Forrester's Singapore 2020 Customer Experience Index: Financial Services Brands Improved CX Quality Significantly, Even Amid The Pandemic
DBS Bank and FWD emerged at the top in the banking and insurance sectors, respectively
SINGAPORE, Oct. 6, 2020 /PRNewswire/ -- Forrester (Nasdaq: FORR) today announced the results of its Singapore 2020 Customer Experience Index (CX Index™), which focused on the quality of customer experience among the financial services brands across the multichannel banking and automotive/home insurance industries. According to Forrester's CX Index, the overall quality of customer experience improved by 3 percentage points, with six out of eight returning brands showing improved scores.
Financial services brands in Singapore improved all three dimensions of CX quality, especially in the banking sector. Banks edged out the auto/home insurers for the most effective experiences: 51% of banking customers said that the CX was effective, versus only 40% for auto/home insurers. DBS Bank saw the biggest year-over-year gain of 4.2 points, which earns them the top spot in the banking sector and in the overall rankings. DBS Bank had a narrow edge over new entrant FWD, the leader among the insurers.
Forrester's CX Index data shows that how an experience makes customers feel has a bigger influence on their loyalty to a brand than effectiveness or ease. In the multichannel banking industry, among customers who felt valued, 52% plan to stay with the brand, 59% plan to increase spending with the brand, and 70% will recommend the brand to their family or friends. In contrast, among banking customers who did not feel valued, just 23% plan to stay with the brand, 6% plan to increase spending with the brand, and only 2% will advocate for the brand.
"While the improvement of CX quality in Singapore is encouraging, brands that want to further differentiate themselves and strengthen their appeal to customers should focus on creating emotionally positive experiences for their customers to boost loyalty," said Tom Mouhsian, principal analyst at Forrester. "Even a minor improvement to a brand's customer experience quality can have a positive impact on revenue by reducing customer churn and increasing share of wallet, which is especially important in the current economic climate."
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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 connects quality and loyalty measures to specific revenue drivers, giving leaders the unprecedented ability to guide CX investments that produce revenue return.
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