prime performance: 2011 customer experience with bank call centers

by Jim S Miller, President, Prime Performance, Inc.

Customer Experience With Call Center Representatives

PRIME PERFORMANCE 2011 BANK & CREDIT UNION SATISFACTION SURVEY

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.

2011 Customer Experience With Call Center Representatives | 2

Table of Contents MethodologyDATA COLLECTION METHODAugust – September 2011 Online Survey

SAMPLE SIZE1,979 adults who spoke with a call center representative within the last two weeks.

SAMPLEA total of 1,979 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.

SCORINGDepending 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 CATEGORIESFor 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.

GENERATIONSGeneration Y (Gen Y) – born after 1980Generation X (Gen X) – born between 1965 and 1980Boomers+ – born before 1965

2 Methodology

3 Survey Questions + Findings

3-5 Overall satisfaction with the service received

6-8 Likely to recommend

9-11 How effective was the representative at meeting your needs?

12-14 Likely to switch banks in the next 12 months

15-16 Was your inquiry resolved to your satisfaction during this contact?

17-18 Was the representative friendly?

19-20 Did the representative appear knowledgeable about products and services?

21-22 Was the representative genuinely interested in helping you?

23-24 Did the representative explain things in a way that was easy to understand?

25-26 Did the representative value your time?

27-28 Was the wait time acceptable?

29-30 Did the representative thank you for your business?

31-32 Did the representative use your name?

33-34 Did the representative introduce herself/himself by name?

35 About the Author: Jim S Miller

35 About Prime Performance

* Net Score: % of positive responses minus % of negative responses

Net Score*


+2%

+4%+5%

‐1%‐2% ‐2%

+3%

Credit Unions Small Banks Large Banks Chase Bank ofAmerica

Wells Fargo IndustryAverage

86%

85%

72%

72%

64%

68%

76%

3%

6%

7%

9%

8%

7%

6%

Credit Unions 83%

Small Banks 79%

Large Banks 66%

Chase 62%

Bank of America 56%

Wells Fargo 61%

Industry Average 70%

Survey Questions + Findings

Change in Net Score: 2011 vs. 2010

Overall satisfaction with the service received

% Negative Responses (% Dissatisfied)

% Positive Responses (% Satisfied)

Net Score*



71%

74%

81%

76%

8%

6%

5%

6%

Gen Y 64%

Gen X 68%

Boomer+ 75%


+5%

+7%

+0%

+3%

Gen Y Gen X Boomer+ Industry Average

Overall satisfaction with the servicereceived - by generation





Net Score*



+2%

+4%

+8%

+3%

<$50,000 $50,000‐$99,999 $100,000+ Industry Average

Overall satisfaction with the servicereceived - by income





78%

74%

77%

76%

6%

6%

5%

6%

<$50,000 72%

$50,000‐$99,999 68%

$100,000+ 72%



Net Score*


+1% +0% +0%

+6%

‐9% ‐9%

+0%



85%

78%

65%

64%

52%

54%

69%

4%

8%

10%

10%

15%

11%

9%

Credit Unions 81%

Small Banks 71%

Large Banks 55%

Chase 54%

Bank of America 36%

Wells Fargo 43%



% Negative Responses (% Unlikely)

% Positive Responses (% Likely)


Likely to recommend

Net Score*



64%

70%

72%

69%

9%

10%

8%

9%

Gen Y 55%

Gen X 60%

Boomer+ 63%


+7%

+3%

‐5%

+0%


Likely to recommend–by generation





Net Score*



Likely to recommend–by income





69%

70%

69%

69%

8%

10%

8%

9%

<$50,000 60%

$50,000‐$99,999 60%

$100,000+ 61%


‐3%

+4%+5%

+0%



Net Score*




How effective was the representative at meeting your needs?

