Quality Systems Play Key Role in Bank Customer Satisfaction

Business Wire, April 30, 2008

ASQ/Harris Survey Shows Most Adults Rank Banks as Above Average

MILWAUKEE -- Most Americans rank the customer service at their financial institution as above average when it comes to customer service, but there is still room for improvement, according to a recent survey conducted by Harris Interactive on behalf of the American Society for Quality (ASQ).

ASQ conducted the survey to identify areas of concern regarding customer service in financial services. The survey finds:

* 96% of adults rate the customer service at their financial institution as above average or average.

* 85% are very satisfied or satisfied with the products and services available.

* 89% of adults feel that it is easy to open a new account.

* 27% of adults have experienced a problem with their account in the past year.

* About two-thirds (68%) of adults who experienced a problem are satisfied1 with the process to get the problem resolved.

According to the American Customer Satisfaction Index (ACSI), banks have either maintained or gained in customer satisfaction each year since 1999, to where the industry is now at an all-time high of 78 (on a scale of 0-100). This is despite an overall decline of .4 percent in the ACSI to 74.9. The index is produced through a partnership with ASQ.

"It's likely that most Americans are receiving excellent customer service from their financial institutions because of the quality processes they have put into place to measure and improve customer satisfaction," said Mike Nichols, ASQ president and co-author of Six Sigma for Financial Services. "Quality practices such as Six Sigma or business process management enable banks to standardize the way they work and achieve improved consistency, faster cycle times and fewer errors."

Nichols also stated that it is a fairly high defect rate for 27 percent of adults to have experienced a problem with their account in the past year. "This is a significant area for opportunity," he said. "With the help of quality tools, banks can improve operational processes, identify problems quickly and systematically, and have fewer errors."

The survey found that 85 percent of adults are very satisfied or satisfied with their financial institution's accessibility, which includes location and hours of operation. According to Nichols, this may be because of significant increases in access available to customers such as online banking and weekend hours.

About the Survey

Harris Interactive fielded the online survey on behalf of ASQ between March 27 and March 30, 2008, among 1,001 adults aged 18 and older. A full methodology statement is available.

About ASQ

The American Society for Quality, www.asq.org, has been the world's leading authority on quality for more than 60 years. With more than 93,000 individual and organizational members, the professional association advances learning, quality improvement and knowledge exchange to improve business results, and to create better workplaces and communities worldwide. As champion of the quality movement, ASQ offers technologies, concepts, tools and training to quality professionals, quality practitioners and everyday consumers, encouraging all to Make Good Great([R]). ASQ has been the sole administrator of the prestigious Malcolm Baldrige National Quality Award since 1991. Headquartered in Milwaukee, Wis., ASQ is a founding partner of the American Customer Satisfaction Index (ACSI), a prominent quarterly economic indicator, and also produces the Quarterly Quality Report.

1 Those who say they are very satisfied/satisfied.