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Financial Services
Moments of Truth NPS
Benchmarking
Proposals for a unique multi-client
feedback programme
20th September 2016
2
This proposal covers the following areas
Introduction
to this
document
1 The Moments
of Truth
programme in
a nutshell
2
The H2 2016
prospectus
3
We are pleased to publish proposals for a continuation of the programme in
H2 2016 and a re-defined package for 2017 and beyond.
The 2017
prospectus
4
3
Introducing this document
This prospectus sets out our plans for:
1. The H2 2016 wave (W6) of our established, bi-annual Moments of Truth NPS Benchmarking programme
2. Our plans for a significantly redefined programme for 2017 and beyond
The H2 survey wave is a continuation of the existing programme, utilising the previous methodology, with results
available to subscribers in December
The 2017 programme design has been refreshed, and incorporates feedback received from providers at the
inaugural subscriber workshop held in September. Key developments include:
• 30,000 interviews per year, quarterly fieldwork bursts, based on Moment of Truth experiences in the preceding 3
months
• Data available for analysis ‘on demand’ through a bespoke online reportal, quarterly infographics and annual
subscriber presentation
You are invited to review both elements and contact us to discuss participation in either or both studies
This programme has been supported by leading financial organisations in the UK
The Moments of Truth NPS
Benchmarking programme
‘in a nutshell’
5
Introducing the Moments of Truth benchmarking programme
Unique multi-client programme
launched by BDRC in Q1 2014
c.70,000 interviews already
conducted with a nationally
representative sample in UK
Focused on the delivery of 20+
key Moments of Truth in FS
Tracking market level trends
and brand
performance over time
Fully disclosed branded TNPS &
RNPS benchmarks
Pinpoint the most impactful
drivers of performance that
significantly influence NPS
6
The programme is expanding outside the UK
Launched in
Australia in 2015
Launched in NZ
in late 2015
Developed and
launched in the UK
Currently being
developed in
Singapore
Currently being
developed in
BDRC Americas
7
The programme is highly valued by subscribers
The breadth of customer experiences covered in the survey is one of its key
strengths and being able to benchmark TSB’s performance across these has been
extremely valuable for us.
Mark and Karen are a pleasure to work with and the debrief sessions are a
great opportunity to all get together and discuss the findings from the most
recent survey.
Nicola Hayden
Market Insights
“ “
The H2 2016 Moments of
Truth NPS Benchmarking
prospectus
PLEASE RESPOND BY: 30TH SEPTEMBER
9
The programme is statistically rigorous and allows for stakeholder input and customisation
15,000 x online consumer interviews
Toluna panel as our online sample source
A large, nationally
representative
sample of UK adults
Data rim-weighted to UK National rep
Key Drivers Analysis, data analysed and presented at a syndicate meeting
in London. Option for tailored, on-site presentations
Key Drivers
Analysis
undertaken on
final data set
Option for subscribers to provide customer sample boosts of known
contactors to increase sample sizes
Subscribers able to include their own confidential questions within the
survey content
Options for
subscribers to
provide additional
content
10
Used a mobile banking
app
Used online banking for
any reason
Changed personal
details
Opened or transferred a
savings or ISA account
Opened / switched a
current account
Applied for product
/ service via OLB
Lost or stolen
debit / credit card
Opened or transferred
an ISA
Taken or renewed
build/cont. insurance
Visited a high
street branch
Suspected fraud on
current account
Contacted by
telephone
Applied for a
mortgage
Contact about
existing mortgage
Closed mortgage
Reported a
bereavement
Debit card / credit
card trans decline
Made a complaint
Discussed repayment
difficulties
Experiences are proposed for benchmarking in H2 2016
We actively welcome subscriber suggestions for new or replacement Moments of Truth.
We establish the recency of each experience to provide more focussed time horizons that can be
anything from 12 months to less than one week, where sample size permits.
In H2 2016, we propose the Moments of Truth summarised below.
