Drive Research recently conducted a customer survey for a bank via email and phone in cooperation with the agency of record for the financial institution.
A feedback survey is an excellent Voice of Customer (VoC) tool to acquire measurements of satisfaction, drivers to loyalty, and how a bank can simply better serve its audience.
Drive Research recently conducted a customer survey for a bank via email and phone. Learn more about the objectives, approach, and results from this study.
The market research study provided the bank and advertising agency with the necessary data to better understand retail and personal customer satisfaction, customer loyalty, competitive differentiators, and other key performance indicators (KPIs) in the targeted multi-state regions.
The data and findings from the market research provided the regional bank with unbiased, credible, and representative views of its customer base and the general community to guide decisions. Secondary objectives were also addressed.
To address the objectives at-hand, Drive Research recommended using an online survey with supplemental phone surveys to bank customers to collect feedback. Drive Research placed targeted phone calls to those without email addresses to collect responses. This ensured older age groups who might be underrepresented in the email survey were heard from.
Drive Research reviewed former retail and personal satisfaction studies conducted by the bank to serve as a benchmark for this new survey. This survey addressed key objectives for the study including key performance indicators (KPIs) carried over from prior years as well as new questions to address fresh insights.
Some of the questions are expected to address:
- Customer satisfaction
- Drivers of satisfaction and dissatisfaction
- Usage of the bank as a primary financial institution (PFI)
- Likelihood to recommend (NPS)
- Satisfaction with several aspects of the customer experience
- Usage of different channels of banking
- Percentage of customers having problems with service
- The degree in which customers plan to add new products or services in the next 12 months
Drive Research also recommended the bank send a pre-notice of the survey to the sample of customers selected at random. The notice helped boost response rates and credibility of the survey. Branch Managers were also be made aware of the legitimacy of the survey so these employees can handle questions from customers.
The survey took approximately 15 minutes to complete online. This was longer on the phone version. Quotas and sample strategies were defined to acquire a number of completes across the regions to compare findings.
- A total of 1,406 responses were received on the retail survey.
- 1,201 email surveys were completed (8.6% response rate) with the client-provided sample.
- 205 telephone surveys were completed to reach those less likely to complete via email.
- A $10 Amazon gift card was offered to those who completed the survey.
- The fieldwork was completed from July 3 through August 1, 2019.
- A similar retail climate study was last conducted in 2011. However, the previous study was conducted solely via telephone and significant changes were made to the script for the current iteration. Caution was taken when comparing current results to 2011.
- For reporting purposes, the report analyzed the results based on key demographics (age, income, region, tenure, product engagement, customer type, satisfaction level, and channel preference).
- The analysis reveals a +/- 2.6% margin of error at the 95% confidence level with a true random sample.
Meaningful differences between sub-groups were highlighted throughout the report.
The analysis and findings were compiled into a full market research report for the bank and the advertising agency. It included the following sections:
- Background and methodology
- Executive summary
- Factors in choice
- Overall satisfaction and likelihood to recommend
- Drivers to satisfaction and dissatisfaction
- Preference for banking
- Using the bank as a PFI
- Competitive PFI
- Gap analysis (bank usage of products vs. competitive usage of products)
- What customers would like to see offered
- Gap analysis (bank product usage vs. expected products to add in the next 12 months)
- Retail satisfaction scorecard
- Strategic implications
- Survey charts
The report included all of the following cross-tabulations:
- By Age. Data split by 3 key customer age groups: (1) 18 to 34, (2) 35 to 54, (3) 55 or older.
- By Region. Data split by key geographies.
- By Customer Type. Data split by those customers who: (1) have retail accounts only and (2) have retail and business accounts (both)
- By PFI (Primary Financial Institution). Data split by those customers who mention: (1) the bank as their PFI and (2) another financial institution as their PFI.
- By Channel Preference. Data split by those customers who stated they prefer to conduct business via: (1) in-branch, (2) through digital channels (online banking and mobile app), and (3) another channel (ATM, depository, etc.)
- By Income. Data split by customers who have household incomes of: (1) under $75,000 and (2) $75,000 or more.
- By Customer Tenure. Data split by customers who have been with the bank: (1) 5 years or less and (2) more than 5 years.
- By Number of retail products. Data split by those who: (1) have 1 or 2 retail products and those who (2) have 3 or more retail products.
Contact Drive Research
Interested in conducting a bank customer survey with our market research firm? We can help guide you on the right methodology and the right questions to ask to answer your objectives. Contact us below for a custom proposal.