Banks scoring better in Customer Satisfaction.
Author | Motley, L. Biff |
Position | Customer Satisfaction |
There is evidence that banks across the country are making progress in their effort to improve customer service. The American Customer Satisfaction Index (www.theacsi.org/fourth_quarter.htm) in cooperation with the University of Michigan has released its 2002 industry sector scores and commercial banks have outperformed others in the financial services industry. The aggregate scores for banks jumped ahead 2.8 percent to 74, while the rest of the industry fell back 2.8 percent to 73.8. More importantly, the long-term trend among nonbanks showed a continuing decline from its 1994 baseline of over 78 percent, while banks have bounced back to their 1994 baseline of 74, after falling to a low of 68 in 1999. The ACSI Index is made up primarily of larger bank scores, including Bank of America, Bank One, Wells Fargo and Wachovia, plus others.
The ABA Financial Client Satisfaction Index (www.clientsatisfaction.com) shows much the same trend. However, since this composite is made up of smaller banks, overall satisfaction scores are higher and more consistent. The FCSI satisfaction scores are based on a scale of one to six, with the industry average of about 5.15. Converting this to a 100-point scale, the comparable score would be 85.
Good omen
The good news here is that bank scores are improving relative to others and that larger bank scores are up significantly. These developments may be due to a higher degree of focus by larger banks on integrating their merged companies; or, it may be due to the decline in the stock market and the relatively improved attractiveness among consumers of dealing with a safe, sound and conservative financial steward. In any case, it bodes well for bankers and portends an opportunity for franchise expansion.
The Wall Street Journal article that reported on the release of the AFCI's latest survey made the observation that one of the organization's founders has begun using the scores as a tool to trade stocks in the measured companies. Interestingly, the trades he mentioned are short positions on companies whose satisfaction scores have...
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