financial services moments of truth nps benchmarking … · p:\new & current\f&b\22482...

$: Financial Services Moments of Truth NPS Benchmarking … · P:\New & Current\F&B\22482 Moments of Truth NPS Benchmarking Q1 2016 KT ML 05.02.15 4 Net Promoter Score (NPS) is now embedded$
Financial Services Moments of Truth NPS Benchmarking Proposals for a bi-annual multi-client research programme

P:\New & Current\F&B\22482 Moments of Truth NPS Benchmarking Q1 2016 KT ML 05.02.15

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This proposal covers the following areas

Introducing the Moments of

Truth NPS benchmarking

programme

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Project scope and approach

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Project deliverables

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Timescales, fees and your

dedicated project team

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Introducing the Business Banking Module

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Following the successful launch of our unique Moments of Truth NPS programme in 2014, we are now publishing proposals for the 5th bi-annual wave of the study.

Introducing the Moments of Truth NPS benchmarking programme


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Net Promoter Score (NPS) is now embedded as a key measure of relational strength across many leading financial service providers. Increasingly, it is also being used as a transaction measure to assess the quality of customer service interactions.

Yet many organisations measure their customer NPS ratings in a vacuum, tending not to benchmark performance against competitors on a like-for-like customer experience basis.

BDRC is increasingly being asked to deliver external NPS benchmarks to provide an operational context to clients’ own sophisticated NPS programmes.

Option to place confidential question(s) at additional cost

Option to supply customer sample for smaller participating companies

BDRC offers a bi-annual Moment of Truth NPS benchmarking service to financial organisations

We are now offering financial services organisations a unique, proven and cost effective multi-client NPS benchmarking programme.

15,000 online interviews with a nationally representative sample of UK current account holders

Approximately 20 key customer experiences assessed and rated via NPS at a brand level

Main financial relationships established and NPS collected at relational level

Diagnostic experience-specific questions to guide action planning and scrutinise performance based on recency

Key Driver Analysis to identify factors influencing overall NPS based on customer experiences

This programme has been supported by leading financial organisations in the UK


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The programme is highly valued by subscribers

The National Australia Group Europe (Yorkshire Bank and Clydesdale Bank) subscribes to BDRC’s NPS Benchmarking programme to help inform the Group’s customer experience strategy.

As a regionally focused brand, we appreciated the flexibility of BDRC’s ability to boost the number of our customers through targeted recruitment across online consumer panels so that we could obtain a comparative read on key customer journeys.

We are working with BDRC to develop an equivalent benchmarking programme in the business banking space.

The breadth of customer experiences covered in the survey is one of its key strengths and being able to benchmark TSB’s performance across these has been extremely valuable for us.

The introduction of customer effort in the most recent wave has also been particularly insightful, as it allows us to look at the relationship between this metric and NPS across a number of touch points.

Mark and Karen are a pleasure to work with and the debrief sessions are a great opportunity to all get together and discuss the findings from the most recent survey.

The Coventry have derived extremely strong value from participating in BDRC’s benchmarking programme as the findings have, for the first time, given us an external performance perspective on the touch-points which are most relevant to us and our members.

We have also taken advantage of the option to boost the incidence of our members through a postal survey, which allowed the Coventry to be robustly benchmarked in each of our key touch-points. In my view, this is a unique programme in the marketplace and we look forward to supporting it again in 2015.

Marta Kovacs Marketing & Customer Experience National Australia Group

Nicola Hayden Market Insights TSB

Emma Baxter Customer Insight Manager Coventry Building Society

“ “ “


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This study allows us to understand the market and the impact of recent developments

In September 2016, Mark and Karen ran a webinar presenting insights from the survey. Within the high street branch experience benchmark, we have been investigating the increasing deployment of self-service technology – an area which we are regularly asked to investigate for our clients. Provider deployment of this technology is varied with some brands more aggressive than others in terms of encouraging customers to use this method, as opposed to the more traditional over the counter service. Conversion rates to actually use the technology also vary by brand. For example Lloyds Bank achieves the strongest uplift in NPS when the service was offered and used versus its average branch visit NPS score.

