Wachovia still No. 1 in customers' eyes
Wachovia Corp. almost collapsed in 2008, but it never lost sight of keeping the customer happy.
For the eighth year in a row, the Charlotte bank placed first among large banks in the highly regarded American Customer Satisfaction Index, scheduled for release today.
But even though it came in first, the bank's score fell from 2007, as did the industry average. But that should surprise no one, considering the tumult 2008 brought to the banking industry.
Wachovia's buyer, San Francisco-based Wells Fargo, scored below the industry average but improved significantly over the previous year. The index ranked the two banks separately because Wells didn't buy Wachovia until Dec. 31. Charlotte's Bank of America Corp. also improved its score.
Laura Schulte, a Wells veteran who was recently named to lead the combined bank's eastern community banking unit, noted Wachovia's score was especially remarkable because the survey was done in the fourth quarter. Wachovia announced it would be bought just two days before the fourth quarter started.
Wachovia's reputation for customer service is a trait Wells has often touted since agreeing to buy the bank. Schulte said Wachovia customers shouldn't see many front-line employee changes as the banks integrate.
About the survey
The American Customer Satisfaction Index, or ACSI, is in its 15th year of measuring customer satisfaction in a broad variety of sectors. Using a 100-point scale, it gauges customers' reactions to service, prices, the products offered and other criteria.
The survey measures customer satisfaction with retail, finance and insurance, and e-commerce. Satisfaction with banks overall fell -- the industry scored 75 this year, down from 78 last year -- as did satisfaction with online retail sites like Amazon and online brokerage sites like E.TRADE and TD Ameritrade.
Satisfaction with health insurance companies, department stores and discount stores all increased. So did satisfaction with gas stations -- a fact that Claes Fornell, head of the ACSI, attributes to falling prices.
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