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88%

82%

68%

64%

71%

71%

72%

2%

4%

6%

8%

4%

4%

5%

Credit Unions:  86%

Small Banks:  78%

Large Banks:  62%

Chase:  56%

Bank of America:  67%

Wells Fargo:  67%

Industry Average:  67%

OverviewPrime Performance surveyed 1,340 customers who opened a new account within the last month to help understand what drives satisfaction. This report is based on the Prime Performance 2010 Bank & Credit Union Survey and shows scores for credit unions, small banks with less than 300 branches, large banks with 300 or more branches, and three mega-banks; Chase, Bank of America and Wells Fargo. The complete findings from this report can be found at: http://primeperformance.net/2010researchnewaccounts/.

Overall Satisfaction with ServiceOverall, 72% of customers said they were satisfied with the servicethey received while opening a new bank account and 5% said theywere dissatisfied (23% were indifferent), resulting in a netsatisfaction score of 67%. This is 20 points lower than the netsatisfaction score of 87% for teller transactions. (The completefindings from the Teller Transactions report can be found athttp://primeperformance.net/2010researchteller/.)

Credit unions lead in overall satisfaction with 88% of their membersreporting they were satisfied with the service they received whileopening a new account and 2% were dissatisfied. Chase’scustomers reported the lowest scores with 64% of customerssatisfied and 8% dissatisfied. After opening a new bank account,68% of customers claim they are likely to recommend their bank tofriends or family and 5% are unlikely to do so. Industry-wide, 45% ofcustomers believe that their bank does what is in the customer’sbest interest and small banks, large banks, Bank of America andWells Fargo all fall within one point of the average. Credit unionsfair considerably better with 58% of members believing their creditunion is looking out for their best interest, while Chase scoredlowest at 37%.

Overall Satisfaction with Service

Customer Experience Opening Bank Accounts:25% of Customers Already Likely to Switch Banks2010 Bank & Credit Union Satisfaction Survey

% Positive Responses(% Satisfied)

% Negative Responses(%Dissatisfied)

< 300 Branches

300‐4,000 Branches

Net Score

Net Score:  % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)

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Likely to Switch BanksOne-quarter of all customers who recentlyopened a new bank account already say theyare likely to switch banks in the next 12months and only one-half say they areunlikely to switch banks in the next 12months. This should give all bankers concernabout what customers are experiencing whenthey open a new account. The relationshipwith the customer is not getting off to a greatstart. Bankers need to spend more timeasking questions about financial needs,recommending appropriate financialproducts/services and helping customersunderstand the features and benefits of theaccount they are opening,

Value Customers’ TimeCustomers value their own time and expectthe bank to do the same. Overall, 87%believe representatives value their time.When their time is valued, 78% of customersare satisfied with their experience and 2% aredissatisfied. When customers feel their timeis not valued, only 26% are satisfied and 30%are dissatisfied (a 15 times increase indissatisfied customers). It is hard to recoverfrom an unacceptable wait time. When thewait time is acceptable, 75% of customersare satisfied with their overall experience and3% are dissatisfied. When wait time is not

acceptable, 30% are satisfied and 37% aredissatisfied with the service they received.

Friendly ServiceFriendly representatives lead to satisfiedcustomers. When the representative wasfriendly, 76% of customers were satisfied andonly 3% dissatisfied, resulting in a net scoreof 73%. When the representative was notfriendly, the net score dropped 68% to only5%, with 32% of customers satisfied and 27%dissatisfied. How do representatives showthey are friendly? Simply thanking thecustomer for their business is vital. The netsatisfaction score is 73% when the customeris thanked, but drops to 18% when notthanked. 77% of customers were satisfiedand 3% dissatisfied when the representativestood and introduced himself/herself byname. When this did not occur, only 54%were satisfied and 11% dissatisfied. Otherfactors that show “friendliness” and drivesatisfaction; greeting the customerimmediately upon entering the lobby, usingthe customer’s name, and asking “Is thereanything else I can help you with?”

