VocaLabs SectorPulse Report Reveals Poor Customer Service In Four Major Financial Services Companies
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--April 19, 2005--In Vocal Laboratories' new quarterly SectorPulse Financial Services report which measures the quality of customer care, none of the four companies scored above a "C" in either Caller Satisfaction or Call Completion.
Financial services is a new industry for SectorPulse. This survey was conducted as part of an ongoing project to measure the quality of customer service across different financial services companies.
Wells Fargo (NYSE:WFC) was the clear winner in customer service quality with a "C" in both Caller Satisfaction and Call Completion.
The second place tie was between Bank of America (NYSE:BAC) and Washington Mutual (NYSE:WM) with a "C" in Caller Satisfaction and a "D" in Call Completion. Citibank (NYSE:C) followed with a "D" in Caller Satisfaction and Call Completion.
"We grade customer service based on direct comparisons to other companies' customer service," said Peter U. Leppik, CEO of VocaLabs. "To earn an 'A' a company must provide service better than at least 75% of all companies we've tested. Overall, this data shows us that these four large financial services companies have a lot of room to improve their customer service levels," said Leppik.
Common customer complaints were long wait times and difficulty navigating the automated system. One panelist commented, "It took three different transfers to get the information I wanted. It would be much more convenient to speak to just one person instead of being put on hold every time I was being transferred to another department." Another panelist said, "Have the options of which department is required at the beginning of the messages. I like to know how to get a live person to speak to immediately instead of going through a long list before hearing what I am looking for (when I require such services)."
Data in this report was gathered between January and March 31, 2005.
About SectorPulse Financial Services
VocaLabs SectorPulse Reports compare the customer service quality for different companies in the same industry, using data and call recordings from the companies' customers.
VocaLabs has recruited over 90,000 individuals to provide feedback on customer service experiences, from which we drew the participants for this study. VocaLabs panelists who are customers of one of the financial institutions included in this study were asked to participate by completing surveys before and after calling their bank for any reason.
An Executive Summary and SectorPulse Financial Services data report are available by subscription. Please contact Jessica Whipple at jwhipple@vocalabs.com
About Vocal Laboratories
Vocal Laboratories delivers statistically reliable feedback on the user friendliness of telephone based customer service whether delivered via traditional call centers or self-serve technology. Clients are end user enterprises, call center consultants, application providers and equipment vendors. Only VocaLabs has the unique methodology to evaluate a customer contact application at any stage of development from prototype through existing services quickly, cost effectively and with maximum accuracy.
