Customers Rate Banks Poorly vs. Other FIs

by Erin McCune on May 22, 2006

in Banking, Research Round Up

Today Forrester Research is releasing their third annual survey evaluating how loyal customers are to corporations. Retail banks did relatively poorly when compared to other financial institutions. One explanation is that customers have more frequent interaction with their bank and thus there are more opportunities for error – but fees are surely another key criteria. USAA tops the list followed closely by credit unions.

Consumers were asked if they agreed with the following statement, an indicator of customer loyalty: "My financial provider does what's best for me, not just its own bottom line."

20060522_ambanker_graphic

Graphic courtesy of American Banker

Low Scores for Bankers in a Survey of Customers

American Banker (subscription required)
Monday, May 22, 2006
By Tim Mazzucca


Customer Advocacy 2006: How Consumers Rate Their Banks, Brokerages, And Insurers

Forrester Research
May 22, 2006
by Bill Doyle with Bruce D. Temkin, Peter Hult, Eric M. Dolan

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