Prime Performance: 2010 Customer Experience With Bank Call Centers
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Prime Performance: 2010 Customer Experience With Bank Call Centers

on

  • 744 views

Prime Performance surveyed nearly 1,781 customers who had recently interacted with a bank or credit union call center representative to better understand what drives customer satisfaction. This report ...

Prime Performance surveyed nearly 1,781 customers who had recently interacted with a bank or credit union call center representative to better understand what drives customer satisfaction. This report is based on the Prime Performance 2010 Bank & Credit Union Survey and shows scores for credit unions, small banks with less than 300 branches, large banks with 300 or more branches, and the three mega-banks; Chase, Bank of America and Wells Fargo.

Statistics

Views

Total Views
744
Views on SlideShare
740
Embed Views
4

Actions

Likes
1
Downloads
25
Comments
0

2 Embeds 4

https://www.linkedin.com 3
http://www.linkedin.com 1

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

CC Attribution License

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Prime Performance: 2010 Customer Experience With Bank Call Centers Document Transcript

  • 1. Customer Experience With Call Center Representatives2010 Bank & Credit Union Satisfaction Survey Jim S Miller President, Prime Performance www.primeperformance.net
  • 2. Table of ContentsMap of Survey Respondents .......................................................................................................... 3Survey Methodology ....................................................................................................................... 3Executive Summary ........................................................................................................................ 4Overall Satisfaction With Service .................................................................................................. 5Likelihood to Recommend ............................................................................................................. 6Effective at Meeting Your Needs.. ................................................................................................. 7Business is Important to the Bank................................................................................................ 8Does What’s Best for You, Not the Bank’s Bottom Line................................................................ 9Offers Competitive Prices, Rates and Fees .................................................................................. 10Likelihood to Switch Banks in Next 12 Months ............................................................................ 11Was Your Inquiry Resolved to Your Satisfaction During This Contact .......................................... 12Representative Explained Things in a Way that was Easy to Understand.................................... 13Representative Seemed Genuinely Interested in Helping You..................................................... 14Representative Appeared Knowledgeable About Products/Services........................................... 15Friendliness of Representative ...................................................................................................... 16Representative Values Your Time .................................................................................................. 17Representative Seemed to Enjoy His or Her Job .......................................................................... 18Wait Time is Acceptable.................................................................................................................. 19Representative Spoke Clearly......................................................................................................... 20Representative Thanked You for Your Business............................................................................ 21Representative Asked “Is There Anything Else I Can Help You With?”........................................ 22Representative Used Your Name ................................................................................................... 23Representative Introduced Himself/Herself by Name................................................................... 24Implications ..................................................................................................................................... 25About Prime Performance .............................................................................................................. 25About the Author/Jim S Miller ........................................................................................................ 25 2
