Charles Schwab and Fidelity Are Top Investment Firms in Customer Experience Ratings, According to New Temkin Group Research
Large-Scale Research Study Rates More Than 200 Companies Across 18 Industries Based on Feedback Survey of 10,000 U.S. Consumers
WABAN, Mass., March 8, 2012 /PRNewswire/ -- A new research report published by Temkin Group, 2012 Temkin Experience Ratings, rates the customer experience of 206 large companies across 18 industries. This is the second year that Temkin Group has released these ratings. The research, which is based on a survey of 10,000 U.S. consumers in January 2012, includes 12 investment firms: Ameriprise Financial, Charles Schwab, credit unions, E*TRADE, Edward Jones, Fidelity Investments, ING Direct, Merrill Lynch, Morgan Stanley Smith Barney, TD Ameritrade, Vanguard, and Wells Fargo Advisors.
Charles Schwab is the top-rated investment firm and the only firm in the industry to receive a "good" rating. Fidelity Investments was close behind and leads six investment firms with "okay" ratings. The bottom five investment firms have "poor" customer experience ratings: Wells Fargo Advisors, TD Ameritrade, Morgan Stanley Smith Barney, Merrill Lynch, and E*TRADE.
The average ratings for the investment industry placed it 10th out of 18 industries in the study. Temkin Group also analyzed the changes between 2011 and 2012 and found that the investment industry has seen the sharpest decline in its customer experience ratings over the previous year.
Morgan Stanley Smith Barney and TD Ameritrade had the largest decline from last year's Temkin Experience Ratings and five other investment firms also received lower ratings this year. Charles Schwab had the largest improvement in its customer experience score between 2011 and 2012.
"Too many firms in the investment industry are heading in the wrong direction when it comes to customer experience," states Bruce Temkin, author of the report and Managing Partner of Temkin Group.
The Temkin Experience Ratings evaluates three dimensions of customer experience:
- Functional: Does the company meet consumers' needs?
- Accessible: How easy is it for consumers to do what they are trying to do?
- Emotional: How do consumers feel about their interactions with companies?
Other highlights from the research include:
- Charles Schwab and Vanguard received the highest Functional ratings, while Wells Fargo Advisors received the lowest.
- Charles Schwab and Fidelity received the highest Accessible ratings, while Wells Fargo Advisors and Morgan Stanley Smith Barney received the lowest.
- Credit unions and Fidelity Investments received the highest Emotional ratings, while Wells Fargo Advisors and TD Ameritrade received the lowest.
This report can be accessed from the Temkin Group website at http://www.temkingroup.com or from the blog, Customer Experience Matters, at http://experiencematters.wordpress.com. The data can be accessed from the Temkin Ratings website, http://www.temkinratings.com.
For more information about Temkin Group, visit http://www.temkingroup.com.
About the author, Bruce Temkin
Bruce Temkin is widely recognized as a customer experience thought leader and is Customer Experience Transformist and Managing Partner of the Temkin Group. He is also the author of a very popular blog, Customer Experience Matters. Prior to forming Temkin Group, he was a VP at Forrester Research for 12 years. Bruce is a highly demanded speaker who consistently receives high marks for his content-rich, entertaining keynote addresses. He is also the co-founder and Chair of the Customer Experience Professionals Association (CXPA.org), a global non-profit organization dedicated to the advancement of customer experience management.
About Temkin Group
Temkin Group is a leading customer experience research and consulting firm with one simple goal for its clients: increase customer loyalty by becoming more customer-centric. The company combines customer experience thought leadership with a deep understanding of the dynamics of large organizations to help senior executives accelerate their customer experience results. For more information, contact Bruce Temkin at 617-916-2075 or firstname.lastname@example.org.
SOURCE Temkin Group