Subject: SVY
Forrester's US 2017 Customer Experience Index Reveals Complete Rankings of 23 Investment Firm Brands
CAMBRIDGE, Mass., Oct. 18, 2017 /PRNewswire/ -- CX quality of US investment firms has stalled since last year, according to Forrester's US 2017 Customer Experience Index (CX Indextm). The data released today revealed that a few individual brands showed respectable gains while a similar number slipped, leading to stagnant growth this year.
Based on a survey of nearly 120,000 US online adult consumers, Forrester's CX Index measures and ranks more than 300 US brands across 21 industries to identify how well a brand's customer experience strengthens the loyalty of its customers. Of the 315 US brands ranked in 2017, 23 direct or discount brokerage and full-service investment firm brands were analyzed to determine how customers perceive their experiences and how CX drives loyalty. Key findings include that:
- The brands that ranked highest in the investment firm categories held their number one ranking for the third year in a row, with USAA leading all direct brokerage firms and Edward Jones being named the top-ranked full-service firm.
- Customer service is the most vital driver category for both direct brokerage and full-service investment firms, while brands' improving drivers related to prices and fees will reap the fewest benefits since many customers select their investment firm based on cost. Therefore, great customer service and other experience-focused activities have a stronger impact on loyalty because customers take lower prices and fees for granted.
- Negative emotions such as annoyance, disappointment and frustration will drive customers away and affect revenue: only 15% of direct brokerage customers who feel these emotions plan to stay with the brand, and that number drops to 11% for full-service investment firm customers ? one of the lowest percentages of any industry.
"To drive revenue, it is critical for brands to understand which positive emotions drive customer loyalty," Forrester Chief Research and Product Officer Cliff Condon said. "For example, appreciation, respect and value are top emotions that impact loyalty when it comes to full-service firms. Our data shows that of those who feel valued, 84% plan to increase their spending ? showing a direct correlation between customer loyalty driving business growth."
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About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in the market today. The CX Index gives businesses a deep and actionable understanding of the quality of their customers' experiences, competitive benchmark data so that business and technology leaders know how they stack up against their peers, and the ability to model the improvements that will have the biggest impact on revenue.
For more information, please visit http://forr.com/cxindex.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester's unique insights are grounded in annual surveys of more than 675,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.
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SOURCE Forrester
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