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Achieving World-Standard Performance Results |
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Cohen Brown Retail AnalyticsSM, a division of the Cohen Brown Management Group, conducted a study of the customer experience when seeking to open a new account. The study used our Behavioral Mystery ShoppingSM process. One of the most significant metrics evaluated in the Behavioral Mystery Shopping process is the number and percentage of missed sales opportunities. This focus differentiates Behavioral Mystery Shopping from traditional mystery shopping.
Sample
615 branches from 33 banks were visited, and 374 calls were made to 35 bank call centers. The banks were geographically dispersed, and all were among the 60 largest banks in North America, with 15 in the top 20.
Scenario
The Mystery Shoppers presented themselves as affluent, middle-aged professionals with three immediate financial needs - Personal Banking, Business Banking and a Mortgage.
Summary of Branch Findings
While most banks did a good job of making the Shoppers feel welcome, the vast majority of the Shoppers were not assisted with their immediate financial needs either because overt clues were missed or there was no attempt to gain the Shoppers' business.
Seventy-five percent of the branch personnel made the Mystery Shoppers feel welcomed through words and actions, while only 24 percent of branch personnel made any attempt to close the sale, with even fewer obtaining information for follow up.
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The Shoppers had 1,845 immediate financial needs, 615 for personal accounts, 615 for business accounts and 615 mortgages.
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Based on the client experience, the Mystery Shoppers would have opened 214 accounts in 145 of the 615 branches shopped. This means that 1,631 immediate sales were left "on the table" and available for competitors.
Eighty-eight percent of sales opportunities were missed at the 615 branches shopped. The missed opportunities ranged from a "best" of 70 percent to a worst of 100 percent.
Summary of Call Center Findings
Call Center findings were similar to the branch experience. Most call centers did a good job of greeting Shoppers, but opportunities were missed because call center representatives made little or no attempt to assist Shoppers with their immediate financial needs (themselves or by referring the Shopper to a sales specialist).
Eighty-nine percent of call center representatives clearly introduced themselves by name, but only 16 percent of call center representatives made any attempt to obtain the business themselves or through a sales specialist. |
The Shoppers had 1,122 immediate financial needs, 374 for personal accounts, 374 for business accounts and 374 for mortgages.
Based on the client experience, the Mystery Shoppers would have opened 65 accounts with 58 of the 374 call centers shopped. This means that 1,057 immediate sales were left "on the table" and available for competitors.
Ninety four percent of sales opportunities were missed by the 374 call centers shopped. The percentage of missed opportunities ranged from a "best" of 77 percent to a worst of 100 percent.
See Press Release. |
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