A survey of 6,000 North American households in a new Forrester Research, Inc. (Nasdaq: FORR) report released today at Forrester’s Finance Forum 2004 finds that customer advocacy is the best indicator of whether financial services companies are able to achieve cross-sell success to a customer base that has become progressively mistrustful and insecure in their financial lives. Firms that score highest on the customer advocacy scale, such as USAA and Edward Jones, are considered the most for future purchases of products and services.
“Customer advocacy is the perception by customers that a firm is doing what’s best for them and not just for the firm’s bottom line. To broaden their customer relationships, firms need to simplify customers’ lives and be transparent about rates and fees: two key components of customer advocacy,” said Bill Doyle, vice president, research director at Forrester Research. “USAA scored highest in our ranking, in part, because of its focus on simplifying customers’ lives through efficient call center experiences. Many large banks, on the other hand, are at the bottom of our ranking because many of their customers feel nickel-and-dimed.”
At Forrester’s Finance Forum 2004, running from June 9 to June 11, Forrester analysts and industry leaders from companies like The Charles Schwab Corporation, The Vanguard Group, E*TRADE Financial, ING DIRECT USA, JP Morgan Chase, Wells Fargo & Company, and Capital One Financial Corporation will share their strategies on earning customer loyalty and creating great customer experiences across channels. The two-day forum will attract more than 450 business executives to the Sheraton New York Hotel & Towers.
Keynote speakers include:
- David S. Pottruck, President and Chief Executive Officer, The Charles Schwab Corporation
- John J. Brennan, Chairman and Chief Executive Officer, The Vanguard Group
- Arkadi Kuhlmann, Chairman, President, and Chief Executive Officer, ING DIRECT USA
- Mitchell H. Caplan, Chief Executive Officer, E*TRADE Financial
- Frederick F. Reichheld, Author, Bain Fellow, Bain & Company
- Thomas K. Brown, Chief Executive Officer, Second Curve Capital; Director, Bankstocks.com
- Barbara J. Desoer, Consumer Products Executive, Bank of America
Forrester speakers include:
- Elana Anderson
- Bill Doyle
- Penny Gillespie
- Catherine Graeber
- Jim Nail
- Jaime Punishill
- John Ragsdale
- Ron Shevlin
- Bruce D. Temkin
The customer advocacy ranking referenced in this press release is included in the Forrester report, “What Satisfies Financial Services Consumers.” The ranking is based on Forrester’s Consumer Technographics® survey of 6,000 North American homes.