Bank of America: Know Thy Customer

Providing a world-class online channel where any customer or client can manage their financial needs in a secure and easy-to-use place is a key motivator for Bank of America.

Bank of America provides individuals, small businesses and commercial, corporate and institutional clients in more than 150 countries worldwide new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation’s largest financial services network. This includes an Internet Web site that provides online banking access to over 4.7 million active users, more than any other bank. Bank of America encourages its customers to use the online channel because these customers provide a higher value for the company – with 80 percent lower attrition rates, 30 percent fewer calls to the call center, 38 percent higher deposit balances and 45 percent higher loan balances. “Our online customers represent a critical mass in terms of value to Bank of America,” said Kathy Claypool, Bank of America’s eCommerce Senior Vice President. “We have learned that our customers have a deep desire to use the Web as a service channel, so it’s a priority for us to deliver a truly outstanding experience.” For Bank of America, this means developing and delivering innovative new sales and fulfillment solutions and processes that inspire trust, drive increased sales and deliver productivity for the company. Bank of America also provides customer-centric online products and services that give customers a greater ability to manage their financial lives through Bankofamerica.com. Bank of America understands that the Internet has become a preferred channel for many of its customers. Over 60 percent of the company’s six million unique visitors are customers and many of them are using search. “What this tells us is that in thinking about using online search, we had to think beyond prospects or rate shoppers, but really target our existing customer base,” said Claypool.

In 2000, after evaluating and piloting six search engine solutions throughout the company, Bank of America selected the InQuira customer search and navigation solution. The InQuira solution transforms the corporate Web site into a powerful tool for acquiring new customers, up-selling and cross-selling products and services, reducing the number and cost of service incidents, and driving customer satisfaction.

A key advantage for Bank of America was the fact that the InQuira solution was able to support Bank of America’s Web site, which was developed over a number of years, without requiring a redesign – something that would have required a substantial financial investment and time delay for the company. Bank of America also needed a solution that would support state-specific content automatically, without having to ask customers which state they are from. The InQuira system allows prospects and customers to get precise answers to their questions and in a context that intelligently acknowledges their preferences, location and buying needs.

Bank of America also chose the InQuira system because it presents data through excerpts, so Bank of America does not have to create answers for every conceivable question but can serve excerpts of already existing data on the Web site. These excerpts are then supplemented with Quick Answers and Definitions.

The InQuira solution was installed in May 2001 and enabled customers to “Ask a Question” once they clicked on the Global Help tag at the top of each Web page. In 2002, Bank of America expanded the search function to a specific “Search” button on every page of the site.

In October 2002, Bank Monitor conducted a study that rated Web site search tools in the financial industry. The Bank of America site was rated “Best in Class.” “We’re confident our site stood out because we never present more than eight results per inquiry.”

For online customers of Bank of America, InQuira is a welcome tool that helps them find solutions to questions they can ask in plain, everyday language. “They don’t have to send an e-mail or pick up the phone to get an answer, which means they're happier with the Bank of America online banking experience,” added Claypool.

But InQuira’s value doesn’t stop there. InQuira analytics also tell the bank just what customers are asking for, and therefore helps the bank anticipate their needs -- and offer them new, targeted services. “We know more than ever before about our customers’ needs, not just in terms of the site, but in terms of sales and service, too,” she says. “That kind of information is immensely valuable.”

As of January 2003, Bank of America had received over 400,000 queries through the online navigation tool. Over half of these were actual users. The search statistics Bank of America has gathered using the InQuira system have given them the ability to understand the intent of their customers’ questions and enabled them to make further improvements to the site. “What the analytics have shown us is that customers will ask questions and use terminology they’re familiar with; they won’t necessarily use terms those of us in the industry would use. So in serving up data, we can’t think about what we’d like our customers to ask, but what they really are asking,” said Claypool.

Bank of America plans to deploy the next version of the InQuira search and navigation application and is already making improvements and changes to further address their customers’ needs. “The voice of the customer is what we use to determine whether we’re successful,” said Claypool. “So we’ll continue making changes to the site that will provide our customers with the high-touch, high-impact customer service they desire.”