Search past winners/finalists


  • MESA logo

Wachovia

SASCS09 Winner

Company: Wachovia, Charlotte, NC
Company Description: Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $764.4 billion and market capitalization of $7.6 billion at September 30, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers.
Nomination Category: Customer Service Department Categories
Nomination Sub Category: Customer Service Department of the Year - Financial Services

Nomination Title: Wachovia's Customer Experience and Loyalty Organization

1. Tell the story about what this nominated department achieved since the beginning of July last year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Wachovia's Customer Experience and Loyalty department is a 48-member cross-
functional Center of Excellence within the Marketing Division that provides
loyalty strategy, direction, programs, and measurement services to ensure
customers receive an unmatched experience resulting in customer acquisition,
retention, and revenue growth.

Since July 2007, CEL organization has continued to build upon Wachovia's
legendary customer service reputation by driving customer service from the
bottom of the organization to the top and vice versa. The team adds value by:

1. Measuring customer service that drives behavior, which in turn drives
results. The team works with The Gallup Organization to conduct 600,000
customer service interviews each year. Surveys are conducted for multiple lines
of business across the company. The results are reported weekly and used for
many purposes including employee coaching, process improvement and incentives
(service scores can impact up to 30% of employee compensation in the in the
Retail Bank).

2. Leading customer service strategy across the organization. For example,
Andrea Bierce co-leads the monthly meeting of the Wachovia Is Service
Excellence (WISE) Committee with the CEO. The meeting was started in 2001 and
has continued to gain momentum in scope and achievements. It is the only cross-
enterprise executive forum focused on reducing attrition and improving customer
experience with positive top-line and bottom-line results (monthly review of
450 metrics). Top-down support is critical, as evidenced by the inclusion of
customer service excellence in Wachovia's core values and corporate strategic
priorities and the linkage of senior leader compensation to service metrics.

3. Understanding the needs of the customer (internal and external) and
helping the organization respond and create value. For example, in 2008 the
team executed upon three process improvements from sources of dissatisfaction
(account lifecycle, address change and funds availability). These changes
improved customer satisfaction, efficiency levels and profitability. In
addition, the team has helped drive down customer attrition levels to 10%
compared with 20% in 1998.

4. Enhancing and evolving strategy and practices based on changes in
markets, channels and customer segments. For example, CEL develops strategy for
and executes tactics around the company's annual observance of National
Customer Service Week. Congress proclaimed National Customer Service Week a
national event in 1992, and 2008 was the seventh consecutive year Wachovia
participated. More than half a million "thank you" cards were mailed to
customers in addition to a variety of other customer outreach efforts - online,
in person, phone. As a part of the National Customer Service Week observance,
CEL launched the innovative "Who Would You Thank" customer contest in 2007 and
continued it in 2008.

In 2008, CEL's efforts continued to help Wachovia earn accolades for its
customer service reputation including a No. 1 ranking in the American Customer
Satisfaction Index (for the seventh consecutive year - beating all financial
industry peers) and a top 25 ranking (No. 18) of BusinessWeek magazine's second
annual list of Customer Service Champs (the only bank to be ranked in the top
25). The CEL department is the driving force behind Wachovia's commitment to
excellent customer service.

2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

http://www.wachovia.com/inside/page/0,,134_307^1656,00.html

http://www.wachovia.com/inside/page/0,,134_307^1691,00.html

http://www.wachovia.com/inside/page/0,,134_307^1692,00.html

http://www.wachovia.com/inside/page/0,,134_307^1724,00.html

http://www.wachovia.com/inside/page/0,,134_307^1801,00.html

http://images.businessweek.com/ss/08/02/0220_customerservice/index_01.htm

http://www.lakewyliepilot.com/409/story/214233.html

http://www.theacsi.org/index.php?option=com_content&task=view&id=149&Itemid=157&c=Wachovia+Corporation&i=Banks

3. Provide a brief (up to 100 words) biography about the leader(s) of the nominated customer service organization:

Andrea Bierce is the director of Wachovia's Customer Experience and Loyalty
division. She is responsible for developing and implementing the company's
customer experience and loyalty strategy. Under her leadership, Andrea's team
provides loyalty strategy, direction, programs and measurement services that
ensure customers/clients receive an unmatched experience, with a focus on the
particular "moments of truth" that make the brand promise and its elements come
alive for our customer. In addition, she chairs with the CEO, the company's
Wachovia Is Service Excellence (WISE) Committee, which is responsible for
building company-wide collaborative partnerships that drive service excellence
and enhance customer service delivery performance across the enterprise.