New additions are shown in green. Experiences in red are proposed for removal in for H2 2016.
Application for credit
declined
Opened or switched a
credit card
NEW: Used an overdraft facility on your current account (authorized or unauthorized)
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Projected sample sizes by brand for selected Moments of Truth
Moment of Truth
Used OLB for any reason 1159 1246 1305 994 1283 1188 871 427 256 304 35 335 191 12
Visited a branch 1289 1121 1293 969 1212 1149 978 391 187 298 30 n/a 201 25
Contacted by telephone 476 432 492 344 421 429 386 140 174 133 18 191 66 6
Used a mobile banking App 668 549 511 362 562 689 394 184 92 165 6 152 81 3
Opened/transferred an NISA 116 279 159 295 109 64 95 37 16 19 142 25 21 10
Changed personal details 227 189 220 146 214 229 154 79 41 59 11 30 24 4
Opened a savings account 101 212 162 271 157 105 78 121 26 19 58 55 19 18
Open/switched current acc. 93 181 261 183 126 132 80 156 35 27 10 54 22 1
Made a complaint 122 110 118 73 111 120 71 25 18 38 6 12 17 1
Existing mortgage contact 80 148 132 147 69 80 66 18 24 26 15 15 11 14
Total sample size per brand
in Q1 2016 programme 2553 2453 2768 2299 2408 2366 1730 1130 601 674 122 608 420 78
Sample size is 50+ Sample size is 0-49
Figures from Q1 2016
Tier 1 Providers Tier 2 Providers
(Some sample boosts may be required)
12
Each transactional Moment of Truth NPS rating will be supplemented by a short battery of questions designed to establish the circumstance and nature of the engagement.
Key themes are identified within Promoter & Detractor verbatim comments. ALL verbatim comments will be supplied to subscribers.
Results will be delivered at a syndicate presentation hosted at BDRC’s offices in central London.
This offers an excellent opportunity to network with peers from other participating organisations and discuss the findings and implications as a group.
Each Moment of Truth NPS rating is supported by additional insight and context
13
As a core part of our proposal, we will apply Key Driver Analysis (KDA) to the NPS Benchmarking data set.
KDA uses multiple regression to identify the specific parameters of a service experience that drive a particular
action or outcome. Some of the questions that driver analysis will answer in this programme are:
Advanced Analytics will provide further insight into the drivers of NPS
Within an experience which service elements
drive promotion and detraction?
To what extent does the channel
drive NPS?
How do the different transactional
experiences impact on Relational NPS?
Is there a link between recency or experience
and NPS outcome?
How do these outcomes vary by brand? Does customer ease impact on
transactional NPS?
14
Key milestones for the H2 2016 survey wave
Deadline for
participation and
questionnaire
feedback
w/e 30th Sep
H2 2016
fieldwork soft
launch
w/c 24th Oct
Topline results
available to
subscribers
w/c 21st Nov
H2 2016
fieldwork
completes
w/c 14th Nov
Final report
available and
presentation
w/c 12th Dec
Scripting and
testing of
survey
w/c 3rd Oct
Optional, tailored subscriber presentations will be delivered on an agreed date after the syndicate presentation.
Subscribers wishing to supply a booster sample of contactees (email addresses) for inclusion would need to
provide that to BDRC by Wednesday 12th October.
The 2017 Moments of
Truth NPS Benchmarking
prospectus
PLEASE RESPOND BY: 31st OCTOBER
16
Quarterly data collection to allow regular, dynamic assessment of Moments of Truth,
collecting 7,500 interviews at the end of each quarterly period
An innovative, flexible, on-going benchmarking monitor of Moments of Truth service
delivery across financial services in the UK
Questionnaire to be refreshed on a bi-annual basis but content and structure to remain largely
unchanged from that agreed in H2 2016
Options remain for sample boosts (panel or client supplied),
confidential question placement, on-site tailored presentations etc.
