Omaha, Nebraska February 25, 2013 – The MSR Group today announced that Bank of the West is the recipient of its APECS® Customer Advocacy Award, Western Region for the fourth consecutive year.
This award is given to the client retail banking organization receiving the highest Net Advocacy Rating (NAR®) among its customers within their respective region. To qualify as a potential recipient, clients must have achieved a rating significantly higher than the national or regional average (whichever is higher) and rank highest among all APECS® clients. Bank of the West posted a 2012 Net Advocacy Rating 16 points higher than the 2012 APECS® Western Region Average. Bank of the West’s rating is significantly higher than many of the nation’s largest banks, including Bank of America, Chase, US Bank and Wells Fargo, to name a few. Net Advocacy Rating (NAR®) is one of the strongest indicators of customer retention and increased revenue for financial institutions.
“We’re constantly striving for better ways to meet our customers’ needs, and measuring Net Advocacy is one of the tools we use to stay abreast of our service to them. Our customer relationships are the cornerstone of our success, and we’re thrilled that our Net Advocacy scores continue to be proof of our commitment to them,” said Andy Harmening, head of Bank of the West’s Regional Banking Group and senior executive vice president. “We’re honored to receive the APECS® award and look forward to setting the bar even higher in the coming year.”
Ratings are based on results from The MSR Group’s National Consumer Banking Survey, a study which collects feedback on customer satisfaction and advocacy for more than 100 banks and credit unions. To ensure accurate benchmark comparisons for clients, a stratified random sampling of retail banking consumers is conducted each quarter, gathering feedback on consumer’s banking experiences within each of four quadrants across the US. This rolling tracking study interviews 2,400 retail banking consumers annually. Respondents are screened to be at least 21 years of age and have utilized their bank within the previous two weeks for at least one of the following transaction types: branch visit, ATM, online banking, mobile banking or call center.
“Bank of the West is an excellent example of how actively managing customer satisfaction and focusing on building the Advocate segment of your consumer base improves overall service delivery, which in turn produces measurable results,” said The MSR Group President Dick Worick.
Founded in 1874, $63 billion-asset Bank of the West (www.bankofthewest.com), Member FDIC and Equal Housing Lender, offers a full range of personal, commercial, wealth management and international banking services. The bank operates more than 700 retail and commercial banking locations in 19 Western and Midwestern states. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 80 countries with nearly 200,000 employees.
The MSR Group is a nationally recognized full-service market research company. Located in Omaha, Nebraska, The MSR Group offers a full complement of quantitative and qualitative methodologies across the financial, retail, advertising and agricultural industries. The firm’s proprietary APECS® System specializes in providing “real-time” voice of the customer research for financial institutions.