After rubbing customers the wrong way with proposed changes and subsequently backing off those changes, Netflix (NASDAQ:NFLX) appears to be back in good graces with its customer base. On the other hand, a recent survey of bank customer satisfaction highlighted Bank of America's (NYSE:BAC) continued struggles with sufficiently serving its customers.
Despite the clear and vast differences between these two companies, Bank of America can learn from the steps Netflix took after it enraged customers. Netflix focused on tailoring its customer experience to the needs and wants of its target market by pouring more resources into the streaming business and creating original content.
Bank of America may need to focus on its customers' experience by continuing to develop new and innovative payment solutions and other proprietary technologies.
In this video, Motley Fool financial analysts David Hanson and Matt Koppenheffer discuss Bank of America's ability to excel in this area.
David Hanson has no position in any stocks mentioned. Matt Koppenheffer owns shares of Bank of America. The Motley Fool recommends Netflix. The Motley Fool owns shares of Bank of America and Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.