situation
For the last ten years, one of Canada’s top banks has been funding or co-funding an annual tracking study to measure business customers’ perceptions of banks across the country. Our client knows that reviewing the industry as a whole puts them in a better position to grow both the services they offer and the service levels their Account Managers provide. By understanding what business customers think, they are able to adjust their performance and practices to keep them engaged. Specifically, they wanted to know which factors had the greatest impact on customers.
solution
The Maritz research team interviewed 4,000 - 6,000 financial decision makers by phone for this study in the early summer. The project phases began with a survey review and modification, and continued through Survey approval, Interviewing pretesting, Interviewing, Interim data and quota structure review, Interviewing, Weighting, Analysis, Reporting and Presentation.
Using a standardized survey, we asked businesses across Canada to rate their experiences with their primary financial institution. Results for each financial institution were compared to those of other financial institutions – identifying where an institution was weak, strong or on par. By examining trends over several years, we could also identify patterns in the responses.
The survey touched on all the core attributes that drove overall ratings. While many of the core questions had remained unchanged for years, we reviewed the survey before each wave to make sure we were still asking the most relevant questions. Once the interviews were complete, the analysis began.
results
- This study has been renewed for over a decade
- Results from the study are presented to senior management and impact executive compensation
- Internal stakeholders are able to understand the relative importance of each performance attribute through the usage of Maritz' True Driver Analysis and prioritizing action items
- Measures link both to the client experience and to bank teams, making it easier to develop an action plan to address concerns or build on opportunities
