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Vague Claims or Actual Performance Data in the Branch

October 7, 2015

By Gordon A. Williams IV, Executive Vice President of FMSI

 You probably hear it all of the time.  “World’s Best Cup of Coffee”, “New York’s Best Pizza”, or “Best Brisket in Texas”.  It’s always enjoyable to hear groups make grandiose claims about being the best at something, but then I often find myself wondering what makes an organization make such a claim.  The beauty of all these claims is that it is near impossible to prove or disprove the validity, and more often than not subjective evidence is used to support these accolades.

The world of financial services is full of similar situations as described above.  Nearly every organization that has crossed my path in the last ten years has shared a belief that their member service or customer service is what makes them different than every other institution in the marketplace.  It’s what makes them the best place to bank in the eyes of the organization.

Vague Claims vs. Actual Data

Often times when you dig down into those claims and ask why an organization believes this—they’ll share they believe this due to their culture, lack of complaints from account holders, or from a story that a member told them regarding their experience compared with another financial institution.

While these are all wonderful things, technology has enabled organizations to put more objective analytics around these claims, validating the notion that your member service or customer service makes you better than the rest of the financial institutions within your marketplace.

Simple Technologies, Robust Results

A number of credit unions have begun turning to a company called Happy or Not to help validate the notion that they are delivering impeccable service to their membership.  This technology consists of a simplistic kiosk that allows a member to choose from four different faces that correspond with a great experience, good experience, an experience that could use some improvement, or a bad experience.  The simplicity of the system is what has account holders embracing the technology because they simply have to push one button as they are leaving a branch after a visit.

At FMSI, we now have nearly 100 organizations that have deployed our Omnix Lobby Tracker™ to allow measurement of the account holder branch experience.  This technology consists of a streamlined process that allows the tracking of how long every account holder waits before being seen by a sales or service specialist, how long every product or service interaction takes with the account holder, and if additional products or services were provided to that account holder beyond their initial interest when coming into the office.

Again, the simplicity of this solution is what has branch personnel embracing the technology.  With only a couple clicks through their web browser, the result is a wealth of knowledge around what type of service is being delivered to account holders.

What about your organization?  Do you tout that your service is what differentiates you from every other institution in town?  Do you find yourself making claims that people bank with you because your experience is different than anywhere else?  What objective evidence do you have to support those claims?  If the answers are tough to come by, challenge your staff to evaluate new technologies that tell the rest of the story.

Imagine a marketing message that includes 98% of the account holders visiting your branch rating their experience with the highest satisfaction level after seeing someone on your team.  Additionally, this postcard/email could share that 95% of your account holders never waited longer than three minutes before seeing someone about a new account or service within your branch office.  The technology exists for these sales and service improvement possibilities and so much more—it just takes someone creating an environment of objectivity, not subjectivity.

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