Customer experience (CX) is a more powerful customer loyalty driver than price-value perception, specifically for banks and retailers, according to new Forrester research that tests the relationship between customers' perceptions of their experience, their perceptions of price-value, and their loyalty.

For banks, customer experience accounts for 55% of loyalty, and for retailers, CX drives 46.5% of loyalty.

When customer experience and price-value are taken together, the percent of loyalty goes up only slightly, to 56% and 47% respectively.

"This means companies can't expect to outperform competition on price while ignoring their customers' experience," says Senior Analyst Maxie Schmidt-Subramanian, in her new research. "Instead, they should formulate a CX strategy that describes their target customers' CX and pricing needs."