USAA ranks the highest among US financial services firms, according to Forrester’s 2016 Customer Experience Index (CX Index™). The CX Index measures and ranks the quality of customer experience from 300-plus US brands based on a survey of more than 122,000 online adult consumers.
In a new report that analyzes the 32 US and UK banks in this year’s CX Index, it’s clear that more brands are focusing on the importance of CX. The data shows that 75% of all US banks met all the needs of their customers. Additional findings include that:
- Just meeting needs won’t move the needle on a firm’s CX Index score. CX Index leader Ally Bank not only met customers’ basic needs, but 68% of customers said they exceeded their expectations.
- To exceed expectations, financial services firms need to focus on emotions. Financial services firms that were able to consistently connect with their customers on an emotional level were rewarded with significantly higher loyalty scores.
- Higher CX quality equates to revenue growth for financial services firms. Forrester estimates that if a US retail bank were to improve its CX Index score by just 1 point, it could realize an additional $3.92 of incremental revenue per customer, resulting in an overall impact of $59 million.
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