85%

85%

74%

72%

67%

71%

77%

3%

6%

8%

8%

10%

9%

7%

Credit Unions 82%

Small Banks 78%

Large Banks 65%

Chase 63%

Bank of America 56%

Wells Fargo 62%


‐1%‐2%

+2%

+0%

‐4%

+2%+1%



% Negative Responses (% Not Effective)

% Positive Responses (% Effective)

Net Score*



+1%

+6%

‐1%

+1%


How effective was the representative at meeting your needs–by generation





71%

74%

82%

77%

9%

7%

6%

7%

Gen Y 62%

Gen X 68%

Boomer+ 76%


Net Score*



79%

75%

77%

77%

6%

9%

6%

7%

<$50,000 73%

$50,000‐$99,999 66%

$100,000+ 70%


How effective was the representative at meeting your needs–by income





+3%

‐1%

+6%

+1%



Net Score*


+3%+1%

+8%

‐2%

+0%

‐9%

+4%




% Negative Responses (% Likely)

% Positive Responses (% Unlikely)


Likely to switch banks in the next 12 months

82%

78%

67%

57%

58%

53%

69%

6%

10%

16%

16%

18%

18%

13%

Credit Unions 76%

Small Banks 68%

Large Banks 50%

Chase 41%

Bank of America 40%

Wells Fargo 36%


Net Score*



+2%

+6%

+3%

+4%


Likely to switch banks in the next 12 months–by generation





64%

64%

76%

69%

15%

16%

10%

13%

Gen Y 48%

Gen X 48%

Boomer+ 66%


Net Score*



+3% +3%

+12%

+4%


72%

66%

68%

69%

13%

15%

10%

13%

<$50,000 60%

$50,000‐$99,999 51%

$100,000+ 57%


Likely to switch banks in the next 12 months–by income





% Positive Responses (% Yes)


93%

93%

89%

88%

84%

87%

90%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

83%

13%

1%

49%

82%

‐36%


Overall satisfaction based on: Was your inquiry resolved to your satisfaction during this contact?

Was your inquiry resolved to your satisfaction during this contact?

Net Score*


+118% +47% +70%

Overall satisfaction wheninquiry was not resolved

Overall satisfaction wheninquiry was resolved





90%

89%

91%

90%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Was your inquiry resolved to your satisfaction during this contact?


By income

By generation

87%

89%

91%

90%

Gen Y

Gen X

Boomer+

Industry Average



96%

96%

91%

89%

90%

88%

93%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

81%

14%

3%

44%

77%

‐30%


Overall satisfaction based on: Was the representative friendly?

Was the representative friendly?

Net Score*


+107% +41% +67%

Overall satisfaction whenrep was not friendly

Overall satisfaction whenrep was friendly





94%

91%

90%

93%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Was the representative friendly?


By income

By generation

90%

92%

95%

93%

Gen Y

Gen X

Boomer+

Industry Average



93%

94%

90%

83%

86%

83%

90%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

81%

16%

3%

43%

78%

‐28%


Overall satisfaction based on: Did the representative appear knowledgeable about products and services?

Did the representative appear knowledgeable about products and services?

Net Score*


+106% +40% +65%

Overall satisfaction whenrep did not appearknowledgeable

Overall satisfaction whenrep appeared

knowledgeable





90%

90%

88%

90%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Did the representative appear knowledgeable about products and services?


By income

By generation

90%

91%

89%

90%

Gen Y

Gen X

Boomer+

Industry Average



92%

93%

85%

84%

80%

83%

87%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

84%

20%

2%

39%

82%

‐19%


Overall satisfaction based on: Was the representative genuinely interested in helping you?

Was the representative genuinely interested in helping you?

Net Score*


+101% +37% +63%

Overall satisfaction whenrep was not genuinely

interested

Overall satisfaction whenrep was genuinely

interested





89%

86%

85%

87%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Was the representative genuinely interested in helping you?


By income

By generation

84%

86%

90%

87%

Gen Y

Gen X

Boomer+

Industry Average



96%

97%

93%

88%

91%

92%

93%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

80%

19%

4%

42%

76%

‐23%


Overall satisfaction based on: Did the representative explain things in a way that was easy to understand?

Did the representative explain thingsin a way that was easy to understand?

Net Score*


+99% +38% +61%

Overall satisfaction whenrep was not easy to

understand

Overall satisfaction whenrep was easy to understand





94%

94%

92%

93%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Did the representative explain thingsin a way that was easy to understand?