  • 3. Map of Survey RespondentsSurvey Methodology DATA COLLECTION: May 2010 METHOD: Online survey SAMPLE SIZE: 1,781 adults who spoke with a call center representative within the last two weeks. SAMPLE: A total of 1,781 interviews were conducted in the U.S. Sampling error cannot be calculated for surveys that use a self-selected online panel of respondents. If this sample had been conducted among a fully random sample, the estimated margin of error for sample would be ±1.9 percentage points at the 95% confidence level. SCORING: Depending on the question, consumers selected responses along a seven-point scale or selected “yes”, “no” or “don’t remember”. For questions on a seven-point scale, positive responses are the percent of individuals selecting one of the top two boxes (6 or 7). Negative responses are the percent of individuals selecting one of the bottom three boxes (1, 2 or 3). For “yes”, “no”, “don’t remember” questions, positive responses are the percent of individuals selecting “yes”. BANK CATEGORIES: For analysis purposes, Banks were put into categories to reflect the size and nature of the institutions. Credit Unions are their own category. Banks with less than 300 branches were grouped together as Small Banks. Banks with 300-4,000 branches are included in Large Banks. Bank of America, Chase and Wells Fargo are each included as separate categories since they have the largest number of branches, and because most banks compete with at least one of them. 3
  • 4. Executive SummarySeventy-three percent of customers are satisfied with the service they received on their recent interactionwith a call center representative at a bank or credit union, while 6% are dissatisfied. Credit unions and smallbanks consistently outperform their larger competitors on overall satisfaction, likely to recommend andmeeting their customers’ needsThe BasicsCustomers call with a purpose and if their inquiry is not resolved during the call, satisfaction plummets.Overall, 91% of customers said their inquiry was resolved satisfactorily during the call and when this is thecase, 79% are satisfied with the experience and only 1% dissatisfied. For the 9% of calls where the inquirywas not resolved satisfactorily, only 11% were satisfied and 49% dissatisfied. Customers expect their needswill be met on a single call. Customers are not satisfied if they have to call back or are told to go to a branchto get help. Likewise, customers expect that call center representatives will explain things in a way that iseasy to understand which occurs on 91% of calls. When the call center representative explains things in away that is easy to understand, 78% are satisfied with the call and 3% are dissatisfied, but when this doesnot occur only 17% of customers claim they are satisfied and 40% are dissatisfied.Value Customer’s TimeCustomers clearly value their time and expect the bank to do the same. Overall, 85% believe representativesvalue their time. When their time is valued, 79% of customers are satisfied with their experience and 3% aredissatisfied. When customers feel their time is not valued, only 20% are satisfied and 33% are dissatisfied (a10 times increase in dissatisfied customers). It is hard to recover from an unacceptable wait time. When thewait time is acceptable, 77% of customers are satisfied with their overall experience and 4% are dissatisfied.When wait time is not acceptable, 24% are satisfied and 31% are dissatisfied with the service received.FriendlyFriendly representatives lead to satisfied customers. When the representative was friendly, 77% ofcustomers were satisfied and only 4% dissatisfied, resulting in a net score of 73%. When the representativewas not friendly, the net score dropped 90 points to -17%, with 19% of customers satisfied and 36%dissatisfied. How do representatives show they are friendly? Simply thanking the customer for their businessis vital. The net satisfaction score is 73% when the customer is thanked, but drops to 5% when they are notthanked. Seventy-six percent of customers were satisfied and 4% dissatisfied when the representative asked“Is there anything else I can help you with?” When the question was not asked, only 38% were satisfied and28% dissatisfied. Other factors that show “friendliness” and drive satisfaction include; the call centerrepresentative introducing himself/herself by name, and using the customers name.GenuineOf course, all the behaviors must be genuine. Eighty-seven percent of customers claimed the representativewas genuinely interested in helping them. When this occurred, 81% of customers were satisfied with theexperience and 2% were dissatisfied. When they felt the representative was not genuinely interested inhelping, 18% of customers were satisfied and 35% dissatisfied. The difference in the net score of 96 pointsshows that it is not enough to go through the motions. Customers must feel that bankers care about theirbusiness and are genuinely interested in helping them. 4
  • 5. Overall Satisfaction with the ServiceYou Received Net Score* Credit Unions:  81% 2% 83% Small Banks:  75% 4% 79% < 300 Branches Large Banks:  61% 7% 68% 300‐4,000  Branches Chase:  63% 8% 72%Bank of America:  58% 7% 65% Wells Fargo:  63% 7% 70%Industry Average:  67% 6% 73% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)Credit union members are most satisfied with their call center experience, followed by small banks, whileBank of America customers are the least satisfied. 5
