VIENNA, Va.–For the sixth consecutive year, Navy FCU has held on to the top spot as the credit union community’s leader, ranking No. 1 among multichannel banks/credit unions for customer experience in Forrester’s proprietary 2021 CX Index survey.
The $144-billion Navy Federal, the world’s largest CU, was again named a CX Elite brand (a top 5% brand), and took the lead for customer experience among credit card issuers.
“The members’ experience is the focus of everything we do – whether it’s visiting a branch, calling our 24/7 contact center or using our digital channels. Our entire team is committed to continuously improving the experience in every way possible,” said Mary McDuffie, president/CEO of Navy Federal, in a statement. “This recognition is further evidence that our focus on our members really does make a difference.”
According to Forrester, Navy Federal ranked highest among multichannel banks/credit unions in the following categories:
- Customer/Member Service
- Clear Communication
- Providing transparent prices, rates and fees
- Most Recommended by customers/members
Navy Federal also earned the top score for Credit Card Issuers in the following categories:
- Customer/Member Experience
- Most Recommended by customers/members
Brands ‘Adapted’
“The past year has revealed how brands who keep their customers at the center of all they do can continue to meet evolving customer needs even in a crisis,” said Michelle Yaiser, VP of CX Analytics at Forrester, in a statement. “The brands that adapted how they engaged with customers while continuing to make them feel good about their interactions, saw higher CX Index scores, increased customer loyalty, and a larger group of devoted customers.”
The Forrester's CX Index is based on a survey of more than 85,000 U.S. customers across 220 brands and 13 industries.
Other High Performers
Outside of financial services, other brands that performed well in the survey include (with the text below from Forrester’s analysis):
- Chewy.com, which “in 2020 stepped up to surging pet adoption and caretaking by (often newly) homebound US consumers. Chewy.com customers grew 42.7% year over year. As “pet parents,” fully 28% of Chewy.com customers are “devotees” — that is, those customers are willing to forgive these brands’ mistakes, pay a premium for the brands’ products, keep their business with the brands, and spend more over time. To meet this growth, the company invested in automation and fulfillment capabilities, introduced services such as “Connect With a Vet” telehealth and compounded pet meds, launched online gift cards, and transitioned customer support teams to work from home to continue providing service.”
- Etsy, which “is a perennial consumer favorite. Twenty percent of its customers in 2021 are devotees — slightly lower than the retail industry average (23%). However, its investments for better customer and seller experiences paid off. Capitalizing on its unique merchandise assortment, the company introduced customer experience-enhancing features such as installment payments and search filtering around expected delivery dates. All told, in 2020, consolidated gross merchandise sales were up 106% year over year — including over $740 million in face masks alone.”
- Trader Joe’s, which “continues to delight customers with high quality, well-priced private label goods, and ready assistance from cheery Hawaiian shirt-clad ‘crew members.’”
- Costco, where “members continue to rely on the retailer across categories such as food, housewares, pharmacy, over-the-counter medication, small electronics, and consumer electronics. And in 2020, the company invested in e-commerce and logistics to meet overall growth.”