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Financial Success Case Study: Bank of America Customer Satisfaction Survey
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Sector: Financial / Banking Institution
Overview: A case of bank customer satisfaction: Bank of America is one of the world’s largest financial institutions with operations in more than 40 countries. It was the first to have a truly United States retail franchise, with 5,900 full service banking centers in 45 states and the District of Columbia. These banking centers serve approximately 57 million consumer and small business relationships and collect point-of-sale voice of the customer (VOC) data focused on the key drivers of customer delight and dissatisfaction.
Problem: A single measure captured Top 2 Box score for the banking center level, but detail at the associate level or information regarding the whys behind the responses was not available. As a result, it was difficult for a banking center manager to diagnose the root cause of a poor score. Coaching varies by manager and often required a significant time investment.
The goal was to increase the speed with which banking centers moved from one customer satisfaction level to the next. It would also improve the associate’s coaching experience as managers have not only personal observation but also literally the voice of the customer (VOC) to incorporate banking satisfaction measurement into their daily coaching.
Solution: Opinionmeter’s customer satisfaction survey devices were deployed to those banking centers identified as under performing. The web-enabled devices provide real-time VOC feedback at the point of-sale. Opinionmeter offers a variety of interactive customer satisfaction survey devices for banks, ranging from interactive survey kiosks, to mobile tablets and personal digital assistants (PDAs), to web surveys, Interactive Voice Response Surveys (IVR) and paper surveys. Web-based reporting allows bank managers to view results in aggregate or filtered at the associate level.
Smart Coaching: Based on results from the VOC surveys, Banking Center Managers will create action plans and provide “Smart” (or targeted) coaching based on best practices of high performing banking centers in terms of bank customer satisfaction.
Feedback: “I found the opinionmeter to be one of the best mediums to capture the voice of the customer at the point of the customer’s experience. There is no easier or cheaper way today to capture customer data.”
Steve Darrish,
Senior Vice President
Bank of America