Online, anytime access to the latest results – subscribers will have the ability to access the
most up to date results (uploaded each quarter) and generate tailored reports through an
online reportal
Quarterly dashboard updates and annual syndicate presentation to provide deep dive
analysis of the results
Evolving the Moments of Truth NPS Benchmarking programme in 2017
17
Projected sample sizes for Moments of Truth
In response to subscriber feedback, the 2017 programme will focus on service delivered in a narrower time
horizon ‘last 3 months’ rather than a 12 month period as was the case previously
Using the results from Q1 2016, this will generate the following projected sample sizes per MoT (without taking
into account the further changes / improvements to the programme):
Note: MoTs in grey are candidates for removal in 2017 and additions in green
NEW: Used an overdraft facility on your current account (authorized or unauthorized)
Experience Experienced in the last 3 months Annual sample size
% experienced 7,500 30,000
Used Online Banking for any reason 99% 5,190 20,760
Visited a high street branch for any purpose 87% 4,150 16,600
Taken out or renewed buildings or contents insurance 36% 1,030 4,120
Used a mobile banking service via an app 96% 2,300 9,200
Contacted your bank or building society by telephone 75% 1,580 6,320
Applied for new products or services using online banking 62% 730 2,920
Contacted your bank or building society to change personal details 45% 410 1,640
Transferred an ISA 51% 460 1,840
Opened or transferred a new savings or ISA account 50% 440 1,760
Opened / switched to a new credit card 46% 400 1,600
Made a balance transfer between credit cards 65% 540 2,160
Opened or switched a current account 48% 360 1,440
Reported a lost or stolen debit card / credit card 40% 280 1,120
Had a debit card/credit card transaction declined 73% 460 1,840
Made a complaint about a product or service 69% 420 1,680
Contacted your mortgage lender about your existing mortgage 65% 330 1,320
Had an application for credit declined 62% 260 1,040
Applied for a mortgage 41% 120 480
Reported the death of a relative/friend 37% 110 440
Closed a mortgage 36% 70 280
Discussed repayment difficulties on a lending product 68% 130 520
18
12. 840 470 120
13. 570 750 50
14. 470 280 50
15. 390 390 10
16. 380 250 70
17. 300 200 40
18. 240 970 150
19. 240 130 100
20. n/a 1,460 10
21. n/a 880 140
22. n/a 670 150
1. 5,540 4,440 1,310
2. 5,110 3,270 850
3. 4,910 4,690 1,460
4. 4,820 3,400 650
5. 4,730 2,760 700
6. 4,600 4,970 1,470
7. 3,460 2,160 540
8. 2,260 1,430 290
9. 1,350 930 260
10. 1,220 920 150
11. 1,200 950 200
Based on projections of Q1 2016 data
Current
account
Savings
account
Mortgage
account
Projected annual sample sizes at brand level
Current
account
Savings
account
Mortgage
account
This does not take into account the prioritisation changes we will
be imposing on the programme in 2017 and moving forward
19
Moments of Truth programme 2017
Further improvements and changes to the programme moving forward include:
Prioritisation of lower incidence journeys (allowing more respondents to rate their
experiences of niche MoTs)
Cap on sample sizes at brand level (without compromising confidence levels) to allow
smaller brands to be permitted to the benchmark e.g. regional building societies
A reduced list of Moments of Truth (to allow a deeper
exploration of each MoT)
A special assessment of the experience of customers with permanent
or temporary impairments or disabilities across key contact channels
20
An interactive reportal will allow
access to the most recent results
quickly and efficiently
Results will be crystallised into a
one-page infographic, distilling
findings into key headlines
A full deep dive of analysis across
the year, and a chance to discuss
results with your co-subscribers
ONLINE INTERACTIVE REPORTAL QUARTERLY INFOGRAPHIC ANNUAL SYNDICATE PRESENTATION
New deliverables for 2017
21
• Dashboards using predetermined data to monitor
quarterly tracking KPIs
• Interactive functionality with pre-defined filters to allow
users access to specific information such as individual
brands, MoT, time horizon etc.
