Big Banks Get Thumbs Down on Customer Service
Bank of America saw its customer satisfaction reading plunge 8% to an industry low score of 67 out of 100 points, according to ACSI, while JPMorgan Chase dropped 7% to 68. "Bank of America and JPMorgan Chase ... face a challenging customer environment with significant drops in satisfaction," the survey concluded.
The reasons for the drops in satisfaction are pretty obvious, according to ACSI. Bank of America customers are suffering from the cost-cutting undertaken to offset higher-than-expected debt resulting from the Merrill Lynch acquisition. Meanwhile, JPMorgan Chase is having difficulties swallowing Washington Mutual -- and it's the customers who are getting indigestion.
Overall customer satisfaction with banks held steady, albeit at just 75 out of 100 points, and not all big acquisitions have to lead to consumer heartburn. One year after it scooped up Wachovia, satisfaction with Wells Fargo (WFC) actually improved 1% to ... drum roll please ... 73.