Prime Performance: 2011 Customer Experience With Bank Call Centers

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The results from this survey of 1,979 U.S. bank and credit union customers who recently spoke with a call center representative show customer satisfaction is increasing. Satisfaction remains highest …

The results from this survey of 1,979 U.S. bank and credit union customers who recently spoke with a call center representative show customer satisfaction is increasing. Satisfaction remains highest at credit unions and small banks although large banks are showing significant improvement. This report analyzes results for credit unions, small banks, large banks and mega banks, including Chase, Bank of America and Wells Fargo.

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  • 1. by Jim S Miller, President, Prime Performance, Inc.Customer Experience With CallCenter RepresentativesPRIME PERFORMANCE 2011 BANK & CREDIT UNION SATISFACTION SURVEYThe results from this survey of 1,979 U.S. bank and large banks are showing significant improvement.credit union customers who recently spoke with a This report analyzes results for credit unions, smallcall center representative show customer banks, large banks and mega banks, includingsatisfaction is increasing. Satisfaction remains Chase, Bank of America and Wells Fargo.highest at credit unions and small banks although
  • 2. Table of Contents Methodology DATA COLLECTION METHOD 2 Methodology August – September 2011 Online Survey 3 Survey Questions + Findings 3-5 Overall satisfaction with the service SAMPLE SIZE received 1,979 adults who spoke with a call center representative within the last two weeks. 6-8 Likely to recommend 9-11 How effective was the representative at meeting your needs? SAMPLE A total of 1,979 interviews were conducted in the U.S. Sampling12-14 Likely to switch banks in the next 12 error cannot be calculated for surveys that use a self-selected months online panel of respondents. If this sample had been conducted among a fully random sample, the estimated margin of error for15-16 Was your inquiry resolved to your sample would be ±1.9 percentage points at the 95% confidence satisfaction during this contact? level.17-18 Was the representative friendly? SCORING19-20 Did the representative appear Depending on the question, consumers selected responses along a knowledgeable about products and seven-point scale or selected “yes”, “no” or “don’t remember”. For services? questions on a seven-point scale, positive responses are the percent of individuals selecting one of the top two boxes (6 or 7).21-22 Was the representative genuinely interested in helping you? Negative responses are the percent of individuals selecting one of the bottom three boxes (1, 2 or 3). For “yes”, “no”, “don’t23-24 Did the representative explain things in remember” questions, positive responses are the percent of a way that was easy to understand? individuals selecting “yes”.25-26 Did the representative value your time? BANK CATEGORIES27-28 Was the wait time acceptable? For analysis purposes, banks were put into categories to reflect the size and nature of the institutions. Credit Unions are their own29-30 Did the representative thank you for category. Banks with less than 300 branches were grouped your business? together as Small Banks. Banks with 300-4,000 branches are31-32 Did the representative use your name? included in Large Banks. Bank of America, Chase and Wells Fargo are each included as separate categories since they have the33-34 Did the representative introduce largest number of branches, and because most banks compete herself/himself by name? with at least one of them. 35 About the Author: Jim S Miller GENERATIONS 35 About Prime Performance Generation Y (Gen Y) – born after 1980 Generation X (Gen X) – born between 1965 and 1980 Boomers+ – born before 1965 2011 Customer Experience With Call Center Representatives | 2
