US Bank ‘Simplest’ for Customers, Bank of America Most Complex
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.
