Insights

Measuring Customer Service & Process Adherence in Banking Industry through Mystery Shopping



With growing competition in Private sector Banks and NBFCs, Mystery shopping has become an essential tool to measure the service quality and degree of compliance by the Banks. Service quality, compliance of set standards and transparency are pre-requisites for a satisfied customer ensuring customer loyalty and recurring business for banks. Therefore, Mystery shopping plays an important role to gain customer perspective on the effectiveness of the Bank’s sales process and adherence of the same by frontline teams.

Our mystery shopping programs for banks involve evaluating two broad channels: Wealth and Retail. The Retail segment further involves assessing the Contact center and Offline sales kiosks at corporate parks. These channels are evaluated by different set of parameters as mentioned below:

  1. Wealth Management: The mystery shopper assesses the end to end process which includes the entire financial planning journey, process adherence by the staff and transparency of product recommendations. The shopper performs different scenarios like Education Planning, Retirement Planning, Managing & Growing Wealth, Protecting Family etc. to assess the process adherence by the relationship manager which includes:
    • Time & Identity Verification- Communication about the time involved in Financial Planning and checking their ID proof
    • Goal planning- Identification of goals and prioritization of the same
    • Risk profiling- Profiling the risk appetite of the customer and understanding customer’s knowledge & experience about financial instruments
    • Financial Planning- Discussion about time horizon, liquidity preference, assets and liabilities ownership etc.
    • Transparency- Fair product recommendation, disclosure about terms & conditions and ensuring non-pressurized selling
    • Reflection period- Providing time to consider recommendations and offering follow up.
  2. Retail: The Retail segment involves evaluating Contact center and Offline sales kiosks. The mystery shopper enquires about Credit Cards and Personal Loans. The essential parameters which are evaluated are as follows:
    • Profile Discussion- Verification of Identity, discussion about income and employment status, company name
    • Staff Knowledge- Proactive communication about cards features and loans including rewards, rates and charges
    • Accuracy & Disclosure- Correctness of information shared by the staff and disclosure of terms and conditions;
    • Integrity check- Checking for breach by staff using different scenarios

Channelplay’s Mystery shopping experts provide an unbiased feedback to help the banks understand if their customers are treated fairly, processes are adhered to and help them take remedial measures if exceptions are identified.

Topics: Mystery Shopping & Audits