Prime Performance surveyed nearly 1,781 customers who had recently interacted with a bank or credit union call center representative to better understand what drives customer satisfaction. This report is based on the Prime Performance 2010 Bank & Credit Union Survey and shows scores for credit unions, small banks with less than 300 branches, large banks with 300 or more branches, and the three mega-banks; Chase, Bank of America and Wells Fargo.

1. Customer Experience With Call
Center Representatives
2010 Bank & Credit Union Satisfaction Survey
Jim S Miller
President, Prime Performance
www.primeperformance.net

2. Table of Contents
Map of Survey Respondents .......................................................................................................... 3
Survey Methodology ....................................................................................................................... 3
Executive Summary ........................................................................................................................ 4
Overall Satisfaction With Service .................................................................................................. 5
Likelihood to Recommend ............................................................................................................. 6
Effective at Meeting Your Needs.. ................................................................................................. 7
Business is Important to the Bank................................................................................................ 8
Does What’s Best for You, Not the Bank’s Bottom Line................................................................ 9
Offers Competitive Prices, Rates and Fees .................................................................................. 10
Likelihood to Switch Banks in Next 12 Months ............................................................................ 11
Was Your Inquiry Resolved to Your Satisfaction During This Contact .......................................... 12
Representative Explained Things in a Way that was Easy to Understand.................................... 13
Representative Seemed Genuinely Interested in Helping You..................................................... 14
Representative Appeared Knowledgeable About Products/Services........................................... 15
Friendliness of Representative ...................................................................................................... 16
Representative Values Your Time .................................................................................................. 17
Representative Seemed to Enjoy His or Her Job .......................................................................... 18
Wait Time is Acceptable.................................................................................................................. 19
Representative Spoke Clearly......................................................................................................... 20
Representative Thanked You for Your Business............................................................................ 21
Representative Asked “Is There Anything Else I Can Help You With?”........................................ 22
Representative Used Your Name ................................................................................................... 23
Representative Introduced Himself/Herself by Name................................................................... 24
Implications ..................................................................................................................................... 25
About Prime Performance .............................................................................................................. 25
About the Author/Jim S Miller ........................................................................................................ 25
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3. Map of Survey Respondents
Survey Methodology
DATA COLLECTION: May 2010
METHOD: Online survey
SAMPLE SIZE: 1,781 adults who spoke with a call center representative within the last two weeks.
SAMPLE: A total of 1,781 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.
SCORING: Depending 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 CATEGORIES: For 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.
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4. Executive Summary
Seventy-three percent of customers are satisfied with the service they received on their recent interaction
with a call center representative at a bank or credit union, while 6% are dissatisfied. Credit unions and small
banks consistently outperform their larger competitors on overall satisfaction, likely to recommend and
meeting their customers’ needs
The Basics
Customers call with a purpose and if their inquiry is not resolved during the call, satisfaction plummets.
Overall, 91% of customers said their inquiry was resolved satisfactorily during the call and when this is the
case, 79% are satisfied with the experience and only 1% dissatisfied. For the 9% of calls where the inquiry
was not resolved satisfactorily, only 11% were satisfied and 49% dissatisfied. Customers expect their needs
will be met on a single call. Customers are not satisfied if they have to call back or are told to go to a branch
to get help. Likewise, customers expect that call center representatives will explain things in a way that is
easy to understand which occurs on 91% of calls. When the call center representative explains things in a
way that is easy to understand, 78% are satisfied with the call and 3% are dissatisfied, but when this does
not occur only 17% of customers claim they are satisfied and 40% are dissatisfied.
Value Customer’s Time
Customers clearly value their time and expect the bank to do the same. Overall, 85% believe representatives
value their time. When their time is valued, 79% of customers are satisfied with their experience and 3% are
dissatisfied. When customers feel their time is not valued, only 20% are satisfied and 33% are dissatisfied (a
10 times increase in dissatisfied customers). It is hard to recover from an unacceptable wait time. When the
wait time is acceptable, 77% of customers are satisfied with their overall experience and 4% are dissatisfied.
