In a recent study, JD Power put the spotlight on two key factors in the overall satisfaction level of customers in the investment industry. Despite the narrow industry focus, the reports findings provide insights that are valuable across industries.
1. Macroeconomic environment is driving satisfaction rates down. As consumers struggle to recover from the financial downturn, their key service providers are taking the brunt of the blame for factors that may not be in their control. However the study shows that companies which proactively try to create a superior customer experience may be more resilient against such thinking by customers.
2. Social media is empowering customers in the investment industry — much as it has in other industries. The implication for investment companies is that they must step up to the next level in engaging and empowering customers, rather than leaving them to do so themselves on social media. By shifting to the correct side of the equation, investment firms (and companies across industries) will mitigate and even benefit from the impact of the new era of consumer empowerment.