Every Year JD Power has a customer satisfaction survey for banks in the Western region of the United states which includes California, Oregon and Washington state. Last year the winner was Washington Mutual. This year however a new player took top honors, Bank of the West. Washington Mutual fell to number 4 on the list after it being in the midst of the mortgage crisis. This has allowed Bank of the West to pull up into the top spot, which is a very coveted award for banks.
The rating system is on a scale of 0-1000. Last years winner received a 774, this year, Bank of the West took top honors with 772 points. The average score for banks this year was 737 points which is 26 points lower then last years average. Most of the credit for the jump in Bank of the West’s ranking goes to Andy Harmening, who last year was named head of regional banking. He has focused on customer service over everything else, said Jim Cole, a media spokesman for the bank.
One of the main reasons for the average bank falling 26 points this year over last is the mortgage crisis. Most consumers and debtors blame banks for the current problems in the United States mortgage market. This has created a major branding image for a majority of US banks, particularly those heavy in poorly authorized mortgages. On the brighter side, J.D. Power’s analysis of online conversations related to retail banks found that close to 82 percent of customer sentiment toward banks was positive.
Jun 03 2008
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