Retail Banking & Financial Services

Increase new accounts and revenue per customer

Create an exceptional advisory experience and ensure compliance with regulatory standards.

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The financial services industry is highly regulated. In order to manage compliance with those regulations, you will need independent eyes and ears listening and observing your branches and locations. Our financial services mystery shopping and audit services minimize risk. We check the box on whether locations and employees conform to regulation ranging from the secure storage of financial documents to what financial advisors can say about investments.

Our clients have used our mystery shopping services to measure compliance of independent tax franchisees, advisory services in retail banks, and insurance agents. In all cases, we help you minimize risk and protect your brand's reputation. 
 

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Banks continue to invest in their brick-and-mortar branches. Although mobile apps and a move towards a cashless society make teller interactions less frequent, the in-person advisory experience remains critical to metrics like revenue per customer and retention. That advisory experience can be measured in two distinct ways, using both mystery shopping and customer experience surveys. Mystery shopping focuses on the advisor's ability to engage the customer, answer questions appropriately, and recommend relevant products.

Customer experience surveys assess subjective perceptions about the advisory experience: 

  • Did the advisor focus on my financial well being?
  • Did the advisor explain policies and product alternatives clearly?
  • Did I receive relevant product information? 
  • Will I continue with this bank or consider switching? 

All of these questions can be answered through a "better together" approach demonstrating the links between operational excellence and customer delight. 
 

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A customer journey map will help your financial services brand understand the various touchpoints customers use to interact with your brand. Each touchpoint has the opportunity to delight or frustrate the customer. Our goal is to help you understand the total customer experience, mapping and measuring interactions across all channels:

  • Key influencers of brand choice
  • Initial engagement with customer service representatives to open an account or obtain a safety deposit box
  • Interactions with tellers for cashing a third-party check, depositing a check, obtaining coinage, buying traveler's checks
  • Advisory experience for financial services and products
  • The online experience for setting up automatic bill pay
  • Branch call center experience and effective problem resolution

Experiences across all of these touchpoints will impact your customers' decisions to remain loyal to you. That will help you increase customer retention and life time value. 

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2017 Banking Industry Research

More Customers Consider Switching: New Banking Study

A new nationwide study by Market Force found that over one-fifth of banking customers are not satisfied with their current bank, and more are considering switching bank brands, compared to a year ago. Satisfaction levels have dropped considerably this year – 23% report being dissatisfied with their current bank relationship, compared to just 15% in 2016. Fourteen percent of all banking customers are considering switching banks in the next six months (a 2% increase).

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Thought Leadership

Measure Compliance and Customer Satisfaction | Banking & Financial Services | Market Force
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