  • 6. Likely to Recommend Net Score* Credit Unions:  80% 2% 82% Small Banks:  71% 6% 77% < 300 Branches Large Banks:  55% 10% 65% 300‐4,000  Branches Chase:  48% 13% 62%Bank of America:  45% 13% 58% Wells Fargo:  52% 11% 63%Industry Average:  60% 9% 69% % Negative Responses % Positive Responses (% Unlikely) (% Likely)*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)Credit union members and small bank customers are much more likely to recommend their bank aftertalking to a call center representative than customers at large banks and mega‐banks. 6
  • 7. How Effective was the Representative atMeeting Your Needs? Net Score* Credit Unions:  83% 2% 85% Small Banks:  80% 4% 83% < 300 Branches Large Banks:  63% 7% 71% 300‐4,000  Branches Chase:  63% 11% 74%Bank of America:  60% 8% 68% Wells Fargo:  60% 9% 69%Industry Average:  69% 7% 75% % Negative Responses % Positive Responses (% Not Effective) (% Effective)*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)Customers believe credit unions and small banks are most effective at meeting their needs. Chaseoutscored large banks, Wells Fargo and Bank of America on percent of customers who thought therepresentative was effective at meeting their needs, but also had more customers who felt therepresentative was not effective at meeting their needs. 7
  • 8. How Important is Your Business to theBank? Net Score* Credit Unions:  60% 7% 67% Small Banks:  54% 10% 64% < 300 Branches Large Banks:  32% 18% 49% 300‐4,000  Branches Chase:  20% 22% 42%Bank of America:  20% 22% 43% Wells Fargo:  27% 20% 47%Industry Average:  37% 16% 53% % Negative Responses % Positive Responses (% Not Important) (% Important)*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)Less than half of customers at large banks, Chase, Bank of America and Wells Fargo believe their business isimportant to the bank. 8
  • 9. Does What’s Best for You, Not theBank’s Bottom Line Net Score* Credit Unions:  52% 6% 58% Small Banks:  31% 15% 46% < 300 Branches Large Banks:  17% 20% 38% 300‐4,000  Branches Chase:    8% 26% 34%Bank of America:  10% 29% 39% Wells Fargo:  12% 21% 33%Industry Average:  24% 19% 42% % Negative Responses % Positive Responses*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)Other than at credit unions, most customers do not believe their bank does what is best for the customer. 9
  • 10. Offers Competitive Prices, Ratesand Fees Net Score* Credit Unions:  58% 7% 65% Small Banks:  42% 9% 50% < 300 Branches Large Banks:  21% 17% 38% 300‐4,000  Branches Chase:  10% 21% 31%Bank of America:  14% 19% 33% Wells Fargo:  12% 23% 35%Industry Average:  28% 15% 43% % Negative Responses % Positive Responses (% Not Competitive) (% Competitive)*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)43% of customers feel their bank offers competitive prices, rates and fees and 15% feel that they are notcompetitive. Customers rated credit unions highest and Chase the lowest. 10
  • 11. Likelihood to Switch Banks in Next12 Months Net Score* Credit Unions:  73% 9% 82% Small Banks:  67% 9% 76% < 300 Branches Large Banks:  42% 21% 63% 300‐4,000  Branches Chase:  43% 21% 64%Bank of America:  40% 19% 60% Wells Fargo:  45% 18% 63%Industry Average:  52% 16% 68% % Negative Responses % Positive Responses (Likely to Switch) (Unlikely to Switch)*Net Score: % of Positive Responses Minus % of Negative ResponsesAfter speaking with a call center representative, 68% of all customers claim they are unlikely to switchbanks in the next 12 months, while 16% say they are likely to switch. At Bank of America, 60% of customersare unlikely to switch banks and 19% believe they are likely to do so. 11
  • 12. Was Your Inquiry Resolved to Your Satisfaction During this Contact? Credit Unions 95% Small Banks 93% < 300 Branches Large Banks 92% 300‐4,000 Branches Chase 87% Bank of America 89% Wells Fargo 88% Industry Average 91% % Positive Responses (% Yes) Overall Satisfaction Based On: Was Your Inquiry Resolved to Your Satisfaction During this Contact? Net Score* Yes:  78% 1% 79% +116% +48% +68% No:  ‐38% 49% 11% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Customers expect their inquiry to be resolved by a single phone call. 9% of customers claim their inquiry was not resolved to their satisfaction on the call. When the inquiry is resolved to the customer’s satisfaction, 79% are satisfied and only 1% are dissatisfied. When the inquiry is not resolved satisfactorily, 11% are satisfied and 49% are not satisfied. 12
  • 13. Did the Representative Explain Things in a Way that was Easy to Understand? Credit Unions 96% Small Banks 91% < 300 Branches Large Banks 91% 300‐4,000 Branches Chase 88% Bank of America 88% Wells Fargo 92% Industry Average 91% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Explain Things in a Way that was Easy to Understand? Net Score* Yes:  75% 3% 78% +99% +38% +61% No:  ‐24% 40% 17% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses In order for customers to be satisfied with their call, they need the representative to explain things in a way that is easy to understand. When representatives explain things in a way that was easy to understand, the net satisfaction score is 75%, but falls to ‐24% when this is not the case. 13
