Tomahawk, WI 12/11/2013 (BasicsMedia) – Bank of America Corp (NYSE:BAC) is the second largest bank in the U.S. The lender is among the major banks in the U.S. recovering strongly from the effects of financial recession. While the bank’s financial performance is solidly on course and retracing roots to the pre-recession levels, its customer satisfaction is still wanting. The latest data from American Customer Satisfaction Index 2013 reveals that BAC has gained 5 percent in its customer satisfaction rating from last year. However, this is still lower than its pre-recession index.

The bank now has 69 score out of the 100-point scale. This is a 5 percent improvement from 2012. However, its peers have improved more over the same period. JPMorgan Chase & Co. (NYSE:JPM) has score of 76 points, Citigroup Inc (NYSE:C) has hit 74 score and Wells Fargo (NYSE:WFC) has 72 score.

These figures suggest that while BAC is improving its customer satisfaction score, it still has a lot of ground to cover, more so against its peers that have peaked over it in the recent score.

High customer satisfaction is very important in this business environment where banks are seeking to be the best in the industry to attract more customers. In post financial recession, the major concern for banks such as Bank of America Corp (NYSE:BAC) has been to add more customers, reduce expenses and expand revenue to earn better profits. Adding more customers involve offering the best customer services, sound financial solutions and the best-in-class rates.

Impact of toxic mortgage

Bank of America Corp (NYSE:BAC) has been facing a string of lawsuits in connection to toxic mortgage loans, some of which were inherited from Countrywide. The bank has already paid about $43 billion in settlements.  It is expected to pay some more in the region of $9 billion in future suits. These could be some of the factors that are eating into its high customer satisfaction ranking.

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