Second Time’s The Charm

How is Bank of America trying to improve its customer service ranking? With face time.

 
Yun Ma

By Yun Ma

 

Bank of America wants some face time with their customers -- again. In an era where much banking is done online, through mobile channels, or at multiple ATM locations, the bank giant is doing whatever they can to lure customers into their branches to speak with representatives.

Even if customers don’t take the bait to approach branches, the bank has even launched new ATMs with tellers who are available to video chat. Its new approach to customer service, it seems, is human interaction. 

The Marketplace article cites Wharton School marketing professor Barbara Kahn’s insight on this approach. “The real key to profitability in banking is to get a higher share of the customer’s wallet,” Kahn says. Part of achieving that is to make the customer “feel comfortable with the bank. You have to want to have repeat business with the bank.”

In past years, Bank of America has ranked poorly in customer service surveys. In the most recent report of US banks from the American Customer Satisfaction Index, Bank of America received the lowest score in customer satisfaction among four large top US banks.

In January, Bank of America  CEO Brian Moynihan sent a letter to 270,000 employees worldwide urging renewed efforts in establishing good relations with customers, to coincide with the company’s customer service push.

After poor experiences, is it possible to hit the reset button with customers? How can a financial institution renew their customer service experience without becoming overbearing?

Feel free to leave comments below. 

 
 

May 14, 2013


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