  • 14. Was the Representative Genuinely Interested in Helping You? Credit Unions 95% Small Banks 92% < 300 Branches Large Banks 85% 300‐4,000 Branches Chase 83% Bank of America 80% Wells Fargo 86% Industry Average 87% % Positive Responses (% Yes) Overall Satisfaction Based On: Was the Representative Genuinely Interested in Helping You? Net Score* Yes:  79% 2% 81% +96% +33% +62% No:  ‐17% 35% 18% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses While customers care about having their call handled properly, they also care about how they are treated. A representative may say and do the right things, but if it is not genuine, customers notice. When representatives are genuinely interested in helping, 81% of customers are satisfied, when that is not the case, satisfaction drops to only 18%. 14
  • 15. Did the Representative Appear Knowledgeable About Products/Services? Credit Unions 95% Small Banks 93% < 300 Branches Large Banks 92% 300‐4,000 Branches Chase 87% Bank of America 88% Wells Fargo 89% Industry Average 91% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Appear Knowledgeable About Products/Services? Net Score* Yes:  74% 3% 77% +93% +36% +58% No:  ‐19% 39% 19% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Knowledgeable call center representatives are vital to customer satisfaction. Overall, 91% of customers thought the representative was knowledgeable, with credit unions scoring the highest at 95%. Net satisfaction scores drop by 93 points when the representative is not knowledgeable. 15
  • 16. Was the Representative Friendly? Credit Unions 98% Small Banks 94% < 300 Branches Large Banks 92% 300‐4,000 Branches Chase 89% Bank of America 90% Wells Fargo 92% Industry Average 93% % Positive Responses (% Yes) Overall Satisfaction Based On: Was the Representative Friendly? Net Score* Yes:  73% 4% 77% +90% +32% +58% No:  ‐17% 36% 19% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Customers report that 93% of the representatives they dealt with were friendly. This is fortunate since an unfriendly representative causes satisfaction to plummet from a net score of 73% down to a net score of ‐17%, a drop of 90 points! 16
  • 17. Did the Representative Value Your Time? Credit Unions 91% Small Banks 89% < 300 Branches Large Banks 84% 300‐4,000 Branches Chase 80% Bank of America 80% Wells Fargo 83% Industry Average 85% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Value Your Time? Net Score* Yes:  77% 3% 79% +89% +30% +59% No:  ‐12% 33% 20% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Customers clearly value their time and expect the bank to do the same. They expect call center representatives to handle their call quickly and not put them on hold for excessive amounts of time. Overall, 85% believe representatives value their time, but when they do not, the net satisfaction scores drops by 89 points. 17
  • 18. The Representative Seemed to Enjoy His or Her Job Credit Unions 87% Small Banks 86% < 300 Branches Large Banks 78% 300‐4,000 Branches Chase 76% Bank of America 71% Wells Fargo 80% Industry Average 80% % Positive Responses (% Yes) Overall Satisfaction Based On: The Representative Seemed to Enjoy His or Her Job Net Score* Yes:  78% 3% 81% +88% +28% +61% No:  ‐10% 30% 20% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Attitude matters! Satisfaction is much higher when customers think the representative enjoys his or her job. Overall, 80% of customers believe the representative seemed to enjoy his or her job and when that is the case, satisfaction scores are high with a net score of 78%, compared to ‐10% when the customer perceives the representative as not enjoying his or her job. 18
  • 19. Was the Wait Time Acceptable? Credit Unions 96% Small Banks 92% < 300 Branches Large Banks 91% 300‐4,000 Branches Chase 92% Bank of America 88% Wells Fargo 89% Industry Average 92% % Positive Responses (% Yes) Overall Satisfaction Based On: Was the Wait Time Acceptable? Net Score* Yes:  73% 4% 77% +80% +27% +53% No:  ‐7% 31% 24% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses 92% of customers reported that the time they had to wait to speak with a representative was acceptable. Credit unions scored the highest at 96% and Bank of America the lowest at 88%. When wait time is not acceptable, only 24% of customers are satisfied with their experience, while 31% are dissatisfied. 19
  • 20. Did the Representative Speak Clearly? Credit Unions 99% Small Banks 97% < 300 Branches Large Banks 94% 300‐4,000 Branches Chase 89% Bank of America 95% Wells Fargo 95% Industry Average 95% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Speak Clearly? Net Score* Yes:  71% 4% 75% +79% +25% +53% No:  ‐8% 30% 22% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Speaking clearly is vital on the phone. 95% of customers said the representative spoke clearly on their call. When the representative does not speak clearly, the net satisfaction score falls from 71% to ‐8%. 20
  • 21. Did the Representative Thank You for Your Business? Credit Unions 86% Small Banks 87% < 300 Branches Large Banks 89% 300‐4,000 Branches Chase 88% Bank of America 87% Wells Fargo 86% Industry Average 87% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Thank You for Your Business? Net Score* Yes:  73% 3% 77% +68% +25% +43% No:  5% 28% 34% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses Two words, “thank you”, make a 68% difference in the net satisfaction score. When representatives thank their customers, the net satisfaction score is 73%, but when they don’t, the net score drops to only 5%. With such a difference, it is surprising that only 87% of customers recall receiving a thank you. 21
