According to Forrester’s US 2022 Banking Customer Experience Index (CX Index™) rankings, customer trust in banks fell for the first time since 2018. While trust in banking brands reached an all-time high in 2021, 62% and 61% of customers currently trust direct and multichannel banks, respectively, when interacting with them — a drop of two percentage points each compared to last year.
Forrester surveyed customers of 26 direct and multichannel and banks in the US to determine how they perceive their experiences and how customer experience (CX) drives loyalty. Results show that:
- For the past seven years, Navy Federal Credit Union (NFCU) and USAA have been the top two US banking brands. In 2022, both brands are the only two banks to make it into the CX Elite brands (top 5% of US brands in all industries).
- U.S. Bank had the largest score increase. The uplift in 2022 came from improvements across all CX driver categories, including customer service, in which the bank has been investing.
- Industry average CX quality stalled for direct banks and dropped for multichannel banks. Only one direct bank experienced a significant CX Index score change, while only five out of 17 multichannel banks’ scores changed significantly.
US Banking CX Index data further reveals that emotion remains a key driver for delivering high levels of CX performance. Among direct banking customers who feel valued, 87% plan to stay with the brand, 80% plan to purchase more from the brand, and 84% will advocate for the brand. For multichannel banking customers, among customers who feel valued, 92% plan to stay with the brand, 87% plan to purchase more, and 87% will advocate for the brand. Other top emotions that most inspire customer loyalty for both direct and multichannel banks are making customers feel appreciated, confident, happy, and respected.
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