In the first report of its kind, Capital One lead all banks in complaints, account for 24% of all complaints since June 1 when the CFPB started tracking this information. That’s a very high percentage of complaints for the nations 8th largest credit card issuer.
On the other end of the spectrum is the countries largest bank, Bank of America, who had just 15 complaints across the millions of cards they’ve issued. It’s too early to tell precisely why BoA has done so well, but my intuition tells me it’s a situation where they’re not better because they’re bigger, rather they’re bigger because they’re doing things better. Especially when it comes to taking care of their customers and doing business the right way.
This isn’t shocking given the thoughtful, competent way CEO Brian Moynihan has run the business since taking over for Ken Lewis in 2010. I’ve admired the way he’s run their business including controversial decisions like:
- Paying $8.5 Billion to upset investors for the way their subsidiary, Countrywide, represented the quality of loans
- Not boosting dividends or buying back stock like other banks this March after receiving a passing grade on Federal Reserve stress tests
The dirty little secret of customer service is that it starts at the top. No doubt, Mr. Moynihan’s finger prints are all over this success story.