Please visit http://bdrc-continental.com/products/nps-benchmarking/ for further information and access to the full webinar document.

http://bdrc-continental.com/products/nps-benchmarking/


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Analysis has identified the touchpoints which have the largest effect on Relational NPS by financial service provider

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint Touchpoint Touchpoint

Touchpoint Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint

Touchpoint Touchpoint

IMPROVE

MONITOR

DEFEND

MAINTAIN

IMP

OR

TAN

CE

NPS

Project scope and approach


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The programme is statistically rigorous and allows for stakeholder input and customisation

15,000 x online consumer interviews (increased by 2,000 since last year)

Toluna panel as our online sample source

Option for subscribers to provide customer samples of known contactors to increase sample sizes for low incidence experiences for smaller brands

BDRC will circulate a list of customer experiences for bench-marking (see next page for details) for approval by syndicate

A large, nationally representative sample

BDRC will update and circulate survey for approval

Survey scripted and tested by an experienced project team. Survey soft-launched prior to full roll out Data rim-weighted to UK National rep Key Drivers Analysis, data analysed and presented at a syndicate meeting in London. Option for tailored on-site presentations

Questionnaire input invited from all subscribers

Strict quality control to be nationally reflective of transaction account holders


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Used a mobile banking app

Used online banking for any reason

Changed personal details

Opened a savings account

Opened / switched a current account

Applied for product / service via OLB

L/S debit card / credit card

Opened or transferred an NISA

Taken or renewed b/c insurance

Visited a high street branch

Fraud on current account

Contacted by telephone

Applied for a mortgage

Closed a UPL

Contact about existing mortgage

Closed or moved a mortgage

Reported a bereavement

Debit card / credit card trans decline

Made a complaint

Applied for a UPL

Discussed repayment difficulties

20 x experiences are proposed for benchmarking in Q1 2016

We actively welcome subscriber suggestions for new or replacement Moments of Truth. We establish the recency of each experience to provide more focussed time horizons that can be anything from 12 months to less than one week, where sample size permits.

Proposed new experiences: Made a balance transfer

between credit cards Opened / switched to a new

credit card Had any application for credit

declined Had issues visiting or

contacting your bank or building society due to a personal disability or impairment of any kind

New additions are shown in green. Experiences in red are likely to be removed for Q1 2016.

In Q1 2016, we will be looking to widen our coverage of the financial services market with some experiences focussed on credit cards.


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Projected sample sizes by brand for selected Moments of Truth

Moment of Truth

Used OLB for any reason 1996 2312 2435 2350 1838 1783 1248 766 558 527 667 451 317 450

Visited a branch 1933 2151 2259 2178 1711 1616 1185 684 495 489 n/a 381 297 428

Contacted by telephone 894 973 1033 936 750 709 590 327 332 255 284 190 146 222

Used a mobile banking App 1021 953 898 847 792 902 560 304 230 255 206 176 159 179

Opened/transferred an NISA 458 686 623 760 392 336 336 191 158 91 129 218 80 135

Changed personal details 470 372 379 359 366 357 279 142 124 114 49 85 79 76

Opened a savings account 388 597 478 589 401 300 281 228 139 100 147 200 102 105

Open/switched current acc. 349 478 551 432 330 240 196 247 107 66 104 85 67 82

Made a complaint 367 302 322 328 252 224 178 118 99 90 63 80 62 78

Existing mortgage contact 281 285 274 263 243 196 174 89 93 67 77 57 52 59

Total sample size per brand In last survey 3392 3357 3294 3199 2657 2541 1874 1026 922 795 667 655 573 517

Sample size is 100+ Sample size is 30-99 Figures from Q3 2015 (wave 4)

Tier 1 Providers Tier 2 Providers (Some sample boosts may be required)


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Each transactional Moment of Truth NPS rating will be supplemented by a short battery of questions designed to establish the circumstance and nature of the engagement. The responses to these questions will help explain each provider’s NPS rating. Key themes are identified within Promoter & Detractor verbatim comments. Full client specific verbatims will be supplied to individual subscribers.

Each Moment of Truth NPS rating is supported by additional insight and context


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As a core part of our proposal, we will apply Key Driver Analysis (KDA) to the NPS Benchmarking data set.

KDA uses multiple regression to identify the specific parameters of a service experience that drive a particular action or outcome. Some of the questions that driver analysis will answer in this programme are:

Advanced Analytics will provide further insight into the drivers of NPS

Within an experience which service elements drive promotion and detraction?

To what extent does the channel drive NPS?

How do the different transactional experiences impact on Relational NPS?

Is there a link between recency or experience and NPS outcome?

How do these outcomes vary by brand? Does customer ease impact on transactional NPS?


