NEW YORK, Jun 09, 2005 (BUSINESS WIRE) -- A survey of more than 5,000 US households released today
by Forrester Research, Inc. (Nasdaq: FORR) at its ninth annual Finance
Forum ranks 34 financial firms on customer advocacy(a), a key driver
in developing deep customer relationships. This year's results find
that 15 firms' advocacy ranking dropped five percent or more during
the last year, while only three -- credit unions, E*TRADE, and Wells
Fargo -- rose by five percent or more.
Of the 34 companies ranked, only seven had a majority of their
customers rate them high on customer advocacy. Five of them -- USAA,
credit unions, AAA, State Farm, and Vanguard -- are customer-owned.
Seven of the bottom eight firms are top retail banks. Rounding out the
lowest ranked providers are the three largest US banks -- JPMorgan
Chase, Citi, and Bank of America. The next two largest US banks --
Wells Fargo and Wachovia -- score much better: These two banks have
more than twice as many customers rating them high on customer
advocacy as do the bottom three banks.
"This year, overall customer advocacy scores are down. Mergers,
which tend to disrupt customers relationships, have played a role in
the declining scores of several brokerages and banks," said Bill
Doyle, vice president and principal analyst at Forrester Research. "On
the other hand, companies like E*TRADE and Wells Fargo -- which both
saw a boost in their ratings -- have implemented services that make
their customers' financial dealings easier and more transparent."
At Forrester's Finance Forum 2005, running from June 9 to June 10,
Forrester analysts and industry leaders from Wachovia, Charles Schwab,
E-LOAN, E*TRADE, Ameritrade, JPMorgan Chase, Wells Fargo, and others
will share their strategies on how financial services companies can
position themselves for cross-sell success by building deeper customer
relationships and great customer experiences. The two-day forum will
attract more than 450 business executives to the Sheraton New York
Hotel and Towers.
Featured speakers include:
-- Cecelia S. Sutton, Head of the Retail Bank, Wachovia
-- Chris Larsen, Chairman and Founder, E-LOAN
-- Janet M. Hawkins, Executive Vice President, Chief Marketing
Officer, TD Waterhouse USA
-- Anne L. Nelson, Executive Vice President, Chief Marketing
Officer, Ameritrade Holding Corporation
-- Nicholas A. Utton, Chief Marketing Officer, E*TRADE FINANCIAL
-- Bridget van Kralingen, Global and Americas Leader for
Financial Services, IBM Business Consulting Services
Forrester's 2005 customer advocacy ranking can be found in "How
Financial Firms Rank On Customer Advocacy." It is available to
WholeView 2(TM) clients and can be found at www.forrester.com.
About Forrester Research
Forrester is an independent technology research company that
provides pragmatic and forward-thinking advice about technology's
impact on business. Business, marketing, and IT professionals
worldwide collaborate with Forrester to align their technology
investments with their business goals. Forrester offers products and
services in four major areas: Research, Data, Consulting, and
Community. Established in 1983, Forrester is headquartered in
Cambridge, Mass. For additional information, visit www.forrester.com.
(C) 2005, Forrester Research, Inc. All rights reserved.
(a) Customer advocacy is defined by Forrester as the perception by
customers that a financial provider does what's best for them, not
just what's best for its bottom line.
SOURCE: Forrester Research, Inc.
Forrester Research, Inc.
978-985-0443 (on-site at event) or 212-672-1757 (office)