Equinox Consulting

Mobilise the bank! Step 4: Customer Satisfaction = professional growth of advisers

Jean Bouvier at 2015-09-22 in Décryptage

To celebrate the release of our management book, « Faites bouger la banque ! » (Mobilise the bank!), here is our fourth and final excerpt!

 


 

Excerpts from interviews with retail banking leaders in France:

In a world marked by ‘infobesity’ where everything is found online, we need to help customers sort through this information overload and provide them with value-added information to facilitate decision-making.

But this is not enough. We live in a period of distrust of corporations. Some consumers come to believe that the recommended solution is not necessarily the one that suits them the best but the one that maximizes the profit of the bank. We need to therefore restore confidence. We need to convince customers that we are proposing a long-term and sustainable relationship, which entails a desire to satisfy long-term expectations.

[…] « Earlier, we used to consider the average rate of satisfaction, and we used to analyse and follow the « soft underbelly ». Today we are more interested in extremes: which section of our customers have turned out against us after an unsatisfactory experience? Which customers are ready to recommend us to their family circle? »

 

Faites bouger la banque Acte 4-2Illustration credits: Gabs for Equinox – Cognizant, 2015

[…] « Some digital tools spark off even more resistance than remote banking itself. Advisers continue to think that most of the sales work is done during branch appointments: it is embedded in their DNA. But with these new tools, everything goes much faster: for example, the electronic tablets enable customers to fill and append within minutes an electronic signature to a contract. On one hand, the sales representatives appreciate not having to scan, print, sign and archive documents and contracts in n number of copies, but on the other hand, they feel a bit deprived of these tasks and are disturbed by the shortening and simplification of the sales process. »

[…] « The digital system generates a higher flow of applications, and can potentially increase stress. When a customer sends an email, she/he expects a prompt response. The adviser becomes immersed in the immediacy of things, and experiences more pressure of time. This is not necessarily easy to live through for teams, but we feel that the satisfaction and loyalty of our customers go hand-in-hand with that of our employees. That is why we drive the concept of managerial symmetry, which consists of adopting the same customer-oriented values both externally and internally. This idea is based on a simple principle: to have employees committed to customer satisfaction; the HR must be focussed on employees. An adviser with better professional prospects will always be more motivated to carry out her/his task well. To reach this positive state of mind, it is important that she/he feels good in the company. To this end, we ask managers to support their field teams more, and we work to improve the quality of working life of advisers. »

 Faites bouger la banque Acte 4Illustration credits: Gabs for Equinox – Cognizant, 2015

Performance management based on new criteria therefore requires the involvement of branch managers. Traditionally, they are conceived more as a boss who rewards or condones the work rather than a coach who supports and develops her/his employees. Giving these managers a bonus envelope to be distributed freely based on qualitative criteria that are vague or too subtle, can easily degrade the work atmosphere in a team. To ensure that employees do not perceive the new criteria as subjective and unfair, these field managers are therefore confronted with a new benchmark, which examines how they exercise their supervision. Managers must also change the way they function: instead of a performance management based on « how much did you do?”, they will have to answer other questions related to  »how and why ». This correlates to a new way of appreciating and rewarding the achievement of targets.

[…] « We promote a collective performance approach. Regardless of the channel that the customer would have used to purchase a product, the branch which it is attached to will always reap the benefits to calculate the variable part of the remuneration of its employees. And the reverse is also true: a sale executed in a branch will also have a positive effect on the variable pay of the CRC (« Customer Relationship Centre) teams.

We finally agree to offer double the rewards for the same sale, when all channels contribute to it. For the Branch Managers, their bonus is also based on qualitative indicators. We seek to evaluate the efforts made by managers to support their staff and ensure proper follow-up of cases. This type of evaluation brings us back to our quality plan and the implementation of associated indicators and labels in branches. »

 

 

Wish to know more? Contact Jean Bouvier to get your own copy of « Faites bouger la banque ! »

 

 Jean Bouvier    Jean

Partner

Digital, Retail and SFS

Subscribe to our newsletter