TORONTO, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Retail bank branches across Canada have undergone tremendous physical change in the last few years. The look and feel of retail branches have improved drastically but to what extent has the retail client experience evolved.
DALBAR recently introduced its newest monitor program, BranchMonitor. This highly focused program is designed to monitor bank branches on a regular basis to assess how well the banks are doing at meeting client needs and shaping the overall client experience.
On a quarterly basis, mystery shoppers visit bank branches to complete a pre-determined transaction. Bank branches in the same local area will be measured to further understand how the experiences vary for clients across the street.
By taking routine temperature checks, over time emerging gaps, trends and best practices affecting the client experience will be identified. At the same time, these routine checks will reveal the level of consistency each bank achieves in servicing clients for a specified interaction.
Results for the inaugural report will focus on the onboarding experience of a new client opening a chequing account. Each quarterly report will focus on a specified type of transaction. Branch visits for the first report were made at BMO, CIBC, Scotiabank, RBC, and TD. Key highlights from the upcoming report include:
- Average time to open a Chequing Account is 25-30 minutes.
- Credit check completed without the client's full awareness on more than one occasion for one leading bank.
- Tokens of appreciation for the account open included: Thank you letters from the Branch Manager, hand written letter from Branch Representative with gift card, offers of extension to waive fees for 6-months.
The BranchMonitor will evaluate each interaction based on 55+ attributes for comparative purposes. Anita Lo, Vice-President at DALBAR commented that, "Interactions taking place in the branch environment reveal a great deal about the service, solution, and sales standards adhered to by the banks. Branch leaders can use a hand in understanding what happens the moment clients set foot onto their premises…this is a pivotal point in the client experience."
DALBAR's BranchMonitor program provides an objective approach to regularly evaluate an evolving retail environment.
To subscribe to DALBAR's BranchMonitor program, please contact Anita Lo at 416.777.1103 ext 223 or anitalo@dalbar.ca.
About DALBAR INC.: As the world's premier financial services strategy and operations research firm, DALBAR, INC. helps leading enterprises develop, build, and operate strong businesses that deliver sustained shareholder value growth. DALBAR's proprietary business design techniques, combined with its specialized industry knowledge and behavioural research expertise, enable companies to anticipate changes in customer priorities and the competitive environment, and then design their businesses and improve operations to seize opportunities created by those changes. The firm serves clients in the Americas and Europe.