Tag Archives: Bank of America

Customer Experience Innovation: Treat Your Customers Like People

With the 2014 Total Customer Experience Leaders Summit just weeks away, I was lucky enough to catch up with Len Ferman, managing director of Ferman Innovation, and former Senior Vice President of Innovation and Ideation at Bank of America.
Today, corporate leaders often lose sight of customer needs in the constant quest toward next quarter’s earnings. But, what is positive for stock prices tends to conflict with long term customer satisfaction and shareholder value.
You simply can’t understand the customer experience if don’t empathize with your customers, Ferman told me. ‘You have to be able to see them face-to-face and listen to them talk about their pain points and challenges,’ he said.
Ferman suggests that corporate leaders need to spend more time attending traditional focus groups ‘ watching their customers talk about their interactions with the company and hear their first hand experiences and further, understand how these fit within the broader context of the goals and challenges that they have as people.
‘When you see customers face-to-face, you pick up the body language and expressions that you cannot discern in the most disciplined reading of a market research report,’ explained Ferman. ‘Only when you have seen your customers talking about your company, can you truly empathize with their needs.
Listen to the full podcast interview here: http://bit.ly/1fQymj7
Len will be speaking in just a few weeks at the 2014 Total Customer Experience Leaders Summit, taking place April 9-11th, in a session entitled, ‘Innovation a Roadmap for Customer Experience.’
This year’s conference will explore the new realities of building brands and relationships in today’s socially driven and data abundant world. The event shines an important lens on the power of insights and the critical need for marketers to focus on factoring emotion into the bigger equation to get a return on customer relationships.
For more information about this exciting event, click here: http://bit.ly/OeuKLI

About the Author: Amanda Ciccatelli, Social Media Strategist of the Marketing Division at IIR USA, has a background in digital and print journalism, covering a variety of topics in business strategy, marketing, and technology. Amanda is the Editor at Large for several of IIR’s blogs including Next Big DesignCustomers 1st, and ProjectWorld and World Congress for Business Analysts, and a regular contributor to Front End of Innovation and The Market Research Event,. She previously worked at Technology Marketing Corporation as a Web Editor where she covered breaking news and feature stories in the technology industry. She can be reached at aciccatelli@iirusa.

Customer Service Woes for US Big Banks

Daily Finance reports that the American Customer Satisfaction Index survey was released today at the two biggest banks in the United States, Bank of America and JPMorgan Chase have “consumers giving both institutions the thumbs down.”

Dan Burrows says, “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.”

Learn more: Big Banks Get Thumbs Down on Customer Service

Banks using Twitter to develop relationships?

According to the MinnPost, some banks have turned to Twitter to help customer service. It points to this article at the USA Today which states that WellsFargo (Ask_WellsFargo) and Bank of America are just two of the banks jumping on the social media bandwagon to have better relationships with their customers.

Banking and social media may be a touchy subject. Although the banks are looking to develop a closer relationship with the customers, are mediums like Twitter the way to do it? What do you think?

Bank of America Using Twitter to Solve Customer Problems

Bank of America has taken a new approach to customer service–Twitter. The banking giant, now in a bit of hot water thanks to Merrill Lynch, has decided to reach out to the masses in with help in only “140 characters.” Many readers on Consumerist.com have reported quick help with the website, refunds in fees and cancellations. Check out the Twitter helper at: twitter.com/BofA_help