Driving Organic Growth at Bank of America

Article

Cox, Daniel; Bossert, James   (2005, ASQ)   Bank of America, Charlotte, NC

Quality Progress    Vol. 38    No. 2
QICID: 19669    February 2005    pp. 23-27

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Article Abstract

The American Customer Satisfaction Index has shown that customers view banks and other financial institutions as a commodity, and consequently, they have no reason to establish a relationship with any one bank. In 2001 executives at Bank of America saw this as an opportunity for organic growth, which focuses all planning efforts on factors that drive customer satisfaction and loyalty. The company chose Six Sigma as the methodology of choice, hiring a seasoned professional to head up the leadership team. The team immediately recognized that customer satisfaction was the key goal and set out to create a measurement process to evaluate current performance and to acquire the analytical capability to improve performance. Customer data drove process improvement and changed the way the bank managed its business. Today, Bank of America's commitment to quality and Six Sigma has become part of the culture, enabling the company to make the breakthrough improvements in customer satisfaction and shareholder value needed to achieve its goal of becoming one of the world's most admired companies.

Keywords

Customer satisfaction (CS),Quality Improvement System (QIS),Six Sigma,Financial industry,Voice of the customer (VOC),Customer loyalty,Customer and market focus,Customer delight


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