Bank of America is changing how it meets customers, cutting some branches and installing high-tech ATMs and loan specialists in others.
In a call with analysts Wednesday to discuss first-quarter results, CEO Brian Moynihan said the bank was reacting to changes in the preferences of customers, who bank via cell phone and don't need as much as they once did from the branch. Analyst Nancy Bush asked him about what else has changed in how the bank approaches its customers.
This excerpt has been edited for clarity and length.
NAB RESEARCH ANALYST NANCY BUSH: "Has part of this program also been to address some of the service issues that you guys had encountered over the past few years, as other stuff took more attention?"
BANK OF AMERICA CEO BRIAN MOYNIHAN: "Absolutely. Part of it is continuing to upgrade the system. If you look at our Company between 2009 and 2015, we will have rewritten all the systems and we will bring systems that are stand-alone product systems into systems that are consistent with a customer approach. So the inquiries you get where we can see it in one system, not in another system — those are going away. Getting out of multiple deposit systems helps. Our complaints are down a lot, our attrition is way down and we are seeing the benefits of this as we go through it. But absolutely, this is all geared at maintaining a customer satisfaction posture that is up year-over-year, and driving it to places we haven't driven before."