The challenge with benchmarking has always been the ability to find industry metrics that are comparable with those used within your organization. JD Power and ACSI are able to provide great data once a year about where larger financial institutions rank. But what if you want to know where you stand more frequently so you can make adjustments? Or what if you aren’t large enough to receive much attention in such studies? You still need to know where you stand relative to competitors in your geographical region, but the data is very hard to come by.
There are several firms that provide financial sector benchmarking data for customer service based on averages from their own clients. This is useful, but the drawback is that if the firm focuses primarily on the Northeast or on larger financial institutions, you’re probably not getting normative data that is relevant to your competitive environment.
Avannis provides a benchmarking solution that allows you to compare to other financial institutions in your region not only on general measures such as satsifaction or likelihood to recommend, but also on key emotional and logical drivers such as being genuinely interested, using the customer’s name or discussing other services. We conduct an ongoing post-transaction study in 6 geographic regions and across 5 types of financial institutions. Some of these institutions are Avannis clients, but most are not. Institutions are selected for the study based on their representative size, type of institution and geographic location, enabling us to provide you with a robust reflection of your competitive environment. In addition, we split by customer touchpoint such as teller transaction, new account opening, loan application, call center contact, etc.
Because the Avannis survey includes a large number of measures, you are not required to conform your research to a set of predefined metrics. You can choose which ones are most relevant for your approach and strategy.
When you conduct research with Avannis, any available benchmarking metrics are included directly in your results at no additional cost. If you are conducting ongoing tracking research, we will update the benchmarking metrics in your reports periodically throughout the year as they become available, so that you stay current with recent trends.