By income

By generation

91%

94%

94%

93%

Gen Y

Gen X

Boomer+

Industry Average



90%

90%

80%

83%

78%

81%

84%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

84%

19%

2%

36%

82%

‐17%


Overall satisfaction based on: Did the representative value your time?

Did the representative value your time?

Net Score*


+99% +33% +65%

Overall satisfaction whenrep did not value your time

Overall satisfaction whenrep valued your time





86%

83%

81%

84%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Did the representative value your time?


By income

By generation

81%

84%

86%

84%

Gen Y

Gen X

Boomer+

Industry Average



96%

95%

90%

88%

86%

93%

92%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

80%

24%

4%

38%

76%

‐13%


Overall satisfaction based on: Was the wait time acceptable?

Was the wait time acceptable?

Net Score*


+89% +34% +56%

Overall satisfaction whenwait time was not

acceptable

Overall satisfaction whenwait time was acceptable





93%

91%

89%

92%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Was the wait time acceptable?


By income

By generation

90%

92%

92%

92%

Gen Y

Gen X

Boomer+

Industry Average



82%

82%

82%

83%

78%

82%

82%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

81%

45%

3%

23%

78%

22%


Overall satisfaction based on: Did the representative thank you for your business?

Did the representative thank you for your business?

Net Score*


+56% +20% +37%

Overall satisfaction whennot thanked

Overall satisfaction whenthanked





84%

80%

80%

82%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

77%

81%

85%

82%

Gen Y

Gen X

Boomer+

Industry Average

Did the representative thank you for your business?


By income

By generation



71%

74%

72%

74%

71%

69%

72%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

81%

57%

4%

15%

77%

42%


Overall satisfaction based on: Did the representative use your name?

Did the representative use your name?

Net Score*


+35% +11% +24%

Overall satisfaction whenrep did not use name

Overall satisfaction whenrep used name





73%

70%

74%

72%

Gen Y

Gen X

Boomer+

Industry Average

74%

72%

68%

72%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

Did the representative use your name?


By income

By generation



78%

80%

77%

82%

82%

77%

79%

Credit Unions

Small Banks

Large Banks

Chase

Bank of America

Wells Fargo

Industry Average

79%

63%

5%

12%

74%

51%


Overall satisfaction based on: Did the representative introduce herself/himself by name?

Did the representative introduce herself/himself by name?

Net Score*


+23% +7% +16%

Overall satisfaction whenrep did not introduce

herself/himself

Overall satisfaction whenrep introducedherself/himself





80%

78%

79%

79%

<$50,000

$50,000‐$99,999

$100,000+

Industry Average

79%

78%

80%

79%

Gen Y

Gen X

Boomer+

Industry Average

Did the representative introduce herself/himself by name?


By income

By generation

About the author About Prime Performance


Prime Performance works exclusively with financial institutions to help reduce customer attrition, increase share of wallet, grow market share and improve profitability by developing and implementing a superior client experience. Since 1989, we’ve been pioneers in measuring client satisfaction and converting that data into comprehensive, actionable plans for improving client experience.

We know that service creates loyal clients. We also know that loyal clients are more profitable clients. How do we know this? Because we’ve spent over 20 years talking to millions of people about what they want from their financial institution and what keeps them coming back. If you’re looking to improve your firm’s bottom line, let Prime Performance put this knowledge to work for you.

Jim S Miller is the President of Prime Performance. Jim has worked for some of the nation’s largest financial institutions, including SunTrust Bank, Bank One and NationsBank. Through senior roles in marketing, finance, market research, customer analytics, incentive management and retail administration, Jim has acquired a broad understanding of the many challenges faced by financial institutions.

During Jim’s 20+ years in the financial services industry, Jim has had a unique view into how the actions of front-line employees affects the behavior of clients which ultimately drives an organization’s bottom line. It is his personal mission to empower financial institutions to realize their full potential by improving their client experience.

Jim majored in Finance at The College of William and Mary and earned his MBA from The University of Virginia’s Darden Graduate School of Business Administration. Jim now calls Boulder, CO home.