Moments of Truth - NPS benchmarking
BVA BDRC’s Moments of Truth NPS Benchmarking Programme has been running since 2014, when we recognised the need for financial service providers to be able to measure and transparently compare key banking experiences amongst their customers. Since its launch, the survey has examined 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: a ‘likelihood to recommend X brand’ measure) 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 its subscribers to view their customer experiences in context, allowing them to understand the factors driving NPS.
There were significant enhancements to the programme in 2017, when it was collectively decided to move to quarterly fieldwork (from bi-annual) for regular, dynamic assessment of Moments of Truth. 7,500 interviews are now collected at the end of each quarterly period, generating a total sample of 30,000 per year. Other enhancements include:
- Prioritising interviews where respondents have experienced a naturally low incidence Moment of Truth, such as reporting a bereavement or closing a mortgage
- Reducing the time horizon for a qualifying experience from last 12 months to last 3 months (in many cases experiences have occurred in the week or two prior to interview)
- Launching the bespoke client results portal which enables subscribers to access, create and download data slides or 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 our factsheet.