• Fieldwork updates
• Generate
bespoke reports
A flexible ‘one-stop shop’ to provide subscribers with a more hands on experience
QUARTERLY INFOGRAPHIC
• Easily shared across the business
• Succinct document to distil main
headlines for key stakeholders
• Visual representation of findings to
be used for PR purposes (or
evidence for CMA requirements)
• Can be designed according to brand
logos / guidelines (as required)
Infographics are a useful tool to distil key headlines in a user-friendly way
ONLINE INTERACTIVE REPORTAL
New deliverables for 2017
22
Fulfilling the CMA’s new remedial requirements
The CMA’s recent Retail Banking market investigation report states that there will soon be a requirement to
compel banks to publish data about how much their customers like them, and how they perform on a
number of different service metrics
The CMA’s requires an independent polling company to survey a robust sample of each bank’s customers to
enable banks to publish the results on their websites – including details of how they compare to their peers
This included 3 foundation measures as shown below:
BDRC’s Moments of Truth programme can provide the required evidence to
fulfil the CMA’s requirements
Source : Fairer Finance Source : CMA
23
Subscription fees will be based on market share and customer incidence within the programme
All packages will include:
• 30,000 interviews distributed evenly across 4 quarterly survey waves (7,500 interviews
per quarter)
• Log in access to the reportal data any time
• Quarterly dashboard report from BDRC
• Annual syndicate workshop
• Annual syndicate presentation
Optional extras:
• Back data related to previous subscriptions to be included in online reportal
• Hierarchy set up with controls on content for various users of the online reportal
• Analysis tools allowing any cross-breaks and down-breaks to be added to the reports
• Additional info-graphics
Moments of Truth programme in 2017
24
Key milestones for 2017
Subscription confirmations : By Monday 31st October 2016
Questionnaire circulation and sign off : January 2017
Survey set up and testing : February 2017
Survey soft / full launch : March 2017
Subscriber portal launch : March 2017
Quarterly infographic : Mid April 2017
Q2-Q4 fieldwork : June, September, December 2017
Q2-Q4 infographics : July, October 2017, January 2018
Subscriber workshop : October 2017
Annual presentation : January 2018
Contact us for further information
Karen Troubridge
+44 (0) 207 400 1006
+44 (0) 796 126 9019
Associate Director
Mark Long
+44 (0) 207 400 1016
+44 (0) 796 645 4958
Director
26
1. DEFINITIONS
In these conditions:-
1.1 “the Client” means the person, firm, company or organisation to whom the proposal is
addressed.
1.2 “the Company” means BDRC Continental Ltd (and any of its subsidiaries) whose
registered office is at Kingsbourne House, 229-231 High Holborn, London WC1V 7DA.
1.3 “the Contract Date” means the date of confirmation of contract.
1.4 “the Information” means all data produced pursuant to the provision of the Service,
including but not limited to completed questionnaires, electronic media, the findings of
the survey and the survey report or presentation.
1.5 “the Service” means the provision by the Company to the Client of the research and
the information, details of which are set out in the proposal.
2. FORMATION OF THE CONTRACT
2.1 These conditions shall form the basis of the contract between the Company and the
Client. Notwithstanding anything to the contrary in the Client’s standard booking
conditions, these conditions shall apply except so far as expressly agreed in writing by
a person authorised to sign on behalf of the Company. Any variation to this contract in
terms of techniques or sample shall not affect any of the other terms of this contract.
2.2 No servant or agent or the Company has power to vary these conditions orally.
2.3 Unless otherwise expressly stated in writing, all quotations and estimates by the
Company are invitations to treat. The Client’s confirmation of commissioning is an
offer which will be accepted by the Company posting its confirmation of contract.
2.4 The signature of the Client or its representative of this confirmation of contract shall
constitute acceptance by the Client of these conditions. In the absence of signature
by or on behalf of the Client of these conditions, the agreement of the Client by e-mail
will constitute acceptance by the Client of these conditions.