  • 3. Survey Questions + FindingsOverall satisfaction with the servicereceived % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score* Credit Unions      83% 3% 86% Small Banks      79% 6% 85% Large Banks      66% 7% 72% Chase      62% 9% 72%Bank of America      56% 8% 64% Wells Fargo      61% 7% 68%Industry Average      70% 6% 76%Change in Net Score: 2011 vs. 2010 +5% +4% +3% +2% ‐1% ‐2% ‐2% Credit Unions Small Banks Large Banks Chase Bank of Wells Fargo Industry America Average 2011 Customer Experience With Call Center Representatives | 3
  • 4. Survey Questions + FindingsOverall satisfaction with the servicereceived - by generation % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score* Gen Y      64% 8% 71% Gen X      68% 6% 74% Boomer+      75% 5% 81%Industry Average      70% 6% 76%Change in Net Score: 2011 vs. 2010 +7% +5% +3% +0% Gen Y Gen X Boomer+ Industry Average 2011 Customer Experience With Call Center Representatives | 4
  • 5. Survey Questions + FindingsOverall satisfaction with the servicereceived - by income % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score* <$50,000      72% 6% 78%$50,000‐$99,999      68% 6% 74% $100,000+      72% 5% 77%Industry Average      70% 6% 76%Change in Net Score: 2011 vs. 2010 +8% +4% +3% +2% <$50,000 $50,000‐$99,999 $100,000+ Industry Average 2011 Customer Experience With Call Center Representatives | 5
  • 6. Survey Questions + FindingsLikely to recommend % Positive Responses (% Likely) * Net Score: % of positive responses % Negative Responses (% Unlikely) minus % of negative responses Net Score* Credit Unions      81% 4% 85% Small Banks      71% 8% 78% Large Banks      55% 10% 65% Chase      54% 10% 64%Bank of America      36% 15% 52% Wells Fargo      43% 11% 54%Industry Average      60% 9% 69%Change in Net Score: 2011 vs. 2010 +6% +1% +0% +0% +0% ‐9% ‐9% Credit Unions Small Banks Large Banks Chase Bank of Wells Fargo Industry America Average 2011 Customer Experience With Call Center Representatives | 6
  • 7. Survey Questions + FindingsLikely to recommend–by generation % Positive Responses (% Likely) * Net Score: % of positive responses % Negative Responses (% Unlikely) minus % of negative responses Net Score* Gen Y      55% 9% 64% Gen X      60% 10% 70% Boomer+      63% 8% 72%Industry Average      60% 9% 69%Change in Net Score: 2011 vs. 2010 +7% +3% +0% ‐5% Gen Y Gen X Boomer+ Industry Average 2011 Customer Experience With Call Center Representatives | 7
  • 8. Survey Questions + FindingsLikely to recommend–by income % Positive Responses (% Likely) * Net Score: % of positive responses % Negative Responses (% Unlikely) minus % of negative responses Net Score* <$50,000      60% 8% 69%$50,000‐$99,999      60% 10% 70% $100,000+      61% 8% 69%Industry Average      60% 9% 69%Change in Net Score: 2011 vs. 2010 +5% +4% +0% ‐3% <$50,000 $50,000‐$99,999 $100,000+ Industry Average 2011 Customer Experience With Call Center Representatives | 8
  • 9. Survey Questions + FindingsHow effective was the representative atmeeting your needs? % Positive Responses (% Effective) * Net Score: % of positive responses % Negative Responses (% Not Effective) minus % of negative responses Net Score* Credit Unions      82% 3% 85% Small Banks      78% 6% 85% Large Banks      65% 8% 74% Chase      63% 8% 72%Bank of America      56% 10% 67% Wells Fargo      62% 9% 71%Industry Average      70% 7% 77%Change in Net Score: 2011 vs. 2010 +2% +2% +1% +0% ‐1% ‐2% ‐4% Credit Unions Small Banks Large Banks Chase Bank of Wells Fargo Industry America Average 2011 Customer Experience With Call Center Representatives | 9
  • 10. Survey Questions + FindingsHow effective was the representative atmeeting your needs–by generation % Positive Responses (% Effective) * Net Score: % of positive responses % Negative Responses (% Not Effective) minus % of negative responses Net Score* Gen Y      62% 9% 71% Gen X      68% 7% 74% Boomer+      76% 6% 82%Industry Average      70% 7% 77%Change in Net Score: 2011 vs. 2010 +6% +1% +1% ‐1% Gen Y Gen X Boomer+ Industry Average 2011 Customer Experience With Call Center Representatives | 10
  • 11. Survey Questions + FindingsHow effective was the representative atmeeting your needs–by income % Positive Responses (% Effective) * Net Score: % of positive responses % Negative Responses (% Not Effective) minus % of negative responses Net Score* <$50,000      73% 6% 79%$50,000‐$99,999      66% 9% 75% $100,000+      70% 6% 77%Industry Average      70% 7% 77%Change in Net Score: 2011 vs. 2010 +6% +3% +1% ‐1% <$50,000 $50,000‐$99,999 $100,000+ Industry Average 2011 Customer Experience With Call Center Representatives | 11
