Bank of America is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is ranked 2nd on the list of largest banks in the United States by assets. As of 2016, Bank of America was the 26th largest company in the United States by total revenue. In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world.
Its acquisition of Merrill Lynch in 2008 made it the world's largest wealth management corporation and a major player in the investment banking market. As of December 31, 2016, it had US$886.148 billion in assets under management.
As of December 31, 2016, the company held 10.73% of all bank deposits in the United States. It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries. It has a retail banking footprint that serves approximately 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines.
|Founded||October 17, 1904; 112 years ago (1904-10-17) (as Bank of Italy) February 1930; 87 years ago (1930-02) (as Bank of America) October 1998; 18 years ago (1998-10) (current)|
|Products||Consumer banking, corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management, credit cards,|
|Number of locations||4,600 retail financial centers & approximately 15,900 automated teller machines|
|Rating||Long Term Senior Moody's: Baa1 (10/2016) S&P: BBB+ (10/2016) Fitch: A (10/2016)|
|Divisions||Bank of America Home Loans, Bank of America Merrill Lynch|
NPS is a customer loyalty metric that measures customers’ willingness to not only return for another purchase or service but also make a recommendation to their family, friends or colleagues.
It is a powerful and effective technique, which can greatly increase a company's revenue if used properly.
The main advantages of NPS are close correlation with a company's growth and easy collection, interpretation and communication of the data.
Net Promoter Score is a number from -100 from 100.
Scores higher than 0 are typically considered to be good and scores above 50 are considered to be excellent.
The industry average for Financial Services / Banking is 18.
The final Net Promoter Score of a company strongly depends on a context in which the satisfaction is measured.
Consider an example: If Bank of America sends out NPS surveys immediately after purchase, they are tracking their customers' initial excitement and the checkout experience.
On the other hand, if they survey their customers a few weeks after the purchase they are also tracking how satisfied their customers are with their products and services over time.
Therefore, comparing the NPS score of Bank of America with your own without any further context is not that useful.
What is extremely useful though, is using the NPS methodology to track the satisfaction of your customers over time. That's where Customer.guru comes in.
How are your customers satisfied depending on:
|Bank of America||-24|
|RBS Personal Banking||-18|
|RBS Business Banking||-17|
|Wells Fargo & Company||-12|
|NatWest Business Banking||-6|
|Bank of America||Financial Services / Banking||-24|
|Santander||Financial Services / Banking||-25|
|Viacom||Telecommunications / Cable/TV service||-23|
|BT Sport||Consumer Brands / Entertainment||-22|
|Medicacom||Telecommunications / Internet Service Provider||-22|
|Consumer Brands / Internet||-21|
|Now TV||Telecommunications / Cable/TV service||-20|
|Tele2||Telecommunications / Other||-18|
|Channel 5||Consumer Brands / Entertainment||-18|
|RBS Personal Banking||Financial Services / Banking||-18|
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