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06/18/08
Overall customer satisfaction with retail banks has decreased significantly. Customers are put off by increased fees and longer wait times at the teller line and on the phone according to the J.D. Power and Associates 2008 Retail Banking Satisfaction Study released in May. The study also shows that the number of problems that customers are having has increased while the resolutions to those problems are unsatisfactory.
"Now is the time for banks to really differentiate themselves from competitors by focusing on customer service and convenience. Banks with higher levels of customer satisfaction will generate higher deposit growth and achieve better financial results over the long term," said Rockwell Clancy, executive director of financial services at J.D. Power and Associates.
Creating memorable customer experiences is now more important than ever. PROS Mystery Shopping, a division of Pinnacle Financial Strategies, specializes in mystery shopping and customer satisfaction studies for financial institutions. Founded for bankers by banker, PROS knows the industry and what it takes to develop a quality performance measurement program.
1st Source Bank, the largest locally-owned financial institution headquartered in the Northern Indiana-Southwestern Michigan area, partnered with PROS in 2003 to meet their mystery shopping needs. Every quarter First Source conducts face-to-face and telephone shops to gauge customer satisfaction.
"Our mystery shopping program provides us with valuable data that we use to enhance our training efforts and measure staff and branch performance," said Randy Speckhard, Marketing Manager for 1st Source. "It gives us an idea of where we are and where we need to go in terms of customer service, cross-selling and staff development."
1st Source strives to exceed customer expectations and provide excellent service. They focus on staff training, goal setting, results reporting and holding each other accountable for achieving set and agreed upon goals. This is where mystery shopping results help management determine which branches and/or individuals need additional training or re-training and which branches and individuals should be recognized and rewarded for their sales and service efforts.
Not only has 1st Source implemented mystery shopping, but they have taken action based upon the results they've gleaned. As a result, they have experienced improved service behaviors across all contact points. Their primary goal may have been to improve customer service, but the long term effect has been to enhance the banking experience for their clients.
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