Beth Schultz

Why BofA Put Its Money on Optimization

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Ariella
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Re: Cohesive messages
Ariella   10/21/2013 9:53:04 PM
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@CandidoNick ah, the irony. I recently interviewed someone who said that it really is amazing what banks get away with in impeding people from freely using their own money. He said the service is so bad that it makes airlines look good.

CandidoNick
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Re: Cohesive messages
CandidoNick   10/21/2013 9:41:31 PM
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I was actually surprised when I got the letter in the mail telling me about the feature, haha. I hope you've got banklocations/ATMs galore to utilize, because you really shouldn't be charged to use your own money.

Ariella
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Re: Cohesive messages
Ariella   10/21/2013 11:24:14 AM
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@CandidoNick you've had banks with better service than mine. The one I use doesn't reimburse ATM charges and even adds on its own for using other banks'.

CandidoNick
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Re: Cohesive messages
CandidoNick   10/20/2013 1:23:02 PM
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From my experience with HSBC, I know that BoA doesn't play well with others. I get those service charges at ATMs reimbursed at every other big time bank, just not BoA. I'm unfamiliar with their loan policies and the like, but from this little isntance, my time with them has been lackluster.

BethSchultz
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Re: Cohesive messages
BethSchultz   10/18/2013 9:42:40 AM
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SaneIT, I think that one may be hard to top. That's abysmal.

SaneIT
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Re: Cohesive messages
SaneIT   10/18/2013 7:17:46 AM
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I'll give a quick example, I have a friend who purchased a home about 4 years ago.  With the rate drop last year they went to re-finance.  Apparently BofA bought their original loan so the refi would end up paying off BofA and would move to another bank.  Keep in mind this is about a year ago.  Last month they got notification from BofA that they were starting the foreclosure process on their home.  When my friend called to clear things up they were told that the issue would have to go to another department for review but if they wanted to stop the process they would need to start making payments again.  Poor training, poor internal communication or poor understanding of what's going on I've heard several first hand stories like this one.  

BethSchultz
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Re: Cohesive messages
BethSchultz   10/17/2013 2:05:35 PM
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Hi Tom, so I take it you're a B of A customer? Do you have an example of an interaction with you as a customer that's been less than optimal?

tomsg
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Re: Cohesive messages
tomsg   10/17/2013 9:55:20 AM
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I agree. BoA does a TERRIBLE job today. I wonder if these efforts will really help or if they will be used to to a "hard sell"? They have some of the worst customer service of any bank.

BethSchultz
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Re: Cohesive messages
BethSchultz   10/17/2013 8:38:12 AM
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@SaneIT, this sounds to me less a problem of automation and analytics-fueled customer segmentation than poor training. Or maybe the tails we hear come from customers in low-priority buckets, frankly not worth the bank (or any other company) investing much effort in? I don't bank with BofA personally either, so have no firsthand account of how good or bad its customer interactions are. I think it's clear from what I heard Cappio say at DMA2013, though, that this is a  work in progress for the bank.

SaneIT
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Data Doctor
Cohesive messages
SaneIT   10/17/2013 7:27:26 AM
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While I'm all for companies delivering a consistant message I find that when this happens it typically means robotic answers and no empathy, no ability to make decisions and everything gets dragged out.  I don't know about the companies represented here but BofA for example probably doesn't need that image added to the one they already have.  I've never dealt with them but from the stories I've heard they are incredibly hard to deal with already.  Mix in that automaton method of delivering a message and people are just going to get more frustrated. 

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