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Results will be delivered at a syndicate presentation hosted at BDRC’s offices in central London.

This offers an excellent opportunity to network with peers from other participating organisations and discuss the findings and implications as a group.

Tailored presentations at your offices are also available at your request.

All of the transactional and relational benchmarks will be fully brand disclosed

Subscribers will also get full visibility of data tables if required. Confidential verbatim files will be provided to each subscriber which will include all customer comments.

Your project team


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This programme is managed by a senior, experienced team

Mark Long Director

Karen Troubridge Associate Director

Mark joined the agency in 2004 after working client side at Barclays and Abbey. Mark’s customer experience work across the financial service industry was recognised with the award of the MRS’s award for research excellence in 2011.

Mark will be your highest strategic point of contact and will work closely alongside Karen to provide consultancy and input at key stages.

Karen joined the agency in 2010 following a successful placement year and has quickly progressed to a senior level within the team. Karen’s work was recently awarded a MRS Award for research and operations excellence in 2015.

Karen will act as your overall programme director and will oversee all project delivery activities.

Mark Long and Karen Troubridge developed and launched the syndicate in 2014 and have worked on the study ever since.

NEW Business Banking benchmarking module


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We have been asked to consider an equivalent programme in the business banking space

The survey would utilise the validated methodology established in the consumer benchmarking study:

Key transactional experiences measured via NPS and customer effort will drill down questions to unpack the details of each customer experience

Large free-found samples of SME and mid-corp businesses, natural representation of brands and touchpoints

Fieldwork by telephone or online - to be agreed with subscribers. Ballpark fee options for both are outlined on the next page

Fully disclosed branded benchmarks, including Relational NPS

Bi-annual frequency – May and November (reporting in June & December)

Scope and coverage of the Business Banking NPS benchmark will be agreed with founding subscribers, but we have suggested the following touch-points as a minimum.

Opening a business current account

Business current account day to day operations

Applying for business lending (accepts and declines)

Changing details for business

Contacting a business RM/contact centre RM

Business banking complaints

Business banking online

Referral to specialist areas – e.g. treasury, asset finance, invoice finance, merchant services, payments, trade finance etc.


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There are two methodology options to be discussed with subscribers

15 minute interview

Sample source : Research Now’s Business Panel

2,500 interviews per wave

£25,000 (no VAT) ballpark fee per wave

Each respondent will be interviewed about a maximum of 3 qualifying touch-points.

The representation of Business Banking brands will be allowed to fall out ‘naturally’ within the overall sample. Similarly, we propose that the incidence of touch-points will be naturally represented, with no minimum quotas set.

Larger samples and/or longer interviews could be achieved with additional investment from each participating bank.

We would be happy to prepare specific quotations in conjunction with the syndicate.

Online survey option

15 minute interview

Sample source : Dunn & Bradstreet

2,500 interviews per wave

£37,500 (no VAT) ballpark fee per wave

Telephone survey option


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We envisage representation of key financial organisations

Based on market estimates from BDRC, we envisage the following sample representation across a typical wave of 2,500 interviews:

Estimated business banking brand sample sizes: based on total sample of 2,500

500 interviews

400 interviews

375 interviews

300 interviews

225 interviews

125 interviews

125 interviews

125 interviews

A minimum number of subscribers is required before the programme can proceed. Please contact us if you would like to discuss this potential survey in more detail.

Smaller providers by share are invited to submit business customer records to supplement the free-found sample and boost the overall number of interviews achieved.

Additional interviews will be charged at £40 (CATI) or £21 (online)


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For further information

www.bdrc-continental.com

+44 (0) 20 7400 1016

+44 (0) 79 6645 4958

[email protected]

Mark Long Director

Follow us on:

www.linkedin.com

+44 (0) 20 7400 1006

[email protected]

Karen Troubridge Associate Director

+44 (0) 79 6126 9019

http://www.bdrc-continental.com/

http://twitter.com/

http://www.linkedin.com/

http://www.linkedin.com/


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Conditions of contract / 1

1. DEFINITIONS In these conditions:- 1.1 “the Client” means the person, firm, company or organisation to whom the proposal is

addressed. 1.2 “the Company” means BDRC Continental Ltd (and any of its subsidiaries) whose

registered office is at Kingsbourne House, 229-231 High Holborn, London WC1V 7DA. 1.3 “the Contract Date” means the date of confirmation of contract. 1.4 “the Information” means all data produced pursuant to the provision of the Service,

including but not limited to completed questionnaires, electronic media, the findings of the survey and the survey report or presentation.

