US Bank scored highest and Bank of America lowest in a global survey that looked at major brands and their level of “simplicity” as it relates to the customer experience.
Global branding firm Siegel + Gale based its simplicity ratings on a survey of 10,000 customers across seven countries.
25 industries were examined. “Internet search” (a small crowd, to be sure) was first, that is, the simplest. General Insurance was last at #25. Health insurance was #24. Banking came in near the bottom at #19.
What is simplicity? It’s defined negatively in the video summation of the study: “Complicated processes + unclear communications = frustrated consumers.” Simplicity is the opposite of that.
Siegel + Gale also concluded that simplicity results in:
- higher customer loyalty, including a greater likelihood of recommending the brand to a friend;
- a greater willingness to pay — people would pay up to 5.9% more for a simpler experience; and
- increased employee innovation.
“Companies that articulate a purpose simply and make it a central focus for employees foster innovation,” Siegel + Gale says.
Bank touchpoints were also rated for simplicity. The ATM machine came in first (simplest). “Understanding when I’ll be charged fees or how I can avoid fees ranked last — most complicated.” Ouch. Mobile banking was not listed as a customer touchpoint.
Because of unnecessary complexity in the customer experience, banks are leaving some $2.9 billion on the table, according to Seigel + Gale.
More details from the survey:
- US Bank scored highest out of all major bank brands, and even jumped up a few spots to #67 (compared to it’s 2012 ranking, #76), beating typical consumer favorites like Yelp, Facebook and the GAP.
- Out of all the banks in the index, Bank of America came in last at #118, followed by BlackBerry, healthcare insurance brands and Time Warner Cable.
- Other rankings include Chase at #89, Wells Fargo at #92 and Citibank at #110.
Siegel + Gale’s Simplicity Portfolio has beaten the average global stock index by 100% since 2009, the company says.
Having dealt with Bank of America as a customer across a range of mortgage and credit card related transactions I can only say that their position at the bottom of the list is completely appropriate. They seemed to specialize in the Kafkaesque consumer experience. The branches seem to work fairly well, but anything that involves a telephone or anything to do with their internal systems has turned into a complete nightmare.