2.5 The Company will provide the Service to the Client at the request of any representative
of the Client unless otherwise instructed in writing by the Client.
2.6 The construction, validity and performance of these conditions and this contract shall
be governed by English Law.
2.7 These conditions supersede all previous terms and conditions of contract issued by
the Company.
2.8 These general conditions shall be subject to such special conditions as may appear in
the letter.
2.9 In the event of any conflict, or apparent conflict, between the special conditions and
these general conditions, the special conditions shall prevail.
2.10 All notices to be served hereunder shall be served by first class pre-paid post,
facsimile message or e-mail at the registered office or principal trading address of the
intended recipient.
Notices shall be deemed served when they would ordinarily have been received in
normal business hours according to the means of transmission of such notices.
2.11 All proposals and fees are valid for a period of three months unless otherwise stated. If after
this period no major part of the project has started, the Company reserves the right to
reappraise the fees.
3. CANCELLATION
3.1 The consent of the Company to cancellation or variation of the contract shall not in any way
prejudice the Company’s right to recover from the Client full compensation for any loss or
expense arising from such cancellation or variation on an indemnity basis.
3.2 Subject to any special conditions appearing in the proposal, the Client may terminate the
contract by giving not less than 1 month's prior notice of termination.
3.3 In the event of termination of the contract prior to completion of the Service, the Client will
be liable to pay that proportion of the fees (as set out in the survey confirmation email) as
represents all work carried out, expenses incurred and financial commitments entered into
by the Company as at the date of termination of the contract in accordance with clause 3.2
above, such proportion to be calculated by the Company at its sole discretion.
4. PRICE
4.1 The fees set out in the proposal shall apply only in relation to the techniques and sample
description set out therein. Any alterations to techniques or sample proposed by the Client
may, at the sole discretion of the Company, result in increased fees being payable.
4.2 The provision by the Client of inaccurate information in relation to the Service may result in
an increase in the fees set out in the proposal.
4.3 The fees are quoted exclusive of VAT which will be added to all invoices at the rate
applying at the appropriate tax point, except as varied for export clients.
4.4 If, through any currency fluctuation, the sterling equivalent of the cost to the Company of
any obligations incurred in respect of overseas work for the Client exceeds the cost
reflected in the proposal, the Company shall be entitled to charge for such obligations at the
exchange rate which is in operation at the time remittance is made abroad.
5. PAYMENT
5.1 Unless the proposal makes specific provision for phased payments, the fees payable in
respect of the Service will be invoiced as [50% upon commissioning and 50% upon delivery
of the information]
5.2 Invoices in respect of the Service are payable within 30 days of the date of the invoice.
5.3 The Company reserves the right to charge interest on overdue invoices at 3% per annum
above the base rate from time to time in force of HSBC PLC.
5.4 The Client shall not be entitled to set off against any amount payable under this contract
any amount due by the Company to the Client under any other agreement.
5.5 Without prejudice to any other rights of the Company, if the Client shall fail to make punctual
payments of any monies due under any agreement between the Company and the Client,
the Company may at its option, either withhold the provision of the Service and/or the
information, until the total indebtedness of the Client to the Company has been discharged,
or cancel this contract.
27
5.6 The Company reserves the right at any time at its discretion to demand security for
payments before continuing with the provision of the Service or delivering any of the
information to the Client, notwithstanding any subsisting agreement to provide credit to
the Client or any provision to the contrary contained in these conditions.
6. COPYRIGHT AND CONFIDENTIALITY
6.1 The copyright in the information and research design shall be and shall remain owned
by the Company.
6.2 All of the information is confidential to the Company. To the extent that the information
is given to the Client, the Client undertakes to take all reasonable precautions to
maintain the confidentiality of the information and not to allow access to the
information other than to:-
6.2.1 those of the Client’s employees who have reasonable need to have access
to same; and
6.2.2 professional advisers to the Client (such as advertising agencies and P.R.
