SAN FRANCISCO - December 13, 2011
Customers of large banks participating in an independent survey again ranked Wells Fargo’s retail bank No. 1 in customer satisfaction.
The American Customer Satisfaction Index (ACSI), a survey of consumer satisfaction produced in partnership with the University of Michigan’s Ross School of Business, released results for large banks today. The surveys were conducted in the third quarter of 2011. For the full report, go to www.theacsi.org.
Wells Fargo’s customer satisfaction score of 73 (out of 100) remained unchanged for the third successive year (Citigroup’s score of 73 resulted in a top position tie with Wells Fargo). Prior to its merger with Wells Fargo, Wachovia earned top honors eight years in a row.
“We focus every day on putting our customers at the center of everything we do. We want our customers to see us as trusted financial advisors, providing outstanding service, convenience and value,” said Wells Fargo CEO John Stumpf. “We strive to be No. 1 in service by helping our customers succeed financially. I want to thank our customers who scored us so highly. I also want to thank our more than 270,000 team members for providing our 70 million customers with such great service.”
According to ACSI, mergers and acquisitions generally have a negative effect on customer satisfaction, particularly among service industries. However, Wells Fargo’s top ranking came in the same year it finished its Wachovia store integrations, completing a three-year process of converting more than 3,000 Wachovia retail banking stores and 50 million accounts (including mortgage, deposits, trust, brokerage and credit cards) to the Wells Fargo brand.
“To achieve a No. 1 ranking at a time when we were executing the integration of the largest merger in U.S. banking history demonstrates our team members’ commitment to ensuring customer satisfaction remains at the highest level,” said Carrie Tolstedt, head of Wells Fargo Community Banking. “It also tells me that we have loyal customers who trust us to help them. I can’t express in words how much we appreciate their faith in Wells Fargo.”
Throughout the merger integration, Wells Fargo has maintained its scores for key drivers of customer experience, monitoring more than 60,000 surveys of its retail banking store customers every month. In fact, scores increased year-over-year in November. Nearly eight out of 10 customers indicate that they are “extremely satisfied” with their recent visit to a Wells Fargo retail banking store, the highest possible rating.
Through September 30, 2011, Wells Fargo has experienced continued growth, acquired new households and deepened its relationships with its current customers. The company’s regional bank saw growth in checking accounts in the third quarter over the prior year, with consumer checking accounts up a net 5.6 percent, and business checking accounts up a net 3.8 percent. Wells Fargo also increased its retail bank household cross-sell ratio to 5.91 products per household in the third quarter, up from 5.68 in third quarter 2010.
The American Customer Satisfaction Index (ACSI), developed at University of Michigan’s Ross School of Business, reports scores at the national level and produces indexes for 10 economic sectors, 47 industries (including E-commerce and E-business), more than 225 companies, and over 200 federal or local government services. The ACSI can be found on the web at www.theacsi.org
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.