Financial & Economic Blog

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There's a item on the wires today that Citigroup is splitting crazy its credit dance-card role. If that's the casing, here's some advice fitting for Steven Freiberg (who will indubitably down the newly beyond question) that is very correspond to to recommendation that I gave to Vikram Pandit, Citi's CEO: allocate Citi's customer experience difficult. Why? Because it's good business.

To start with, I moral published a report that examines the linkage between customer judgement and resolve. It turns out that there's a strong uniting in dependability cards. Consumers are much more likely to buy another work from a depend on anniversary card issuer and be more reluctant to switch from that issuer if the firm delivers a rectitude experience.

Our exploration also shows that credit card experiences, especially at Citi, are broken:

• In Forrester's 2007 purchaser Experience listing, Citibank's credit card obligation was ranked 61st out of 112 firms and came in 7th into the open of the 11 anniversary card issuers on the .
• In June 2007, Forrester released its 2007 person advocacy rankings of 53 large banks, brokerages, insurers, and credit card issuers. Citibank (confidence cards) came out in 49th go up in the world.
• In May 2007, Forrester analyzed the cross-channel experience of four large credit card issuers. Citibank came in mould apartment.
• In February 2007, we looked at consumers’ perceptions of novel financial services brands. Compared to the other 13 large banks on the list, Citibank was in unison of the BOTTOM TWO respecting the following identify attributes: “peerless-move,” shelter,” “honest,” “friendly,” “line-oriented,” “helpful,” “obtainable,” and “accessible.”

In a check out broadcast that reasonable went subsist late last week, Customer Relationship Snapshot: reliability fated Providers, I looked at accept birthday card relationships across generations of consumers. It turns visible that credit card firms have the biggest incorrigible with consumers younger than 40; so that's in all likelihood a godly place for Freiberg to focus Citi's attention.

The bottom track: Splitting the trade is an break; hopefully Citi's creditation card corporation is up to the challenge.