Consultants) but only on the specific understanding that such professional
advisers do not pass on or use any of the information for clients of theirs
other than the Client.
6.3 In the event of the Client wishing to publish all or any part of the information, the Client
must obtain the prior written approval of the Company and must acknowledge the
Company as the source of the published material, such approval not to be
unreasonably withheld.
6.4 The information (in whatever form) shall at all times remain the property of the
Company which may, at its discretion, destroy all or part of same after one year
following the date of delivery of the information.
6.5 Any Research Plan or Research Proposal submitted to the Client by the Company
before contract is agreed, is submitted on the understanding that it is for the Client's
consideration only and that it will not be shown to any third party. The Client shall not
be entitled to use such plan or proposal if the contract is not awarded to the Company.
6.6 Where the Company's name is associated with any public presentation or with any
widely circulated document relating to the information, the Client agrees that the
Company shall have the right to publish relevant results and information about the
research with its own interpretation, if the Company considers such publication
necessary to correct a misleading impression or to protect its reputation.
7. CARRYING OUT OF SERVICE
7.1 In the event that the Company shall be commissioned to conduct a survey requiring
interviewees to examine or use any products, the Client shall indemnify the Company
against any action by any interviewee or third party relating to the description,
presentation or use of such products whether or not the Client is the manufacturer,
distributor or agent for such products.
7.2 Any alteration to techniques or sample sizes from those set out in the proposal, proposed or
acquiesced to by the Client, may result in the delivery of the Information being delayed.
7.3 The Company reserves the right to sub-contract all or any part of the Service, including but
not limited to the research described in the proposal, to recognised suppliers, but subject to
the appropriate quality controls and to the prior notification to the Client of the intention to
sub-contract.
7.4 If the Company is required by the Client to sub-contract any part or parts of the Service to a
named sub-contractor or one or more named sub-contractor, no warranty can be given by the
Company as to the quality of accuracy of such part or parts of the Service.
7.5 The Company will use its reasonable endeavours to deliver the information on or before the
date stated as the Delivery Date in the proposal but time of delivery of the Information shall
not be of the essence unless otherwise specifically stated.
8. NON-SOLICITATION
8.1 The parties each undertake with the other that during the period commencing on the Contract
Date and ending six months following the date of delivery of the Information, neither party
shall canvass, or solicit for direct or indirect employment, any personnel of the other party, or
proceed with any approach made by or on behalf of any such personnel, unless the prior
written consent of the employing party is obtained.
9. QUALITY OF SERVICE
9.1 The Information will contain material derived from sample surveys carried out in accordance
with accepted market research methods and as such, are subject to limits of statistical error.
9.2 The Company shall use all reasonable endeavours to ensure the accuracy of the Information,
but no warranty is given as to the accuracy of any data provided by interviewees.
9.3 All warranties or other terms implied by statute or otherwise shall not apply to this contract,
including but not limited to those implied by the Supply of Goods and Services Act 1982 and
the Consumer Protection Act 1987.
9.4 The Company shall not be liable for any consequential or indirect loss suffered by the Client
or any third party in relation to the contract and the Client shall indemnify the Company in
respect of any claim of any person in respect of such consequential or indirect loss.
9.5 The entire liability of the Company under this contract shall not in any event exceed the fees
payable under this contract, save in respect of the Company’s liability for death or personal
injury resulting from negligence, where liability shall not exceed the company's insured limit.
10. FORCE MAJEURE
10.1 The Company shall not be liable for any delays in or failure to provide the Service arising from
circumstances outside its control, including but not limited to changes in government policy (in
the country where the research is undertaken), lockouts, fire, accident, adverse weather
conditions, war, terrorism, civil unrest, or postal or railway strikes.
11. WAIVER
11.1 The failure by a party to enforce in any instance the performance by the other of any provision
of the contract shall not be construed as a waiver of the first party’s rights to future
performance of such or any other provision of the contract.