ImageTrac. Customer Satisfaction and Loyalty Index Average Industry Results.

Transcription

1 1 ImageTrac Customer Satisfaction and Loyalty Index 2014 Average Industry Results

2 ImageTrac Industry Results Overview The ImageTrac Customer Satisfaction Survey is a standardized survey designed by Cross Financial Group for use by financial institutions to assess customer satisfaction and loyalty ratings. ImageTrac has been utilized to evaluate customer perceptions and attitudes at participating institutions since ImageTrac surveys are collected using both mail and online survey instruments. Annually the results of all customer responses collected by participating institutions are compiled and tabulated to produce index scores used as an industry average for comparison and assessment with individual institution results. Customer ratings are tabulated in three key categories. The first is satisfaction; tied to perceptions of the organization s current performance. The second is importance; to determine what attributes in banking are most relevant to meeting existing customer expectations. The same relationship attributes are used to produce index scores for both assessments. The resulting comparison of these index scores provides insight into consumer preferences, competencies delivered by the organization and potential areas for improvement. The final evaluation categories are customer loyalty, related to recommendation of the organization and repurchase propensity. Several relationship questions are utilized to measure emotional connections customers develop when assessing their overall experience with the organization. Combined into a sub-set index score, the relationship question scores produce an ImageTrac Customer Experience Index. Satisfaction and Importance Scores The core ImageTrac Customer Satisfaction Survey measures 22 attributes of a banking relationship. The average satisfaction scores for 2014 fell in a range from 69.6 to 89.3, with an average of This was slightly lower than it was in 2013 when the average index score was The largest satisfaction score changes from 2013 to 2014 were in the following categories, all were negative changes: The bank cares about me and my financial future Employees use my name during my transactions at the bank Employees at the bank make me feel like I am their number one priority The bank provides competitive interest rates

3 3 Employees handle my business accurately. My business at the bank is handled confidentially. My questions and concerns are handled promptly and efficiently. The bank's employees are knowledgeable. Employees give me their undivided attention. Employees take time to answer my questions thoroughly. My interactions with the bank are always a pleasant experience. The bank listens to me and offers solutions based on my needs. The bank makes banking easy. The bank provides the best customer service. The bank's employees make a difference in where I choose to bank. When I call the bank, it is easy to reach the person or area I'm trying to contact. I find real value in the services provided by the bank. Employees smile and establish eye contact when greeting me. The bank offers all the financial products and services I need. The bank's hours are convenient for me. The bank's fees and service charges are fair and competitive. Employees at the bank make me feel like I am their number one priority. The bank provides competitive interest rates. Bank representatives thank me for my business. The bank cares about me and my financial future. Employees use my name during my transactions at the bank ImageTrac Customer Satisfaction Index Sorted by Importance 2014 Industry Satisfaction Rating 2014 Industry Importance Rating ImageTrac Index

4 ImageTrac Overall Satisfaction Comparison Satisfaction and Importance Trends A historical look at the average ImageTrac satisfaction and importance scores provides an interesting trend comparison. While the average satisfaction scores have varied slightly but remained within a fairly tight range since 2003, the average importance ratings have displayed considerable decline since the beginning of the recent recession. The three-year moving average for both index scores, presented in the charts to the left, suggests a clear adjustment in consumer mindsets regarding the value proposition experienced prior to the recession ImageTrac Overall Importance Comparison Significant change in customer engagement