1.5 “the Service” means the provision by the Company to the Client of the research and the information, details of which are set out in the proposal.

2. FORMATION OF THE CONTRACT 2.1 These conditions shall form the basis of the contract between the Company and the

Client. Notwithstanding anything to the contrary in the Client’s standard booking conditions, these conditions shall apply except so far as expressly agreed in writing by a person authorised to sign on behalf of the Company. Any variation to this contract in terms of techniques or sample shall not affect any of the other terms of this contract.

2.2 No servant or agent or the Company has power to vary these conditions orally. 2.3 Unless otherwise expressly stated in writing, all quotations and estimates by the

Company are invitations to treat. The Client’s confirmation of commissioning is an offer which will be accepted by the Company posting its confirmation of contract.

2.4 The signature of the Client or its representative of this confirmation of contract shall constitute acceptance by the Client of these conditions. In the absence of signature by or on behalf of the Client of these conditions, the agreement of the Client by e-mail will constitute acceptance by the Client of these conditions.

2.5 The Company will provide the Service to the Client at the request of any representative of the Client unless otherwise instructed in writing by the Client.

2.6 The construction, validity and performance of these conditions and this contract shall be governed by English Law.

2.7 These conditions supersede all previous terms and conditions of contract issued by the Company.

2.8 These general conditions shall be subject to such special conditions as may appear in the letter.

2.9 In the event of any conflict, or apparent conflict, between the special conditions and these general conditions, the special conditions shall prevail.

2.10 All notices to be served hereunder shall be served by first class pre-paid post, facsimile message or e-mail at the registered office or principal trading address of the intended recipient.

Notices shall be deemed served when they would ordinarily have been received in normal business hours according to the means of transmission of such notices.

2.11 All proposals and fees are valid for a period of three months unless otherwise stated. If after this period no major part of the project has started, the Company reserves the right to reappraise the fees.

3. CANCELLATION 3.1 The consent of the Company to cancellation or variation of the contract shall not in any way

prejudice the Company’s right to recover from the Client full compensation for any loss or expense arising from such cancellation or variation on an indemnity basis.

3.2 Subject to any special conditions appearing in the proposal, the Client may terminate the contract by giving not less than 1 month's prior notice of termination.

3.3 In the event of termination of the contract prior to completion of the Service, the Client will be liable to pay that proportion of the fees (as set out in the survey confirmation email) as represents all work carried out, expenses incurred and financial commitments entered into by the Company as at the date of termination of the contract in accordance with clause 3.2 above, such proportion to be calculated by the Company at its sole discretion.

4. PRICE 4.1 The fees set out in the proposal shall apply only in relation to the techniques and sample

description set out therein. Any alterations to techniques or sample proposed by the Client may, at the sole discretion of the Company, result in increased fees being payable.

4.2 The provision by the Client of inaccurate information in relation to the Service may result in an increase in the fees set out in the proposal.

4.3 The fees are quoted exclusive of VAT which will be added to all invoices at the rate applying at the appropriate tax point, except as varied for export clients.

4.4 If, through any currency fluctuation, the sterling equivalent of the cost to the Company of any obligations incurred in respect of overseas work for the Client exceeds the cost reflected in the proposal, the Company shall be entitled to charge for such obligations at the exchange rate which is in operation at the time remittance is made abroad.

5. PAYMENT 5.1 Unless the proposal makes specific provision for phased payments, the fees payable in

respect of the Service will be invoiced as [50% upon commissioning and 50% upon delivery of the information]

5.2 Invoices in respect of the Service are payable within 30 days of the date of the invoice. 5.3 The Company reserves the right to charge interest on overdue invoices at 3% per annum

above the base rate from time to time in force of HSBC PLC. 5.4 The Client shall not be entitled to set off against any amount payable under this contract

any amount due by the Company to the Client under any other agreement. 5.5 Without prejudice to any other rights of the Company, if the Client shall fail to make punctual

payments of any monies due under any agreement between the Company and the Client, the Company may at its option, either withhold the provision of the Service and/or the information, until the total indebtedness of the Client to the Company has been discharged, or cancel this contract.


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Conditions of contract / 2

5.6 The Company reserves the right at any time at its discretion to demand security for payments before continuing with the provision of the Service or delivering any of the information to the Client, notwithstanding any subsisting agreement to provide credit to the Client or any provision to the contrary contained in these conditions.

