Fidelity is no longer tops in customer satisfaction
The online brokerage business of Fidelity Investments is no longer tops in customer satisfaction, according to a new survey.
Charles Schwab overtook Fidelity for the top score in the new American Customer Satisfaction Index, released today. It is the first time Fidelity did not have the top score since the survey started tracking Fidelity five years ago.
The figures raise question about whether Fidelity's recent efforts to cut costs have hurt its ability to serve customers. Fidelity has cut its global headcount by nearly 10,000 jobs since 2007 in an effort to trim its expenses and boost profits.
However, the changes this year were relatively modest. The company scored a 78 in customer satisfaction (out of a 100) this year, down 1 point from last year and 6 points from 2007. Charles Schwab, which was tied with Fidelity last year, beat Fidelity by two points with a score of 80 this year.
The survey also included Etrade and TD Ameritrade. Etrade made the biggest gains, but still ranked last.
The index, produced by ACSI LLC, was founded by the University of Michigan’s Ross School of Business.
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