When wait time is not acceptable, 24% are satisfied and 31% are dissatisfied with the service received.
Friendly
Friendly representatives lead to satisfied customers. When the representative was friendly, 77% of
customers were satisfied and only 4% dissatisfied, resulting in a net score of 73%. When the representative
was not friendly, the net score dropped 90 points to -17%, with 19% of customers satisfied and 36%
dissatisfied. How do representatives show they are friendly? Simply thanking the customer for their business
is vital. The net satisfaction score is 73% when the customer is thanked, but drops to 5% when they are not
thanked. Seventy-six percent of customers were satisfied and 4% dissatisfied when the representative asked
“Is there anything else I can help you with?” When the question was not asked, only 38% were satisfied and
28% dissatisfied. Other factors that show “friendliness” and drive satisfaction include; the call center
representative introducing himself/herself by name, and using the customer's name.
Genuine
Of course, all the behaviors must be genuine. Eighty-seven percent of customers claimed the representative
was genuinely interested in helping them. When this occurred, 81% of customers were satisfied with the
experience and 2% were dissatisfied. When they felt the representative was not genuinely interested in
helping, 18% of customers were satisfied and 35% dissatisfied. The difference in the net score of 96 points
shows that it is not enough to go through the motions. Customers must feel that bankers care about their
business and are genuinely interested in helping them.
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5. Overall Satisfaction with the Service
You Received
Net Score*
Credit Unions: 81% 2% 83%
Small Banks: 75% 4% 79%
< 300 Branches
Large Banks: 61% 7% 68%
300‐4,000
Branches
Chase: 63% 8% 72%
Bank of America: 58% 7% 65%
Wells Fargo: 63% 7% 70%
Industry Average: 67% 6% 73%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
Credit union members are most satisfied with their call center experience, followed by small banks, while
Bank of America customers are the least satisfied.
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6. Likely to Recommend
Net Score*
Credit Unions: 80% 2% 82%
Small Banks: 71% 6% 77%
< 300 Branches
Large Banks: 55% 10% 65%
300‐4,000
Branches
Chase: 48% 13% 62%
Bank of America: 45% 13% 58%
Wells Fargo: 52% 11% 63%
Industry Average: 60% 9% 69%
% Negative Responses % Positive Responses
(% Unlikely) (% Likely)
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
Credit union members and small bank customers are much more likely to recommend their bank after
talking to a call center representative than customers at large banks and mega‐banks.
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7. How Effective was the Representative at
Meeting Your Needs?
Net Score*
Credit Unions: 83% 2% 85%
Small Banks: 80% 4% 83%
< 300 Branches
Large Banks: 63% 7% 71%
300‐4,000
Branches
Chase: 63% 11% 74%
Bank of America: 60% 8% 68%
Wells Fargo: 60% 9% 69%
Industry Average: 69% 7% 75%
% Negative Responses % Positive Responses
(% Not Effective) (% Effective)
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
Customers believe credit unions and small banks are most effective at meeting their needs. Chase
outscored large banks, Wells Fargo and Bank of America on percent of customers who thought the
representative was effective at meeting their needs, but also had more customers who felt the
representative was not effective at meeting their needs.
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8. How Important is Your Business to the
Bank?
Net Score*
Credit Unions: 60% 7% 67%
Small Banks: 54% 10% 64%
< 300 Branches
Large Banks: 32% 18% 49%
300‐4,000
Branches
Chase: 20% 22% 42%
Bank of America: 20% 22% 43%
Wells Fargo: 27% 20% 47%
Industry Average: 37% 16% 53%
% Negative Responses % Positive Responses
(% Not Important) (% Important)
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
Less than half of customers at large banks, Chase, Bank of America and Wells Fargo believe their business is
important to the bank.
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9. Does What’s Best for You, Not the
Bank’s Bottom Line
Net Score*
Credit Unions: 52% 6% 58%
Small Banks: 31% 15% 46%
< 300 Branches
Large Banks: 17% 20% 38%
300‐4,000
Branches
Chase: 8% 26% 34%
Bank of America: 10% 29% 39%
Wells Fargo: 12% 21% 33%
Industry Average: 24% 19% 42%
% Negative Responses % Positive Responses
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
Other than at credit unions, most customers do not believe their bank does what is best for the customer.
