Bank of America is proving itself in customer loyalty. It serves over 34 million customers in 29 states and Washington, D.C. with over 5,800 retail banking centers and more than 16,700 ATMs. It is the largest online service provider in the banking industry. Bank of America is the #1 Small Business Administration lender in the United States and has clients in 150 countries and relationships with 96% of U.S. Fortune 500 companies. It consistently ranks in the top tiers of scoring vehicles such as the American Consumer Satisfaction Index and Keynote Systems surveys of banking websites. But more important than rankings, according to Quinn, is whether customers are delighted and loyal. "The real test is how our customers judge us. Do they trust us? Are they our advocates with family and friends? That translates to retention and growth."
The process of providing delightful customer service consists of two parts: technology and people. Quinn believes that the integration of these two parts gives customers what they want.
"We listen to our customers. They are asking for more convenience and timely information," says Quinn. "We work on a 24-hour clock, with many customers doing their banking in the evening online. As they experience that convenience in one channel, they expect it in others." To answer those expectations, Bank of America is adding ATMs around the country, and is modifying hours of operation to recognize different work styles and lifestyles.
Since January 2001, when Quinn joined Bank of America, the bank has followed the Six Sigma methodology for improving key processes in business. Six Sigma, which focuses on a continuous improvement culture, offers several quality and management tools for designing and implementing process improvements. "It represents the best of industrial engineering," Quinn says, "where everything is considered a process or part of a process. For example, the associate lifecycle - from recruiting to hiring to training to career management - has been redesigned through the use of Six Sigma tools. We know the critical success factors for hiring and maintaining the best associates because we follow a methodology that starts with asking them what's important. The consistent use of Six Sigma has been one of the most important changes to our company culture since I joined Bank of America."
The results are clear. Bank of America financials are strong and customer delight scores continue to rise in large part because of its customer service approach. It's about winning new customers and keeping old ones by consistently delighting them.
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