Navy Federal awarded #1 for Customer Experience
Credit Union recognized as #1 among multichannel banks and a strong performer among credit card providers for customer experience
VIENNA, VA (October 20, 2022) —
Earlier this week, Navy Federal Credit Union hosted a Forrester CX (Customer Experience) Index executive presentation, its annual event focused on the insights and assessments of:
- 2022 US customer experience trends
- CX Index Score, Quality Metrics, and Loyalties – With three years of trending
- Competitive benchmarking
- Priority set of CX drivers
- Forrester’s CX Business Impact Simulator model
- CX performance by channels and channel type
At the conclusion of the presentation, Michelle Yaiser, VP of Data Insights & Engagement at Forrester presented the credit union, for the seventh year in a row, with a No. 1 among multichannel banks for customer experience (CX) award based on Forrester’s proprietary 2022 US Customer Experience Benchmark survey.
“This year’s CX Index results clearly indicate that brands need to continue to be customer obsessed — putting their customers at the center of their leadership, strategy, and operations — if they want to deliver exceptional CX,” said Michelle Yaiser, VP of Data Insights & Engagement at Forrester in June 2022. “Brands that provide strong emotional quality in customer experiences see higher CX Index scores, foster greater brand loyalty, and enable stronger customer trust.”
The ranking was based on responses from more than 96,000 survey respondents from 13 industries, including airlines, auto and home insurers, auto manufacturers (luxury and mass market), banks (direct and multichannel), credit card issuers, federal government agencies, health insurers, hotels, investment firms, retailers, and utilities. The credit union is also named a CX Elite brand (a top 5% brand in the entire CX Index) for banks (multichannel) and credit card issuers.
“Our members are at the heart of what we do. We strive to go above and beyond in each interaction we have making their experiences our top priority,” said Pam Piligian, Chief Marketing Officer at Navy Federal.” I am proud of our team members determination in making our members our mission.”
As a CX Elite brand for banks (multichannel), Navy Federal ranked in the following categories:
- Customer/Member Service
- Clear Communication
- Providing transparent prices, rates and fees
- Most Recommended by customers/members
Among Credit Card Issuers, Navy Federal ranked second highest in the CX Index rankings.
Forrester’s CX Index score measures how a company delivers customer experiences that create and sustain loyalty. Conducted for the seventh year in a row, Forrester’s 2022 CX Index results are benchmarked on a survey of 96,211 US customers across 221 brands and 13 industries. Forrester’s proprietary Customer Experience Index methodology provides the data and insights needed to assess CX quality, understand how CX impacts loyalty intentions, and prioritize improvements that drive revenue. Even a minor improvement to a brand’s customer experience quality can add tens of millions of dollars of revenue by reducing customer churn and increasing share of wallet. Forrester’s Customer Experience CX Index rankings and results reports are accessible within the Forrester Decisions portfolio of research services. Clients of Forrester Decisions for Customer Experience and Forrester Decisions for B2C Marketing Executives have access to the CX Index Extended Data Benchmark to help prioritize improvements based on industrywide trends and impact on customer loyalty.
Navy Federal is regularly recognized for its dedication to creating and supporting a thriving work environment. Earlier this year, Navy Federal celebrated its 12th year on the FORTUNE 100 Best Companies to Work For® list. The credit union has also received other recognition this year, including: “Best Credit Unions” by GoBankingRates and “Best Auto Loan Lenders” by Bankrate.
About Navy Federal Credit Union
Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving over 12 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 23,000 and has a global network of 357 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.