sharpen pricing, . . .

For Marketing Leadership Professionals

Disruption Looms For Financial Services

Social Media Entrants Show Marketers A New Way For Brand Differentiation

by Brian Haven, May 6, 2008

A new crop of financial services startups use social media tools like social lending and re-envisioned money management to enrich the experience around money management for consumers. As the quality of online financial services drives customer loyalty . . .

For eBusiness & Channel Strategy Professionals

Sales Success Needs Customer Advocacy

Sales Strategies For The German Retail Banking Market

by Vanessa Niemeyer, Ph.D., April 17, 2008

Sales strategies in the German retail banking market range from passive customer advocacy to extreme sales orientation. The sales success of some of the sales-oriented banks begs the question of whether sales success needs customer advocacy at all. We . . .

For Consumer Market Research Professionals

North American Technographics® Finance, Healthcare, Government, Automotive And Travel Benchmark Survey, Q4 2007

North American Consumer Technographics Technographics Survey, December 30, 2007

For eBusiness & Channel Strategy Professionals

Topic Overview: Customer Advocacy

by Bill Doyle, November 26, 2007

Forrester's research shows that a key driver of deeper customer relationships is a trait we call "customer advocacy" — the perception on the part of customers that a firm does what's best for them, not just what's best for its own bottom line. When customers . . .

For eBusiness & Channel Strategy Professionals

How Canadians Rate Their Banks On Customer Advocacy

by Bill Doyle, November 15, 2007

Forrester's research shows that a key driver of deeper customer relationships is a trait we call "customer advocacy," the perception by customers that a firm has their best interests at heart. When Canadian customers rate their banks on customer advocacy, . . .

For eBusiness & Channel Strategy Professionals

Customer Advocacy 2007: How Customers Rate European Banks

by Benjamin Ensor, November 2, 2007

Customers who see their main bank as a customer advocate that does what's best for them, and not just what's best for its profits, are more likely to consider it for future financial purchases. On average, only 27% of Western European adults believe that . . .

For eBusiness & Channel Strategy Professionals

The UK's Nationwide Puts Its Members First

A Case Study In Experience-Based Differentiation

by Benjamin Ensor, August 15, 2007

In the late 1990s, the UK's Nationwide Building Society faced a challenge — many members were pushing the institution toward demutualization. Nationwide rebuffed this move by improving its customers' experience — changing its products, pricing, marketing, . . .

For eBusiness & Channel Strategy Professionals

Customer Advocacy 2007: How Customers Rate Banks, Brokerages, Insurers, and Credit Card Issuers

by Bill Doyle, June 25, 2007

Customer advocacy drives real loyalty — a willingness to buy and borrow more from, and save and invest more with, a firm that a consumer already uses. When consumers rate their financial institutions on customer advocacy, insurers rank highest, led by . . .

For Marketing Leadership Professionals

Case Study: USAA Drives Fierce Loyalty With Its Customer-Centric Culture

by Peter Kim, June 22, 2007

USAA consistently wins accolades for superior customer service. The insurer was founded by members for their own mutual benefit, which has engendered a best practice customer-centric culture. While competitors look to cut costs by reducing direct customer . . .

For eBusiness & Channel Strategy Professionals

Online Banking

Deploying Personal Financial Management Tools to Enhance Loyalty

by Asaf Buchner, June 5, 2007

With the online banking market maturing, banks are seeking ways to engage their customers on their Web site beyond just checking their account balance. JupiterResearch studied opportunities related to introduction of personal financial management (PFM) . . .

For eBusiness & Channel Strategy Professionals

Online Banking

Stealing Customers from Competitors

by Asaf Buchner, May 24, 2007

Facing a mature market, banks are targeting consumers looking to switch their primary banking provider.

For Customer Experience Professionals

Do Financial Institutions Meet Customer Needs?

It Depends On The Type Of Firm And A Consumer's Age And Gender

by Bruce D. Temkin, February 1, 2007

We looked at the relationships consumers have with eight types of financial institutions. No surprise, banks are the most prevalent provider. Across all of the other institutions, Gen Yers are the least likely to have a relationship. When it comes to . . .

New Realities Impact Australian Financial Services Firms

Best Practices For Customer Advocacy

by Alyson Clarke, July 11, 2006

Finance Forum 2006 examined what firms must do to take advantage of the new realities in financial services. In this document, we look at these new realities, the problems Australian firms need to address, and what is required to take advantage of the . . .

Customer Advocacy 2006: How Consumers Rate Their Banks, Brokerages, And Insurers

by Bill Doyle, May 22, 2006

Customer advocacy remains the best predictor of future purchase intent among financial services consumers. USAA and credit unions continue to lead all major firms in customer advocacy. GEICO and Safeco raised their scores this year to join other property . . .