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In April of 2001, Bank of America took the opportunity to adjust their customer service strategies after a national survey showed that the financial services industry had some of the lowest customer satisfaction ratings of any single industry. To change things up, Bank of America instituted web surveys to measure customer satisfaction with offices, ATMs, online banking and other services, along with their products and accounts.

Since implementing the strategy, Bank of America has seen a drastic increase in customer satisfaction. "Customer delight" (those giving a 9 or 10 rating) jumped from 40% to over 52%, a massive 25% increase over three years. With 28 million customers, BOA now had changed millions of minds about their service. Moreover, Bank of America found that new checking accounts had a 174% year- over-year net gain since the new focus on customer service and web surveys began.

New CEO Ken Lewis began focusing the company on increasing organic growth, which meant increasing the customer base while becoming more efficient. The strategy relied heavily on listening to the voice of the customer and planned to utilize customer feedback to drive customer satisfaction and loyalty.

In order to do this, BOA implemented a measurement known as the customer satisfaction and loyalty barometer. They then used web surveys to ask customers about their satisfaction with channels (bank offices, ATMs, or online banking) and products (checking accounts, credit cards, and mortgage).

The surveys all asked one key question, "Considering all the business you do with Bank of America, what is your overall satisfaction with Bank of America?"

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Using a 1 to 10 scale, the surveys efficiently measured customer satisfaction across all of BOA and were sent out quarterly throughout the company.

As one can see in a sector that has been near the bottom of customer satisfaction ratings for some time now, using online surveys to increase customer ratings is a great way to also increase banking revenue.

The more pleased customers a business creates, the more likely new customers are to sign up, become loyal users, and create new revenue.

Sources:

Bank of America

http://asq.org/financial/bank-of-america-case-study.html


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