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10. Offers Competitive Prices, Rates
and Fees
Net Score*
Credit Unions: 58% 7% 65%
Small Banks: 42% 9% 50%
< 300 Branches
Large Banks: 21% 17% 38%
300‐4,000
Branches
Chase: 10% 21% 31%
Bank of America: 14% 19% 33%
Wells Fargo: 12% 23% 35%
Industry Average: 28% 15% 43%
% Negative Responses % Positive Responses
(% Not Competitive) (% Competitive)
*Net Score: % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)
43% of customers feel their bank offers competitive prices, rates and fees and 15% feel that they are not
competitive. Customers rated credit unions highest and Chase the lowest.
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11. Likelihood to Switch Banks in Next
12 Months
Net Score*
Credit Unions: 73% 9% 82%
Small Banks: 67% 9% 76%
< 300 Branches
Large Banks: 42% 21% 63%
300‐4,000
Branches
Chase: 43% 21% 64%
Bank of America: 40% 19% 60%
Wells Fargo: 45% 18% 63%
Industry Average: 52% 16% 68%
% Negative Responses % Positive Responses
(Likely to Switch) (Unlikely to Switch)
*Net Score: % of Positive Responses Minus % of Negative Responses
After speaking with a call center representative, 68% of all customers claim they are unlikely to switch
banks in the next 12 months, while 16% say they are likely to switch. At Bank of America, 60% of customers
are unlikely to switch banks and 19% believe they are likely to do so.
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12. Was Your Inquiry Resolved to Your
Satisfaction During this Contact?
Credit Unions 95%
Small Banks 93%
< 300 Branches
Large Banks 92%
300‐4,000 Branches
Chase 87%
Bank of America 89%
Wells Fargo 88%
Industry Average 91%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Was Your Inquiry Resolved to Your Satisfaction During this Contact?
Net Score*
Yes: 78% 1% 79%
+116% +48% +68%
No: ‐38% 49% 11%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Customers expect their inquiry to be resolved by a single phone call. 9% of customers claim their inquiry
was not resolved to their satisfaction on the call. When the inquiry is resolved to the customer’s
satisfaction, 79% are satisfied and only 1% are dissatisfied. When the inquiry is not resolved satisfactorily,
11% are satisfied and 49% are not satisfied.
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13. Did the Representative Explain Things
in a Way that was Easy to Understand?
Credit Unions 96%
Small Banks 91%
< 300 Branches
Large Banks 91%
300‐4,000 Branches
Chase 88%
Bank of America 88%
Wells Fargo 92%
Industry Average 91%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Explain Things in a Way that was Easy to Understand?
Net Score*
Yes: 75% 3% 78%
+99% +38% +61%
No: ‐24% 40% 17%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
In order for customers to be satisfied with their call, they need the representative to explain things in a way
that is easy to understand. When representatives explain things in a way that was easy to understand, the
net satisfaction score is 75%, but falls to ‐24% when this is not the case.
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14. Was the Representative Genuinely
Interested in Helping You?
Credit Unions 95%
Small Banks 92%
< 300 Branches
Large Banks 85%
300‐4,000 Branches
Chase 83%
Bank of America 80%
Wells Fargo 86%
Industry Average 87%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Was the Representative Genuinely Interested in Helping You?
Net Score*
Yes: 79% 2% 81%
+96% +33% +62%
No: ‐17% 35% 18%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
While customers care about having their call handled properly, they also care about how they are treated. A
representative may say and do the right things, but if it is not genuine, customers notice. When
representatives are genuinely interested in helping, 81% of customers are satisfied, when that is not the
case, satisfaction drops to only 18%.
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15. Did the Representative Appear
Knowledgeable About Products/Services?
