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 examins 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 a contact was made). Essentially, the programme allows subscribers to view customer experiences in context, to understand the factors driving NPS.
Fieldwork is quarterly for regular, dynamic assessment. 7,500 interviews are collected at the end of each quarterly period, generating a total sample of 30,000 per year.
Results are reported in a secure online portal, enabling subscribers to access, create and download data slides and full reports.
Unlike some ‘benchmarking’ services, subscribers are offered visibility of fully branded performance benchmarks for both transactional NPS and Customer Ease linked to 20+ Moments of Truth, as well as relational NPS.
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
> You may also be interested in our new (launching in early 2020) benchmarking programme for Mobile Banking App CX.