6. COPYRIGHT AND CONFIDENTIALITY 6.1 The copyright in the information and research design shall be and shall remain owned

by the Company. 6.2 All of the information is confidential to the Company. To the extent that the information

is given to the Client, the Client undertakes to take all reasonable precautions to maintain the confidentiality of the information and not to allow access to the information other than to:-

6.2.1 those of the Client’s employees who have reasonable need to have access to same; and

6.2.2 professional advisers to the Client (such as advertising agencies and P.R. Consultants) but only on the specific understanding that such professional advisers do not pass on or use any of the information for clients of theirs other than the Client.

6.3 In the event of the Client wishing to publish all or any part of the information, the Client must obtain the prior written approval of the Company and must acknowledge the Company as the source of the published material, such approval not to be unreasonably withheld.

6.4 The information (in whatever form) shall at all times remain the property of the Company which may, at its discretion, destroy all or part of same after one year following the date of delivery of the information.

6.5 Any Research Plan or Research Proposal submitted to the Client by the Company before contract is agreed, is submitted on the understanding that it is for the Client's consideration only and that it will not be shown to any third party. The Client shall not be entitled to use such plan or proposal if the contract is not awarded to the Company.

6.6 Where the Company's name is associated with any public presentation or with any widely circulated document relating to the information, the Client agrees that the Company shall have the right to publish relevant results and information about the research with its own interpretation, if the Company considers such publication necessary to correct a misleading impression or to protect its reputation.

7. CARRYING OUT OF SERVICE 7.1 In the event that the Company shall be commissioned to conduct a survey requiring

interviewees to examine or use any products, the Client shall indemnify the Company against any action by any interviewee or third party relating to the description, presentation or use of such products whether or not the Client is the manufacturer, distributor or agent for such products.

7.2 Any alteration to techniques or sample sizes from those set out in the proposal, proposed or acquiesced to by the Client, may result in the delivery of the Information being delayed.

7.3 The Company reserves the right to sub-contract all or any part of the Service, including but not limited to the research described in the proposal, to recognised suppliers, but subject to the appropriate quality controls and to the prior notification to the Client of the intention to sub-contract.

7.4 If the Company is required by the Client to sub-contract any part or parts of the Service to a named sub-contractor or one or more named sub-contractor, no warranty can be given by the Company as to the quality of accuracy of such part or parts of the Service.

7.5 The Company will use its reasonable endeavours to deliver the information on or before the date stated as the Delivery Date in the proposal but time of delivery of the Information shall not be of the essence unless otherwise specifically stated.

8. NON-SOLICITATION 8.1 The parties each undertake with the other that during the period commencing on the Contract

Date and ending six months following the date of delivery of the Information, neither party shall canvass, or solicit for direct or indirect employment, any personnel of the other party, or proceed with any approach made by or on behalf of any such personnel, unless the prior written consent of the employing party is obtained.

9. QUALITY OF SERVICE 9.1 The Information will contain material derived from sample surveys carried out in accordance

with accepted market research methods and as such, are subject to limits of statistical error. 9.2 The Company shall use all reasonable endeavours to ensure the accuracy of the Information,

but no warranty is given as to the accuracy of any data provided by interviewees. 9.3 All warranties or other terms implied by statute or otherwise shall not apply to this contract,

including but not limited to those implied by the Supply of Goods and Services Act 1982 and the Consumer Protection Act 1987.

9.4 The Company shall not be liable for any consequential or indirect loss suffered by the Client or any third party in relation to the contract and the Client shall indemnify the Company in respect of any claim of any person in respect of such consequential or indirect loss.

9.5 The entire liability of the Company under this contract shall not in any event exceed the fees payable under this contract, save in respect of the Company’s liability for death or personal injury resulting from negligence, where liability shall not exceed the company's insured limit.

10. FORCE MAJEURE 10.1 The Company shall not be liable for any delays in or failure to provide the Service arising from

circumstances outside its control, including but not limited to changes in government policy (in the country where the research is undertaken), lockouts, fire, accident, adverse weather conditions, war, terrorism, civil unrest, or postal or railway strikes.

11. WAIVER 11.1 The failure by a party to enforce in any instance the performance by the other of any provision

of the contract shall not be construed as a waiver of the first party’s rights to future performance of such or any other provision of the contract.

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