  • 12. Survey Questions + FindingsLikely to switch banks in the next12 months % Positive Responses (% Unlikely) * Net Score: % of positive responses % Negative Responses (% Likely) minus % of negative responses Net Score* Credit Unions      76% 6% 82% Small Banks      68% 10% 78% Large Banks      50% 16% 67% Chase      41% 16% 57%Bank of America      40% 18% 58% Wells Fargo      36% 18% 53%Industry Average      56% 13% 69%Change in Net Score: 2011 vs. 2010 +8% +3% +4% +1% +0% ‐2% ‐9% Credit Unions Small Banks Large Banks Chase Bank of Wells Fargo Industry America Average 2011 Customer Experience With Call Center Representatives | 12
  • 13. Survey Questions + FindingsLikely to switch banks in the next12 months–by generation % Positive Responses (% Unlikely) * Net Score: % of positive responses % Negative Responses (% Likely) minus % of negative responses Net Score* Gen Y      48% 15% 64% Gen X      48% 16% 64% Boomer+      66% 10% 76%Industry Average      56% 13% 69%Change in Net Score: 2011 vs. 2010 +6% +4% +3% +2% Gen Y Gen X Boomer+ Industry Average 2011 Customer Experience With Call Center Representatives | 13
  • 14. Survey Questions + FindingsLikely to switch banks in the next12 months–by income % Positive Responses (% Unlikely) * Net Score: % of positive responses % Negative Responses (% Likely) minus % of negative responses Net Score* <$50,000      60% 13% 72%$50,000‐$99,999      51% 15% 66% $100,000+      57% 10% 68%Industry Average      56% 13% 69%Change in Net Score: 2011 vs. 2010 +12% +4% +3% +3% <$50,000 $50,000‐$99,999 $100,000+ Industry Average 2011 Customer Experience With Call Center Representatives | 14
  • 15. Survey Questions + FindingsWas your inquiry resolved to yoursatisfaction during this contact? % Positive Responses (% Yes) Credit Unions 93% Small Banks 93% Large Banks 89% Chase 88%Bank of America 84% Wells Fargo 87%Industry Average 90%Overall satisfaction based on:Was your inquiry resolved to your satisfaction during this contact? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   82% 1% 83% inquiry was resolved +118% +47% +70%Overall satisfaction when  ‐36% 49% 13%inquiry was not resolved 2011 Customer Experience With Call Center Representatives | 15
  • 16. Survey Questions + FindingsWas your inquiry resolved to yoursatisfaction during this contact? % Positive Responses (% Yes)By generation Gen Y 87% Gen X 89% Boomer+ 91%Industry Average 90%By income <$50,000 90%$50,000‐$99,999 89% $100,000+ 91%Industry Average 90% 2011 Customer Experience With Call Center Representatives | 16
  • 17. Survey Questions + FindingsWas the representative friendly? % Positive Responses (% Yes) Credit Unions 96% Small Banks 96% Large Banks 91% Chase 89%Bank of America 90% Wells Fargo 88%Industry Average 93%Overall satisfaction based on:Was the representative friendly? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   77% 3% 81% rep was friendly +107% +41% +67%Overall satisfaction when  ‐30% 44% 14% rep was not friendly 2011 Customer Experience With Call Center Representatives | 17
  • 18. Survey Questions + FindingsWas the representative friendly? % Positive Responses (% Yes)By generation Gen Y 90% Gen X 92% Boomer+ 95%Industry Average 93%By income <$50,000 94%$50,000‐$99,999 91% $100,000+ 90%Industry Average 93% 2011 Customer Experience With Call Center Representatives | 18
  • 19. Survey Questions + FindingsDid the representative appear knowledgeableabout products and services? % Positive Responses (% Yes) Credit Unions 93% Small Banks 94% Large Banks 90% Chase 83%Bank of America 86% Wells Fargo 83%Industry Average 90%Overall satisfaction based on:Did the representative appear knowledgeable about products and services? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when rep appeared   78% 3% 81% knowledgeable +106% +40% +65%Overall satisfaction when rep did not appear  ‐28% 43% 16% knowledgeable 2011 Customer Experience With Call Center Representatives | 19
