We just released our latest National Customer Service Survey data, and with this release we are starting coverage on a new sector: consumer banking (you can download the Executive Summary here). Our first report compares the quality of phone-based customer service at Bank of America, Chase, Citi, and Wells Fargo.
Rolling out a new industry for NCSS coverage isn't something we take lightly. Because we interview customers within a few minutes of a customer service call, it takes considerable effort to collect enough feedback for our initial report. For banking, we've been in the field for six months, gathering customer opinions on everything from problems with the self-service options to whether the agent was polite on the phone.
We are undertaking this now because I think banking is ripe for some serious efforts to improve the customer experience. As a whole, the industry has a reputation for indifferent service, and ever since the financial crisis which began a few years ago, consumers are very sensitive to how their bank is treating them. As difficult as it is to change banks, I think there is an opportunity for a premium-service player to emerge.
Sadly, that level of premium service is not apparent among the four companies we tracked. Even the best of the group--Bank of America--achieves only a 68% satisfaction rating for its customer service calls. 85% to 90% would be world-class service on the metrics we use.
We will continue to track this industry, and hope that by making a little noise about the quality of customer service we can raise the bar for the industry as a whole.