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March 31, 2013

Bank of America and Customer Satisfaction

by jungj

Yesterday, I coincidentally came across a news article that talked about how Bank of America might finally be considered “the worst company” in the U.S. by the Consumerist, a blog published by a consumer advocacy organization.

URL: http://www.huffingtonpost.com/2013/03/29/bank-of-america-consumer-complaints_n_2978920.html?utm_hp_ref=business#slide=2195467

The article really made me reflect back on previous lectures regarding customer satisfaction. In class, we discussed briefly about using metrics, such as those given by the ASCI, to evaluate customer satisfaction. This article showed how the numerous complaints (20,512 since 12/11) to CFPB highlight Bank of America’s unsatisfactory services. Their major problem is claimed to be with their service of mortgages. The startling fact is that the bank actually comprises roughly ¼ of all complaints to CFPB. This means that Bank of America really needs to step up and fix their problems before it starts affecting their brand equity. 

Early last year, I remember Bank of America tried to implement monthly fees for the use of debit cards. Unfortunately, the bank was unsuccessful in their plans due to the outburst of customer complaints. I also think that these types of incidents have contributed to the negative image of Bank of America. One previous post in this blog was about the Top 9 retailers with the worst customer satisfaction. Surprisingly, Netflix was in that list and the article stated how the company’s recent attempt to change pricing resulted in a negative perception of the company. The two cases, Bank of America and Netflix, re-emphasize how change can be detrimental and how it is really important to understand and see the business from the customer’s perspective before implementing anything big.

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