CardWeb.com’s CardExecs database of payments industry movers and shakers today features Vasant Prabhu, Executive Vice President and Chief Financial Officer of Visa, Inc.
Visa named a NBCUniversal Media executive as its new Executive Vice President and Chief Financial Officer. Vasant Prabhu takes over on February 9.
For the seventh year in a row, consumers have rated American Express highest in customer satisfaction among U.S. credit card companies, according to the annual nationwide study by J.D. Power. The study places American Express highest in overall satisfaction among 11 of the largest card issuers in the U.S. American Express remains the only credit card to receive the study’s top ranking since it was first conducted in 2007. The J.D. Power 2013 Credit Card Satisfaction StudySM looks at six broad categories to determine overall satisfaction: Customer Interaction, Billing and Payment Process, Credit Card Terms, Rewards Programs, Benefits and Services, and Problem Resolution. Over the past year, American Express has worked to improve the overall customer experience by introducing a host of new digital enhancements and updated product offerings, better connecting Card Members with American Express, merchants and each other. American Express ranked highest in Benefits and Services, Rewards Programs, and the Billing and Payments categories.
American Express has been ranked highest in customer satisfaction among U.S. credit card companies on the annual nationwide consumer study by J.D. Power and Associates. This places American Express highest in overall satisfaction among 11 of the largest card issuers in the U.S. American Express has received the study’s top ranking every year since it was launched in 2007. The J.D. Power and Associates 2012 Credit Card Satisfaction StudySM looks at six factors to determine overall satisfaction: Customer Interaction, Billing and Payment Process, Credit Card Terms, Rewards Programs, Benefits and Services, and Problem Resolution. This is through an enhanced website to provide an improved user experience; “tagging” to help Cardmembers create a customized view of their charges and simplifies the experience of managing their expenses; an all new Account Manager feature, making it easy for Cardmembers to list additional individuals, like a spouse or a business partner, who are authorized to access and manage their card accounts; and “My Offers” mobile offer engine that recommends and ranks relevant merchant offers in real time for U.S. Cardmembers based on their spending history and location.
Chase moved up in both mortgage origination and customer satisfaction rankings, according to the newest data. Chase ranked Number 2 nationally by making $41.7 billion in mortgages in the fourth quarter of 2011, up 7% from the third quarter, according to Inside Mortgage Finance’s recently released rankings. For the year, Chase originated $155 billion in…
Standard & Poor’s and Experian have partnered to launch a series of consumer credit default indices in the United States. The “S&P/Experian Consumer Credit Default Indices” will launch May 18 and seek to measure the balance-weighted proportion of consumer credit accounts that go into default for the first time each month. Unlike other publicly released metrics that recount previously defaulted loans or that measure delinquency rates only on securitized loans, the S&P/Experian Consumer Credit Default Indices are based on a broad cross-section of the entire U.S. consumer credit population. The S&P/Experian Consumer Credit Default Indices will consist of four headline indices as determined by loan type, and a composite index: S&P/Experian Auto Default Index, S&P/Experian First Mortgage Default Index, S&P/Experian Second Mortgage Default Index, S&P/Experian Bankcard Default Index, and S&P/Experian Consumer Credit Default Composite Index.
Overall credit card customer satisfaction declined to a three-year low driven primarily by cardholders discontent with rates and fees. Nearly 20% of customers report experiencing an increase in their interest rate since 2008, almost double compared to one-year ago. The J.D. Power and Associates “2009 Credit Card Satisfaction Study” also found that late payment fees, which have the greatest negative impact on
satisfaction, were incurred by 14% of customers, compared with 11% in
2008. Overall satisfaction with fees and rates declined to 603 versus 640 in 2008 and 658 in 2007. The Power study measures customer satisfaction with credit cards by examining six key factors: interaction; fees and rates; billing and payment process; rewards;
benefits and services; and problem resolution. American Express ranked highest among credit card issuers for a third consecutive year with an index score of 762 thanks to strong performance in rewards, benefits and services, and billing and payment process factors. The Discover Card (751) and National City (740) follow AmEx in the rankings. Power noted that overall satisfaction among credit card customers remains the lowest across the financial services industries in which it conducts research, including insurance, banking and investment services.
