Manufacturing Industry
Driving Organic Growth at Bank Of America
Quality Progress, February, 2005 by Bossert, James; Cox, Daniel
Though many financial institutions claim they are striving to attain high customer satisfaction, the results of last year's American Customer Satisfaction Index show the financial services industry has some of the lowest customer satisfaction ratings of any single industry. Customers view banks and other financial services organizations as a commodity, with no unique reason to form a business relationship with one particular bank.
Top executives at Bank of America seized this opportunity in 2001. In April of that year, newly elected CEO Ken Lewis began focusing the company on organic growth, which meant increasing the customer base while becoming more efficient by improving processes. This new strategy relied heavily on voice of the customer (VoC) and tied all planning efforts...
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