5 5 Customer Perceptual Gap The variance between the customers index scores for importance and satisfaction are referred to as the Customer Perceptual Gap. The size of the gap provides a mathematical representation of how effectively the bank is satisfying customer needs, relative to the importance of each attribute. A high importance rating combined with a large Perceptual Gap highlights a potential area of weakness for the institution. The largest negative perceptual gaps were produced in the areas of confidentiality, interest rates and service charges, which were the same in Positive gaps were generated for the attributes related to thanking customers for their business and establishing eye contact ImageTrac Industry Average Importance and Satisfaction Ratings Industry Satisfaction Rating 2014 Industry Importance Rating Employees handle my business accurately. My business at the bank is handled confidentially. My questions and concerns are handled promptly and efficiently. The bank's employees are knowledgeable. Employees give me their undivided attention. Employees take time to answer my questions thoroughly. My interactions with the bank are always a pleasant experience. The bank listens to me and offers solutions based on my needs. The bank makes banking easy. The bank provides the best customer service. The bank's employees make a difference in where I choose to bank. When I call the bank, it is easy to reach the person or area I'm trying to contact. I find real value in the services provided by the bank. Employees smile and establish eye contact when greeting me. The bank offers all the financial products and services I need. The bank's hours are convenient for me. The bank's fees and service charges are fair and competitive. Employees at the bank make me feel like I am their number one priority. The bank provides competitive interest rates. Bank representatives thank me for my business. The bank cares about me and my financial future. Employees use my name during my transactions at the bank.

6 6 Customer Loyalty Assessment Customer loyalty is examined in the ImageTrac survey using two relationship questions utilizing a 0 to 10 rating scale. The first question rates the likelihood of the customer to refer the bank to friends or family members. The second question examines the customer s propensity to use the bank again for financial services. The most consistent assessment of loyalty comes from the question rating the likelihood of a customer referring family or friends to the bank. The Loyalty Index, referred to here as the Net Promoter Score, is calculated by subtracting the response group of Detractors from the Promoters. The results for 2014 are illustrated below. The Net Promoter Score (NPS) dropped from 2013 to 2014, with scores of 67.59% and 59.44% respectively. The lowest Net Promoter Scores occurred in the demographic category for age 25 to 34 with a score of 52.9%. Promoters 69.73% Less: Detractors 10.29% Loyalty Index 59.44% Net Promoter Score (NPS) 80% 70% 52.1% 52.3% 67.6% 59.4% 60% 50% 40% 30% 2011 Industry NPS 2012 Industry NPS 2013 Industry NPS 2014 Industry NPS 20%

7 7 Future Utilization Index The Future Utilization Index dropped as well, going from in 2013 to in The lowest Future Utilization Index score was generated in the 45 to 54 age group at 53.1%. 80% 74.5% 70% 62.0% 57.5% 65.6% 60% 50% 40% 30% 2011 Future Utilization Index 2012 Future Utilization Index 2013 Future Utilization Index 2014 Future Utilization Index 20%

8 8 Customer Experience Index A group of eight evaluation questions have been included in the ImageTrac Customer Satisfaction Survey instrument to help focus on dimensions of the customer experience. We have found that a customer s emotional connection to their banking relationship have a direct influence on the ability to generate higher scores across all facets of the banking relationship. The following table compares the Customer Experience Index scores from 2012 through Question 2014 Industry Satisfaction Rating 2013 Industry Satisfaction Rating 2012 Industry Satisfaction Rating The bank listens to me and offers solutions based on my needs My questions and concerns are handled promptly and efficiently Employees at the bank make me feel like I am their number one priority The bank cares about me and my financial future My interactions with the bank are always a pleasant experience The bank makes banking easy I find real value in the services provided by the bank The bank's employees make a difference in where I choose to bank ImageTrac Customer Experience Average

9 9 Cross Financial Group is a highly specialized consulting firm providing professional marketing services to support financial institution relationship building and corporate communication programs. Business Planning Marketing Planning Product Assessments Market Demographic Analysis Competitive Advantage Assessments Management Surveys Director Surveys Employee Surveys Brand Management Advertising Newsletters Sales Literature Product Brochures Corporate Communications Direct Marketing Staff Development Staff Motivation Presentations Referral Programs Sales and Service Training Coaching and Supervision Training Customer Satisfaction Surveys Online Surveys Focus Groups Mystery Shopping Programs Market Research 6940 O Street, Suite 310 Lincoln, NE