Download the Customer Exper ience Opening Bank Accounts repor t a t : http://primeperformance.net/2010researchnewaccounts/

Customer Experience Opening Bank Accounts:25% of Customers Already Likely to Switch Banks2010 Bank & Credit Union Satisfaction Survey

72%

65%

44%

46%

43%

51%

50%

10%

14%

29%

27%

30%

26%

25%

Credit Unions:  62%

Small Banks:  51%

Large Banks:  16%

Chase:  19%

Bank of America:  13%

Wells Fargo:  25%

Industry Average:  26%

300‐4,000 Branches

< 300 Branches

% Positive Responses(Unlikely to Switch)

% Negative Responses(Likely to Switch)

Likely to Switch Banks in the Next 12 MonthsNet Score

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76%

24%

3%

29%

Yes:  74%

No:    ‐5%

Sales SkillsCustomers expect their bankers to be knowledgeable about productsand services. Overall, 91% of customers said their representative wasknowledgeable, resulting in a net satisfaction score of 74%. When theyfelt the representative was not knowledgeable, the net satisfactionscore dropped 79 points to -5%. Customers expect representatives toexplain things in a way that is easy to understand. Whenrepresentatives do this, the net satisfaction score is 73%, but when thisis not true, it drops 61 points to only 12%. During the account openingprocess, only 74% of customers report that they were asked questionsabout their financial needs. Additionally, only 71% of customers recallthe representative recommending any additional products or services.By neglecting to ask questions and recommend additional productsand services, banks are not only missing out on increasing sales andrevenue, but also an opportunity to increase customer satisfaction.

GenuineAll the behaviors must be genuine. 88% of customers claimed therepresentative was genuinely interested in helping them. When thisoccurred, 79% of customers were satisfied with the experience andonly 2% were dissatisfied. When they felt the representative was notgenuinely interested in helping, 23% of customers were satisfied and25% dissatisfied.

ConclusionCustomers are looking for more than just the products and servicesoffered. They care about the way they are treated. They want to dealwith companies they can trust, who care about their financial needs,and ones that have friendly and knowledgeable employees. Training,coaching and measurement are the keys to consistently delivering asuperior client experience.

Overall Satisfaction Based On: Did the Representative Appear Knowledgeable?

76%

60%

3%

11%

Yes:  73%

No:  50%

Overall Satisfaction Based On: Asking Questions About Your Financial Needs?

Customer Experience Opening Bank Accounts:25% of Customers Already Likely to Switch Banks2010 Bank & Credit Union Satisfaction Survey

% Positive Responses(% Satisfied)

% Negative Responses(% Dissatisfied)

Net Score*

+79% +26% +52%

Net Score*

+23% +8% +16%

*Net Score:  % of Positive Responses (6&7) Minus % of Negative Responses (1,2&3)

© Prime Performance, Inc. | www.primeperformance.net | Phone: (800) 246‐0943 | 12340 W. Alameda Pkwy Suite 100 | Denver, CO 80228

About Prime PerformancePrime Performance works with bank leaders to grow share of wallet, reducechurn and increase profitability by developing and implementing a superiorclient experience. Since 1989, we’ve been pioneers in measuring clientsatisfaction and converting that data into comprehensive, actionable plansfor improving client experience.

We know that service—not rates and products—creates loyal clients. We alsoknow that loyal clients are more profitable clients. How do we know this?Because we’ve spent over 20 years talking to millions of people about whatthey want from their bank and what keeps them coming back. If you’relooking to improve your bank’s bottom line, let Prime Performance put thisknowledge to work for you.

About the Author: Jim S MillerAs President of Prime Performance, Jim’s personal mission is to empowerregional and community banks to realize their full potential. How? By helpingbank executives understand how behavior change among front-line branchemployees affect an organization’s bottom line and then by equipping themwith actionable data to effect the desired change.

Jim has worked with some of the nation’s largest financial institutions,including SunTrust Bank, Bank One and NationsBank. Through senior rolesin marketing, finance and retail administration, Jim has acquired a broadunderstanding of the many challenges faced by bankers. Send an email toJim S Miller at jim.miller@primeperformance.net.

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Customer Experience Opening Bank Accounts:25% of Customers Already Likely to Switch Banks2010 Bank & Credit Union Satisfaction Survey