prime performance: 2011 customer experience with bank call centers
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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*
2011 Customer Experience With Call Center Representatives | 3
+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*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 4
71%
74%
81%
76%
8%
6%
5%
6%
Gen Y 64%
Gen X 68%
Boomer+ 75%
Industry Average 70%
+5%
+7%
+0%
+3%
Gen Y Gen X Boomer+ Industry Average
Overall satisfaction with the servicereceived - by generation
Survey Questions + Findings
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
Change in Net Score: 2011 vs. 2010
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 5
+2%
+4%
+8%
+3%
<$50,000 $50,000‐$99,999 $100,000+ Industry Average
Overall satisfaction with the servicereceived - by income
Survey Questions + Findings
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
Change in Net Score: 2011 vs. 2010
78%
74%
77%
76%
6%
6%
5%
6%
<$50,000 72%
$50,000‐$99,999 68%
$100,000+ 72%
Industry Average 70%
* Net Score: % of positive responses minus % of negative responses
Net Score*
2011 Customer Experience With Call Center Representatives | 6
+1% +0% +0%
+6%
‐9% ‐9%
+0%
Credit Unions Small Banks Large Banks Chase Bank ofAmerica
Wells Fargo IndustryAverage
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%
Industry Average 60%
Survey Questions + Findings
% Negative Responses (% Unlikely)
% Positive Responses (% Likely)
Change in Net Score: 2011 vs. 2010
Likely to recommend
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 7
64%
70%
72%
69%
9%
10%
8%
9%
Gen Y 55%
Gen X 60%
Boomer+ 63%
Industry Average 60%
+7%
+3%
‐5%
+0%
Gen Y Gen X Boomer+ Industry Average
Likely to recommend–by generation
Survey Questions + Findings
% Negative Responses (% Unlikely)
% Positive Responses (% Likely)
Change in Net Score: 2011 vs. 2010
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 8
Likely to recommend–by income
Survey Questions + Findings
% Negative Responses (% Unlikely)
% Positive Responses (% Likely)
Change in Net Score: 2011 vs. 2010
69%
70%
69%
69%
8%
10%
8%
9%
<$50,000 60%
$50,000‐$99,999 60%
$100,000+ 61%
Industry Average 60%
‐3%
+4%+5%
+0%
<$50,000 $50,000‐$99,999 $100,000+ Industry Average
* Net Score: % of positive responses minus % of negative responses
Net Score*
2011 Customer Experience With Call Center Representatives | 9
Survey Questions + Findings
Change in Net Score: 2011 vs. 2010
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%
Industry Average 70%
‐1%‐2%
+2%
+0%
‐4%
+2%+1%
Credit Unions Small Banks Large Banks Chase Bank ofAmerica
Wells Fargo IndustryAverage
% Negative Responses (% Not Effective)
% Positive Responses (% Effective)
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 10
+1%
+6%
‐1%
+1%
Gen Y Gen X Boomer+ Industry Average
How effective was the representative at meeting your needs–by generation
Survey Questions + Findings
% Negative Responses (% Not Effective)
% Positive Responses (% Effective)
Change in Net Score: 2011 vs. 2010
71%
74%
82%
77%
9%
7%
6%
7%
Gen Y 62%
Gen X 68%
Boomer+ 76%
Industry Average 70%
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 11
79%
75%
77%
77%
6%
9%
6%
7%
<$50,000 73%
$50,000‐$99,999 66%
$100,000+ 70%
Industry Average 70%
How effective was the representative at meeting your needs–by income
Survey Questions + Findings
% Negative Responses (% Not Effective)
% Positive Responses (% Effective)
Change in Net Score: 2011 vs. 2010
+3%
‐1%
+6%
+1%
<$50,000 $50,000‐$99,999 $100,000+ Industry Average
* Net Score: % of positive responses minus % of negative responses
Net Score*
2011 Customer Experience With Call Center Representatives | 12
+3%+1%
+8%
‐2%
+0%
‐9%
+4%
Credit Unions Small Banks Large Banks Chase Bank ofAmerica
Wells Fargo IndustryAverage
Survey Questions + Findings
% Negative Responses (% Likely)
% Positive Responses (% Unlikely)
Change in Net Score: 2011 vs. 2010
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%
Industry Average 56%
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 13
+2%
+6%
+3%
+4%
Gen Y Gen X Boomer+ Industry Average
Likely to switch banks in the next 12 months–by generation
Survey Questions + Findings
% Negative Responses (% Likely)
% Positive Responses (% Unlikely)
Change in Net Score: 2011 vs. 2010
64%
64%
76%
69%
15%
16%
10%
13%
Gen Y 48%
Gen X 48%
Boomer+ 66%
Industry Average 56%
Net Score*
* Net Score: % of positive responses minus % of negative responses
2011 Customer Experience With Call Center Representatives | 14
+3% +3%
+12%
+4%
<$50,000 $50,000‐$99,999 $100,000+ Industry Average
72%
66%
68%
69%
13%
15%
10%
13%
<$50,000 60%
$50,000‐$99,999 51%
$100,000+ 57%
Industry Average 56%
Likely to switch banks in the next 12 months–by income
Survey Questions + Findings
% Negative Responses (% Likely)
% Positive Responses (% Unlikely)
Change in Net Score: 2011 vs. 2010
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 15
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%
Survey Questions + Findings
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*
* Net Score: % of positive responses minus % of negative responses
+118% +47% +70%
Overall satisfaction wheninquiry was not resolved
Overall satisfaction wheninquiry was resolved
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 16
90%
89%
91%
90%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Was your inquiry resolved to your satisfaction during this contact?