Credit Unions 95%
Small Banks 93%
< 300 Branches
Large Banks 92%
300‐4,000 Branches
Chase 87%
Bank of America 88%
Wells Fargo 89%
Industry Average 91%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Appear Knowledgeable About Products/Services?
Net Score*
Yes: 74% 3% 77%
+93% +36% +58%
No: ‐19% 39% 19%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Knowledgeable call center representatives are vital to customer satisfaction. Overall, 91% of customers
thought the representative was knowledgeable, with credit unions scoring the highest at 95%. Net
satisfaction scores drop by 93 points when the representative is not knowledgeable.
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16. Was the Representative Friendly?
Credit Unions 98%
Small Banks 94%
< 300 Branches
Large Banks 92%
300‐4,000 Branches
Chase 89%
Bank of America 90%
Wells Fargo 92%
Industry Average 93%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Was the Representative Friendly?
Net Score*
Yes: 73% 4% 77%
+90% +32% +58%
No: ‐17% 36% 19%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Customers report that 93% of the representatives they dealt with were friendly. This is fortunate since an
unfriendly representative causes satisfaction to plummet from a net score of 73% down to a net score of
‐17%, a drop of 90 points!
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17. Did the Representative Value Your
Time?
Credit Unions 91%
Small Banks 89%
< 300 Branches
Large Banks 84%
300‐4,000 Branches
Chase 80%
Bank of America 80%
Wells Fargo 83%
Industry Average 85%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Value Your Time?
Net Score*
Yes: 77% 3% 79%
+89% +30% +59%
No: ‐12% 33% 20%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Customers clearly value their time and expect the bank to do the same. They expect call center
representatives to handle their call quickly and not put them on hold for excessive amounts of time. Overall,
85% believe representatives value their time, but when they do not, the net satisfaction scores drops by 89
points.
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18. The Representative Seemed to Enjoy
His or Her Job
Credit Unions 87%
Small Banks 86%
< 300 Branches
Large Banks 78%
300‐4,000 Branches
Chase 76%
Bank of America 71%
Wells Fargo 80%
Industry Average 80%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
The Representative Seemed to Enjoy His or Her Job
Net Score*
Yes: 78% 3% 81%
+88% +28% +61%
No: ‐10% 30% 20%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Attitude matters! Satisfaction is much higher when customers think the representative enjoys his or her job.
Overall, 80% of customers believe the representative seemed to enjoy his or her job and when that is the
case, satisfaction scores are high with a net score of 78%, compared to ‐10% when the customer perceives
the representative as not enjoying his or her job.
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19. Was the Wait Time Acceptable?
Credit Unions 96%
Small Banks 92%
< 300 Branches
Large Banks 91%
300‐4,000 Branches
Chase 92%
Bank of America 88%
Wells Fargo 89%
Industry Average 92%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Was the Wait Time Acceptable?
Net Score*
Yes: 73% 4% 77%
+80% +27% +53%
No: ‐7% 31% 24%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
92% of customers reported that the time they had to wait to speak with a representative was acceptable.
Credit unions scored the highest at 96% and Bank of America the lowest at 88%. When wait time is not
acceptable, only 24% of customers are satisfied with their experience, while 31% are dissatisfied.
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20. Did the Representative Speak Clearly?
Credit Unions 99%
Small Banks 97%
< 300 Branches
Large Banks 94%
300‐4,000 Branches
Chase 89%
Bank of America 95%
Wells Fargo 95%
Industry Average 95%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Speak Clearly?
Net Score*
Yes: 71% 4% 75%
+79% +25% +53%
No: ‐8% 30% 22%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Speaking clearly is vital on the phone. 95% of customers said the representative spoke clearly on their call.
When the representative does not speak clearly, the net satisfaction score falls from 71% to ‐8%.
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21. Did the Representative Thank You for
Your Business?
Credit Unions 86%
Small Banks 87%
< 300 Branches
Large Banks 89%
300‐4,000 Branches
Chase 88%
Bank of America 87%
Wells Fargo 86%
Industry Average 87%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Thank You for Your Business?
