Data & Analytics

09:23 AM
Connect Directly
Twitter
Google+
Facebook
RSS
E-Mail
50%
50%

USAA Tops Among Banks in Forrester Customer Experience Survey

Overall, the banking industry ranked fifth out of the 14 measured.

USAA took the top spot in a new customer experience ranking for banks and credit unions released this week by Forrester.

The ranking is based on a survey of 7,500 US consumers, who were asked to select the companies they interact with most across 14 different industries, and to then answer three questions about each brand in regards to customer experience: how enjoyable and easy they are to do business with, and how effective they are at meeting customer needs.

The banking industry received an overall score of 75 (on a scale of 1 to 100) in customer experience, which placed it fifth among the 14 industries measured. Several banks saw their overall customer experience score rise more than 10 points from last year, including Capital One 360, HSBC, Fifth Third and Citi.

Meanwhile, USAA retained its top spot in customer experience for banks with an overall score of 86, and also was the top ranked insurance provider. It was followed by Navy Federal Credit Union (82 points) Ally Bank (78) TD Bank (78) and Capital One 360 (77).

According to Forrester, customer experience must be treated like a business discipline in order to achieve optimal results in this area. For firms new to customer experience, Forrester recommends starting by implementing what it calls a repair process.

"In the first phase of customer experience maturity, firms use a classic closed-loop process to listen to customer feedback, identify and prioritize customer pain points, and coordinate projects to fix what’s broken," the reports reads. "CX professionals need to jump-start this process if it doesn’t exist today. Some might only have to shift the focus of existing market research to CX issues. Others may need to start their firm’s first customer listening program, combining traditional data insights with tools like customer journey maps and customer experience ecosystem maps to help diagnose the root causes of customer frustration."

For businesses that already have a customer experience plan in place, Forrester says not to be satisfied with the work already done, but always be picking up the pace.

"CX professionals at today’s leading firms must arm employees with sophisticated CX tools like observational studies, experience co-creation, detailed driver analysis, and predictive behavioral models," the report recommends. "Observational studies help employees detect changing customer needs before anyone else does and sometimes allow employees to completely reframe these needs to address a problem that no one else has solved."

[See Also:USAA's Greg Schwartz Keeps IT's Focus On The Customer Experience]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Byurcan
50%
50%
Byurcan,
User Rank: Author
1/27/2014 | 4:03:01 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
While it is not just a bank, it is telling that USAA also placed first in the list of insurance providers as well.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
1/23/2014 | 7:37:50 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
Interesting to see Ally and Capital One 360 in the top 5 since both are so digital-centric.
KBurger
50%
50%
KBurger,
User Rank: Strategist
1/23/2014 | 3:12:44 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
While USAA has totally earned & merited this recognition, I think there are few points that are important to take into account when assessing the company's performance and strategy. First, USAA is not "just" a bank -- it is a diversified financial services company that offers a variety of financial services products -- insurance, banking, etc. -- to its customers. Further, it does not differentiate (either philosophically or technically) whether someone is a banking or an insurance customer -- all their systems truly facilitate a single customer view. Finally, USAA does have the benefit of having a relatively homogenous customer base -- active and retired military personnel. That said, the company has committed to knowing everything about what this constituency wants & needs from a financial standpoint. Innovation and new offerings, as well as the overall approach to service, is based on those insights.
Byurcan
50%
50%
Byurcan,
User Rank: Author
1/23/2014 | 2:05:52 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
Like the other commenters, I am not surprised by the results. It seems like USAA always ranks highly on these customer experience surveys, no matter which firm conducts them. They seem to put a high priority on customer experience.
Yaldez4FSI
50%
50%
Yaldez4FSI,
User Rank: Apprentice
1/23/2014 | 12:14:14 AM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
Congrats! Great company.
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
1/22/2014 | 7:28:40 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
I'm not surprised the USAA received top marks for this. USAA has always had a stellar reputation for good service their customer churn rate is virtually nonexistent. CX is the next step in customer service and USAA takes the lead (as usual).
jamesj483
50%
50%
jamesj483,
User Rank: Apprentice
1/22/2014 | 5:37:20 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
Bryan, You make a brilliant point. I have been a consultant in the financial services community for over 25 yrs now. There has never been a more important metric. I only wonder why it has taken banks/financials to suddenly wake up and address this. It should be first and foremost on every executives mind, with all corporate programs having customer experience as a part of it.

Best,

Jim
james.jacobs@imc.us.com
BobAH
50%
50%
BobAH,
User Rank: Apprentice
1/22/2014 | 5:30:21 PM
re: USAA Tops Among Banks in Forrester Customer Experience Survey
That does not suprise me a lot. After being a long term customer and knowing the quality of the service that they provide. I feel that the do provide the best service.
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video