Financial Technology

Financial Technology

November 29, 2012

ForeSee's Study Reveals Customer Satisfaction Insights

ForeSee has released a study comparing the customer experience for using the mobile apps and websites of 17 major financial services companies. They surveyed 4,500 customers in October of 2012, revealing some interesting insights.

Eric Feinberg, the director of mobile, media, and entertainment for ForeSee, regards the mobile experience as both the biggest opportunity and the biggest challenge for financial services companies; “The company that can best understand how to meet the needs of the mobile consumer is going to succeed, and that’s going to require the right kind of insight. Right now it’s anyone’s game.”

The average score for banks and credit unions was 78 out of 100, the average score for credit cards was 76 out of 100, and the average score for brokerages was 77 out of 100. In the banking industry category, American Express and Wells Fargo (News - Alert) received the top scores (after credit unions) with 79. American Express and Discover each received a score of 79, making them the winners in the credit card industry. Charles Schwab received the highest score in the brokerage industry with a 79.

Larry Freed, the president and CEO of ForeSee, foresees mobile sites becoming more important. He argues that although apps are an important tool for serving financial services customers, “the mobile website is going to be more important as a mobile channel for serving prospective customers.” Although each category had a highest score, there was no true winner. The scores showed that the financial industry still has a long way to come before their customer experience is a completely satisfying one—or one that would be considered an “A” or a “B” in a high school grading system. 

Freed reminded companies that App Store ratings alone are no guarantee of customer satisfaction.  “App store customer ratings and 5-star scale reviews might be interesting and entertaining, but they don’t provide the kind of insights necessary for companies to distinguish useful feedback from the squeaky wheel.”

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Edited by Brooke Neuman

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