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PayPal Gets Rated Against Big Banks
Vocal Laboratories Inc. (www.vocalabs.com) today announced the results of its latest SectorPulse study on the quality of telephone based customer service among five financial services companies tracked over the first six months of 2006. While not a direct competitor to traditional banks, PayPal, a subsidiary of e-Bay (NASDAQ:EBAY) processes millions of online financial transactions each year, and for the first time outscored more traditional financial institutions. When compared, not just to traditional banks, but to businesses of all types the company moved up from a “C” to a “B” in Customer Satisfaction and from “C” to “B” in Call Completion, a measurement of the percent of callers able to complete their business without calling back.
This study focused on Washington Mutual (NYSE:WM), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citibank (NYSE:C) and PayPal.
Washington Mutual slipped from an “A” to a “B” in Caller Satisfaction but improved to a “C” in Call Completion and Wells Fargo improved from a “C” to a “B” in Satisfaction while remaining unchanged in Call Completion This placed the two in a statistical tie for best service quality among traditional brick and mortar financial institutions. The other bank’s scores were unchanged from the previous study with Bank of America earning a “D” in Completion and a “C” in Satisfaction, while CitiBank’s scores were the opposite with a “C” in Completion and a “D” in satisfaction.
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