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Bank of America Should Be More Like Netflix

By David Hanson and Matt Koppenheffer - Apr 23, 2013 at 12:15PM

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With satisfaction down, Bank of America should take a page out of the Netflix book.

After rubbing customers the wrong way with proposed changes and subsequently backing off those changes, Netflix (NFLX 1.98%) 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 (BAC 0.95%) 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. 

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Stocks Mentioned

Bank of America Corporation Stock Quote
Bank of America Corporation
BAC
$37.02 (0.95%) $0.35
Netflix, Inc. Stock Quote
Netflix, Inc.
NFLX
$195.19 (1.98%) $3.79

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