Survey Questions + Findings
By income
By generation
87%
89%
91%
90%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 17
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%
Survey Questions + Findings
Overall satisfaction based on: Was the representative friendly?
Was the representative friendly?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+107% +41% +67%
Overall satisfaction whenrep was not friendly
Overall satisfaction whenrep was friendly
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 18
94%
91%
90%
93%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Was the representative friendly?
Survey Questions + Findings
By income
By generation
90%
92%
95%
93%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 19
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%
Survey Questions + Findings
Overall satisfaction based on: Did the representative appear knowledgeable about products and services?
Did the representative appear knowledgeable about products and services?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+106% +40% +65%
Overall satisfaction whenrep did not appearknowledgeable
Overall satisfaction whenrep appeared
knowledgeable
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 20
90%
90%
88%
90%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Did the representative appear knowledgeable about products and services?
Survey Questions + Findings
By income
By generation
90%
91%
89%
90%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 21
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%
Survey Questions + Findings
Overall satisfaction based on: Was the representative genuinely interested in helping you?
Was the representative genuinely interested in helping you?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+101% +37% +63%
Overall satisfaction whenrep was not genuinely
interested
Overall satisfaction whenrep was genuinely
interested
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 22
89%
86%
85%
87%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Was the representative genuinely interested in helping you?
Survey Questions + Findings
By income
By generation
84%
86%
90%
87%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 23
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%
Survey Questions + Findings
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*
* Net Score: % of positive responses minus % of negative responses
+99% +38% +61%
Overall satisfaction whenrep was not easy to
understand
Overall satisfaction whenrep was easy to understand
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 24
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?
Survey Questions + Findings
By income
By generation
91%
94%
94%
93%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 25
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%
Survey Questions + Findings
Overall satisfaction based on: Did the representative value your time?
Did the representative value your time?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+99% +33% +65%
Overall satisfaction whenrep did not value your time
Overall satisfaction whenrep valued your time
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 26
86%
83%
81%
84%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Did the representative value your time?
Survey Questions + Findings
By income
By generation
81%
84%
86%
84%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 27
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%
Survey Questions + Findings
Overall satisfaction based on: Was the wait time acceptable?
Was the wait time acceptable?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+89% +34% +56%
Overall satisfaction whenwait time was not
acceptable
Overall satisfaction whenwait time was acceptable
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 28
93%
91%
89%
92%
<$50,000
$50,000‐$99,999
$100,000+
Industry Average
Was the wait time acceptable?
Survey Questions + Findings
By income
By generation
90%
92%
92%
92%
Gen Y
Gen X
Boomer+
Industry Average
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 29
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%
Survey Questions + Findings
Overall satisfaction based on: Did the representative thank you for your business?
Did the representative thank you for your business?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+56% +20% +37%
Overall satisfaction whennot thanked
Overall satisfaction whenthanked
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 30
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?
Survey Questions + Findings
By income
By generation
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 31
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%
Survey Questions + Findings
Overall satisfaction based on: Did the representative use your name?
Did the representative use your name?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+35% +11% +24%
Overall satisfaction whenrep did not use name
Overall satisfaction whenrep used name
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 32
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?
Survey Questions + Findings
By income
By generation
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 33
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%
Survey Questions + Findings
Overall satisfaction based on: Did the representative introduce herself/himself by name?
Did the representative introduce herself/himself by name?
Net Score*
* Net Score: % of positive responses minus % of negative responses
+23% +7% +16%
Overall satisfaction whenrep did not introduce
herself/himself
Overall satisfaction whenrep introducedherself/himself
% Negative Responses (% Dissatisfied)
% Positive Responses (% Satisfied)
% Positive Responses (% Yes)
2011 Customer Experience With Call Center Representatives | 34
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?
Survey Questions + Findings
By income
By generation
About the author About Prime Performance
2011 Customer Experience With Call Center Representatives | 35
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.
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