Moments of Truth - NPS benchmarking
Financial service providers need to be able to measure and transparently compare key banking experiences amongst their customers. That's why in 2014 we launched the Moments of Truth CX benchmarking programme. The survey examines around 20 specific ‘Moments of Truth’ recently experienced by banking customers, including ‘used an online banking service’ and ‘reported a lost/stolen card’.
The survey collects transactional Net Promoter Score (NPS: ‘likelihood to recommend X brand’) in addition to transaction-specific insights around channel (e.g. how an account was opened) and reasoning (e.g. why contact was made). All NPS scores are supplemented with verbatim feedback to provide further detail behind the performance measure. Essentially, the programme allows subscribers to view customer experiences in context, to understand the factors driving NPS for their brand against their peers.
Unlike some ‘benchmarking’ services, subscribers are offered visibility of fully branded performance benchmarks for both transactional NPS and Customer Ease linked to c.20 Moments of Truth, as well as relational NPS.
Fieldwork is conducted monthly for regular, dynamic assessment. 2,500 interviews are collected each month, generating a total sample of 30,000+ per year.
Subscriber brands are also offered the chance to ‘boost’ their customer interviews to maximise presence on benchmarks, and/or include confidential questions across the survey for their eyes only.
In addition to the ‘core’ behavioural insights generated, the Moments of Truth Benchmarking study also generates:
- Average balances held in personal current accounts
- Average balances held in savings accounts / ISAs
- Insights around the experiences of financial consumers with a disability or impairment
Want to know more? Download the Factsheet