  • 20. Survey Questions + FindingsDid the representative appear knowledgeableabout products and services? % Positive Responses (% Yes)By generation Gen Y 90% Gen X 91% Boomer+ 89%Industry Average 90%By income <$50,000 90%$50,000‐$99,999 90% $100,000+ 88%Industry Average 90% 2011 Customer Experience With Call Center Representatives | 20
  • 21. Survey Questions + FindingsWas the representative genuinelyinterested in helping you? % Positive Responses (% Yes) Credit Unions 92% Small Banks 93% Large Banks 85% Chase 84%Bank of America 80% Wells Fargo 83%Industry Average 87%Overall satisfaction based on:Was the representative genuinely interested in helping you? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when rep was genuinely   82% 2% 84% interested +101% +37% +63%Overall satisfaction when rep was not genuinely  ‐19% 39% 20% interested 2011 Customer Experience With Call Center Representatives | 21
  • 22. Survey Questions + FindingsWas the representative genuinelyinterested in helping you? % Positive Responses (% Yes)By generation Gen Y 84% Gen X 86% Boomer+ 90%Industry Average 87%By income <$50,000 89%$50,000‐$99,999 86% $100,000+ 85%Industry Average 87% 2011 Customer Experience With Call Center Representatives | 22
  • 23. Survey Questions + Findings Did the representative explain things in a way that was easy to understand? % Positive Responses (% Yes) Credit Unions 96% Small Banks 97% Large Banks 93% Chase 88% Bank of America 91% Wells Fargo 92%Industry Average 93% Overall satisfaction based on: Did the representative explain things in a way that was easy to understand? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score* Overall satisfaction when   76% 4% 80%rep was easy to understand +99% +38% +61% Overall satisfaction when rep was not easy to  ‐23% 42% 19% understand 2011 Customer Experience With Call Center Representatives | 23
  • 24. Survey Questions + FindingsDid the representative explain thingsin a way that was easy to understand? % Positive Responses (% Yes)By generation Gen Y 91% Gen X 94% Boomer+ 94%Industry Average 93%By income <$50,000 94%$50,000‐$99,999 94% $100,000+ 92%Industry Average 93% 2011 Customer Experience With Call Center Representatives | 24
  • 25. Survey Questions + FindingsDid the representative value your time? % Positive Responses (% Yes) Credit Unions 90% Small Banks 90% Large Banks 80% Chase 83%Bank of America 78% Wells Fargo 81%Industry Average 84%Overall satisfaction based on:Did the representative value your time? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   82% 2% 84% rep valued your time +99% +33% +65% Overall satisfaction whenrep did not value your time  ‐17% 36% 19% 2011 Customer Experience With Call Center Representatives | 25
  • 26. Survey Questions + FindingsDid the representative value your time? % Positive Responses (% Yes)By generation Gen Y 81% Gen X 84% Boomer+ 86%Industry Average 84%By income <$50,000 86%$50,000‐$99,999 83% $100,000+ 81%Industry Average 84% 2011 Customer Experience With Call Center Representatives | 26
  • 27. Survey Questions + FindingsWas the wait time acceptable? % Positive Responses (% Yes) Credit Unions 96% Small Banks 95% Large Banks 90% Chase 88%Bank of America 86% Wells Fargo 93%Industry Average 92%Overall satisfaction based on:Was the wait time acceptable? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   76% 4% 80%wait time was acceptable +89% +34% +56%Overall satisfaction when wait time was not  ‐13% 38% 24% acceptable 2011 Customer Experience With Call Center Representatives | 27
  • 28. Survey Questions + FindingsWas the wait time acceptable? % Positive Responses (% Yes)By generation Gen Y 90% Gen X 92% Boomer+ 92%Industry Average 92%By income <$50,000 93%$50,000‐$99,999 91% $100,000+ 89%Industry Average 92% 2011 Customer Experience With Call Center Representatives | 28
  • 29. Survey Questions + FindingsDid the representative thank you foryour business? % Positive Responses (% Yes) Credit Unions 82% Small Banks 82% Large Banks 82% Chase 83%Bank of America 78% Wells Fargo 82%Industry Average 82%Overall satisfaction based on:Did the representative thank you for your business? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   78% 3% 81% thanked +56% +20% +37%Overall satisfaction when  22% 23% 45% not thanked 2011 Customer Experience With Call Center Representatives | 29
