Bank of America Customer Service: Good Is Just Not Good Enough

Bank of America (BOA) has been struggling with low customer satisfaction ratings over the past few years. A December 2012 press release from the American Customer Satisfaction Index found that BOA came in last place in the financial services arena. The bank earned an ACSI rating of 66, “reaching its lowest level of customer satisfaction in over a decade.” In fact, ACSI points out that “Bank of America ... stands out as the only bank that is still below its prerecession customer satisfaction level. It is clear that this is mostly because of fees”. In addition to the pricing problem, Bank of America also has a major problem with service quality. These two areas represent the focal points for the case analysis and the development of marketing strategies for improvement.