New research shows that when selecting a retail bank, 36% of a
shoppers’ selection decision is driven by the bank’s brand image, 21%
focus on branch proximity, 14% let services determine their choice,
recommendations account for 31% of the weight in a bank’s brand
awareness while positive recommendations drive 36% of a shopper’s
consideration. Additionally, one-third of customers who avoid
considering a particular bank is a result of previous poor service
experience while additional reasons for not choosing a bank include
issues with branch proximity, operating hours, poor policies or high
rates and fees. This research is thanks to the inaugural J.D. Power and
Associates “2009 Retail Bank Shopping Study,” examining the bank
shopping selection process of 7,500 consumers who shopped for a new
banking account during the past 12 months, their customer satisfaction
with the account initiation and on-boarding processes. Additional
research shows a good service experienced among 19% of respondents, such
as customer greeting and low wait time, resulted in satisfaction scores
averaging 890 on a 1,000-point scale(84 points above the industry
average) and 66% disclosing they “definitely will” reuse the bank (19%
above the industry average).
Finance and technology PR firm William Mills has tapped Peter McManus to
serve as the director of business development. McManus will be
leading the agencyâs financial public relations business development
efforts aimed at financial and enterprise technology vendors based in
the U.S. and abroad. McManus has more than 25 years of experience as a
business development executive in the financial services arena and is a
former publisher of Bank Systems + Technology magazine. He most recently
served as publishing director of TechWeb (previously CMP Media), a
network of business-related IT news and product review sites. In this
position, he spearheaded the development and introduction of new
products that yielded more than $1 million in additional revenue.
Prior to his tenure with TechWeb, McManus was a sales manager for New
York Times Custom Publishing and a regional sales manager for
Magazine, managing national accounts including Citibank, Travelers
Insurance, KPMG, Ernst & Young, AIG, Aetna, General Electric, American
Express and Dreyfuss.
A new survey conducted in late August has found that 10% of Americans
are taking out more cash advances on their credit cards than in the
past. The research also showed cardholders are struggling under a
burden of high balances. The survey conducted for Standard & Poor’s
found one in five individuals surveyed indicate they are “sometimes”
(14%) or “always” (6%) unable to pay their credit card and/or loan(s)
balances each month. An additional 8% can only make minimum payment
required and another 8% either always or sometimes pay less than the
minimum. In terms of the dollar value of balances carried by credit card
users, 22% have between $5,000 and $20,000 in credit card debt, while 3%
have more than $40,000 in credit card debt. When looking at their debt
as a percentage of their available credit, 25% are at or near the
maximum limit of their primary card with an additional 20% are at or
near the limit of their secondary card. Additionally, 35% of respondents
said their mortgage was the bill they would pay first while 26% of those
surveyed said it was their credit cards.
A new survey of more than 7,600 consumers reveals that cardholders
are the most satisfied with American Express credit cards, followed by
Discover credit cards. The study measured customer satisfaction by
examining interaction; billing and payment process; fees and rates;
reward programs; and benefits and services. The second annual J.D. Power
and Associates “2008 Credit Card Satisfaction Study” found that American
Express scored 783 on a 1,000-point scale and Discover scored 751.
American Express performed well in all five factors driving customer
satisfaction while Discover performed well in interaction, billing and
payment processes, and reward programs. The research also discovered
that 72% of all cardholders participate in some type of reward program.
Cash rewards are the most common type of reward redeemed and the
second-most satisfying type of reward. Hotel stays are the most
satisfying type of reward. Furthermore, satisfaction among customers who
redeem rewards is 117 points higher, on average, compared with customers
who do not redeem rewards. Additionally, 77% of transactors most often
select their card based on reward programs while 65% of revolvers select
their card for this reason. Power also noted that overall satisfaction
increases by 53 points, on average, among customers who report that they
are aware of standard benefits such as fraud protection and e-mail alerts.
Retail banks aren’t seizing every opportunity to win over prospective
customers, according to the most recent J.D. Power and Associates 2008
“Retail Banking Mystery Shopping Study.” Conducted through 475 trained
mystery shoppers who audited assigned retail bank branches across the
eastern half of the U.S., the report demonstrates a need for improvement
in the ‘new account experience,’ ‘a customer-friendly retail
environment’ and the ‘ease of accessibility to branches’. Influencing
the findings of the new account experience, the research showed
one-third of representatives do not shake hands, 50% of reps did not
smile during the introduction and 14% of the ‘shoppers’ report reps were
not fully attentive. Affective to the findings regarding
customer-friendly retail environments, 50% of ‘shoppers’ were greeted
upon entering a branch, 24% experienced issues with a branches’ ATM and
only 42% of branches provide amenities. Finally, many issues were
reported concerning the ease of accessibility, particularly regarding
parking facilities with one-third expressing difficulties due to
location, an absence of a parking lot or being forced to park a long
distance from the branch entrance.