  • 22. Did the Representative ask “Is There Anything Else I Can Help You With?” Credit Unions 91% Small Banks 90% < 300 Branches Large Banks 93% 300‐4,000 Branches Chase 93% Bank of America 91% Wells Fargo 93% Industry Average 92% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative ask “Is There Anything Else I Can Help You With?” Net Score* Yes:  72% 4% 76% +62% +24% +38% No:  10% 28% 38% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses People tend to remember the beginning and end of an experience. Along with thanking the customer every time, the interaction should also end with the representative asking “Is there anything else I can help you with?” In the 92% of phone calls when this takes place, net satisfaction is 72%, compared to only 10% when this does not take place. 22
  • 23. Did the Representative Use Your Name? Credit Unions 77% Small Banks 75% < 300 Branches Large Banks 80% 300‐4,000 Branches Chase 75% Bank of America 76% Wells Fargo 77% Industry Average 77% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Use Your Name? Net Score* Yes:  73% 4% 77% +35% +10% +25% No:  38% 14% 52% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses 23% of customers do not recall their name being used while speaking with a call center representative. Satisfaction drops significantly when this simple behavior does not take place. Representatives at large banks are most likely to use their customer’s names. 23
  • 24. Did the Representative Introduce Himself/Herself by Name? Credit Unions 78% Small Banks 75% < 300 Branches Large Banks 79% 300‐4,000 Branches Chase 77% Bank of America 84% Wells Fargo 82% Industry Average 79% % Positive Responses (% Yes) Overall Satisfaction Based On: Did the Representative Introduce Himself/Herself by Name? Net Score* Yes:  69% 5% 74% +13% +4% +9% No:    56% 9% 65% % Negative Responses % Positive Responses (% Dissatisfied) (% Satisfied)*Net Score: % of Positive Responses Minus % of Negative Responses 21% of customers don’t remember the call center representative introducing themselves by name. It is hard to provide personal service when the customer does not even know the representative’s name. This small behavior makes a 13% difference in the net satisfaction score. 24
  • 25. ImplicationsA review of data suggests banks and credit unions should focus on the customer service basics. First call resolution isvital, as is explaining things in a way that is easy to understand. Other simple behaviors such as introducing yourself,using the customer’s name, thanking the customer and showing a helpful attitude drive customer satisfaction, loyaltyand retention. The institutions which do not manage the basic, and controllable, behaviors will see their customerslooking for service elsewhere. While quickly and accurately handling a transaction is crucial, most banks excel at thisand it does not lead to a competitive advantage. Customers are also looking for a positive emotional experience andare disappointed when their emotional needs are not met.We Can HelpFinancial institutions that deliver a superior client experience enjoy higher profits, stronger growth and better clientloyalty than institutions that don’t.How’s your client experience? Not sure, Prime Performance can help.To learn how we can assist you, contact: Jim S Miller: 800.246.0943 jim.miller@primeperformance.netAbout Prime PerformancePrime Performance works with bank leaders to grow share of wallet, reduce churn and increase profitability bydeveloping and implementing a superior client experience. Since 1989, we’ve been pioneers in measuring clientsatisfaction and converting that data into comprehensive, actionable plans for improving client experience.We know that service—not rates and products—creates loyal clients. We also know that loyal clients are more profitableclients. How do we know this? Because we’ve spent over 20 years talking to millions of people about what they wantfrom their bank and what keeps them coming back. If you’re looking to improve your bank’s bottom line, let PrimePerformance put this knowledge to work for you.About the AuthorJim S Miller is the President of Prime Performance. Jim has worked with some of the nation’s largest financialinstitutions, including SunTrust Bank, Bank One and NationsBank. Through senior roles in marketing, finance andretail administration, Jim has acquired a broad understanding of the many challenges faced by bankers.While developing and managing sales incentive programs for retail bankers, Jim grew a passionate interest inunderstanding how behavior change among front-line branch employees affects an organization’s bottom line. It is hispersonal mission to empower banks and credit unions to realize their full potential.Jim majored in Finance at The College of William and Mary and earned his MBA from The University of Virginia’sDarden Graduate School of Business Administration. Jim now calls Boulder, CO home. 25