Customer Experience Index 2010: Banks

Forrester asked more than 4,600 US consumers about their interactions with a variety of companies, scoring those experiences in three areas: meets needs, easy to work with, and enjoyability. Based on these consumer responses, we calculated Forrester's third annual Customer Experience Index (CxPi) — ranking 133 firms in 14 different industries. In this document, we examined the 13 banks on the list. Credit unions grabbed the top spot for the third year in a row, while SunTrust Bank came in a close second. Led by double-digit declines at Bank of America, Washington Mutual, and Wells Fargo, banks dropped more than any other industry we examined. The mergers and acquisitions activity in the banking industry has clearly hurt customer relationships, so banks should refocus their attention on customer experience in 2010. How? By accelerating their journey to Experience-Based Differentiation (EBD).