Net Score*
Yes: 73% 3% 77%
+68% +25% +43%
No: 5% 28% 34%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
Two words, “thank you”, make a 68% difference in the net satisfaction score. When representatives thank
their customers, the net satisfaction score is 73%, but when they don’t, the net score drops to only 5%.
With such a difference, it is surprising that only 87% of customers recall receiving a thank you.
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22. Did the Representative ask “Is There
Anything Else I Can Help You With?”
Credit Unions 91%
Small Banks 90%
< 300 Branches
Large Banks 93%
300‐4,000 Branches
Chase 93%
Bank of America 91%
Wells Fargo 93%
Industry Average 92%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative ask “Is There Anything Else I Can Help You With?”
Net Score*
Yes: 72% 4% 76%
+62% +24% +38%
No: 10% 28% 38%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
People tend to remember the beginning and end of an experience. Along with thanking the customer every
time, the interaction should also end with the representative asking “Is there anything else I can help you
with?” In the 92% of phone calls when this takes place, net satisfaction is 72%, compared to only 10% when
this does not take place.
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23. Did the Representative Use Your Name?
Credit Unions 77%
Small Banks 75%
< 300 Branches
Large Banks 80%
300‐4,000 Branches
Chase 75%
Bank of America 76%
Wells Fargo 77%
Industry Average 77%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Use Your Name?
Net Score*
Yes: 73% 4% 77%
+35% +10% +25%
No: 38% 14% 52%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
23% of customers do not recall their name being used while speaking with a call center representative.
Satisfaction drops significantly when this simple behavior does not take place. Representatives at large
banks are most likely to use their customer’s names.
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24. Did the Representative Introduce
Himself/Herself by Name?
Credit Unions 78%
Small Banks 75%
< 300 Branches
Large Banks 79%
300‐4,000 Branches
Chase 77%
Bank of America 84%
Wells Fargo 82%
Industry Average 79%
% Positive Responses (% Yes)
Overall Satisfaction Based On:
Did the Representative Introduce Himself/Herself by Name?
Net Score*
Yes: 69% 5% 74%
+13% +4% +9%
No: 56% 9% 65%
% Negative Responses % Positive Responses
(% Dissatisfied) (% Satisfied)
*Net Score: % of Positive Responses Minus % of Negative Responses
21% of customers don’t remember the call center representative introducing themselves by name. It is hard
to provide personal service when the customer does not even know the representative’s name. This small
behavior makes a 13% difference in the net satisfaction score.
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25. Implications
A review of data suggests banks and credit unions should focus on the customer service basics. First call resolution is
vital, as is explaining things in a way that is easy to understand. Other simple behaviors such as introducing yourself,
using the customer’s name, thanking the customer and showing a helpful attitude drive customer satisfaction, loyalty
and retention. The institutions which do not manage the basic, and controllable, behaviors will see their customers
looking for service elsewhere. While quickly and accurately handling a transaction is crucial, most banks excel at this
and it does not lead to a competitive advantage. Customers are also looking for a positive emotional experience and
are disappointed when their emotional needs are not met.
We Can Help
Financial institutions that deliver a superior client experience enjoy higher profits, stronger growth and better client
loyalty than institutions that don’t.
How’s your client experience? Not sure, Prime Performance can help.
To learn how we can assist you, contact: Jim S Miller:
800.246.0943
jim.miller@primeperformance.net
About Prime Performance
Prime Performance works with bank leaders to grow share of wallet, reduce churn and increase 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—not rates and products—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 bank and what keeps them coming back. If you’re looking to improve your bank’s bottom line, let Prime
Performance put this knowledge to work for you.
About the Author
Jim S Miller is the President of Prime Performance. Jim has worked with some of the nation’s largest financial
institutions, including SunTrust Bank, Bank One and NationsBank. Through senior roles in marketing, finance and
retail administration, Jim has acquired a broad understanding of the many challenges faced by bankers.
While developing and managing sales incentive programs for retail bankers, Jim grew a passionate interest in
understanding how behavior change among front-line branch employees affects an organization’s bottom line. It is his
personal mission to empower banks and credit unions to realize their full potential.
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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