  • 30. Survey Questions + FindingsDid the representative thank you foryour business? % Positive Responses (% Yes)By generation Gen Y 77% Gen X 81% Boomer+ 85%Industry Average 82%By income <$50,000 84%$50,000‐$99,999 80% $100,000+ 80%Industry Average 82% 2011 Customer Experience With Call Center Representatives | 30
  • 31. Survey Questions + FindingsDid the representative use your name? % Positive Responses (% Yes) Credit Unions 71% Small Banks 74% Large Banks 72% Chase 74%Bank of America 71% Wells Fargo 69%Industry Average 72%Overall satisfaction based on:Did the representative use your name? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when   77% 4% 81% rep used name +35% +11% +24%Overall satisfaction when  42% 15% 57% rep did not use name 2011 Customer Experience With Call Center Representatives | 31
  • 32. Survey Questions + FindingsDid the representative use your name? % Positive Responses (% Yes)By generation Gen Y 73% Gen X 70% Boomer+ 74%Industry Average 72%By income <$50,000 74%$50,000‐$99,999 72% $100,000+ 68%Industry Average 72% 2011 Customer Experience With Call Center Representatives | 32
  • 33. Survey Questions + FindingsDid the representative introduceherself/himself by name? % Positive Responses (% Yes) Credit Unions 78% Small Banks 80% Large Banks 77% Chase 82%Bank of America 82% Wells Fargo 77%Industry Average 79%Overall satisfaction based on:Did the representative introduce herself/himself by name? % Positive Responses (% Satisfied) * Net Score: % of positive responses % Negative Responses (% Dissatisfied) minus % of negative responses Net Score*Overall satisfaction when rep introduced   74% 5% 79% herself/himself +23% +7% +16%Overall satisfaction when rep did not introduce  51% 12% 63% herself/himself 2011 Customer Experience With Call Center Representatives | 33
  • 34. Survey Questions + FindingsDid the representative introduceherself/himself by name? % Positive Responses (% Yes)By generation Gen Y 79% Gen X 78% Boomer+ 80%Industry Average 79%By income <$50,000 80%$50,000‐$99,999 78% $100,000+ 79%Industry Average 79% 2011 Customer Experience With Call Center Representatives | 34
  • 35. About the author About Prime PerformanceJim S Miller is the President of Prime Performance. Jim Prime Performance works exclusively with financialhas worked for some of the nation’s largest financial institutions to help reduce customer attrition, increaseinstitutions, including SunTrust Bank, Bank One and share of wallet, grow market share and improveNationsBank. Through senior roles in marketing, finance, profitability by developing and implementing amarket research, customer analytics, incentive superior client experience. Since 1989, we’ve beenmanagement and retail administration, Jim has acquired pioneers in measuring client satisfaction anda broad understanding of the many challenges faced by converting that data into comprehensive, actionablefinancial institutions. plans for improving client experience.During Jim’s 20+ years in the financial services industry, We know that service creates loyal clients. We alsoJim has had a unique view into how the actions of front- know that loyal clients are more profitable clients.line employees affects the behavior of clients which How do we know this? Because we’ve spent over 20ultimately drives an organization’s bottom line. It is his years talking to millions of people about what theypersonal mission to empower financial institutions to want from their financial institution and what keepsrealize their full potential by improving their client them coming back. If you’re looking to improve yourexperience. firm’s bottom line, let Prime Performance put this knowledge to work for you.Jim majored in Finance at The College of William andMary and earned his MBA from The University ofVirginia’s Darden Graduate School of BusinessAdministration. Jim now calls Boulder, CO home. 2011 Customer Experience With Call Center Representatives | 35