Institutional trade services provider: Customer satisfaction studies

Research Problem

Our client offers a wide range of very complex services to financial institutions, facilitating institutional trade in a variety of asset classes, as well as back office services including post trade and risk mitigation. Its customer base is equally diverse and includes traders, managers, back office specialists and IT specialists.  The client wanted to better understand the needs of customers in each business area.

Approach

We conducted depth interviews with senior managers (in the UK, US and Israel) to find out what the client needed to explore and measure with regards to their customers. We applied the outcome of this qualitative phase to design an online customer survey, with all responses reported back (confidentially) to the client’s CRM system database.  The surveys typically ran across two annual waves and were delivered to clients worldwide.

Outcomes

We conducted several surveys for three of the businesses within the group over a period of eight years. Findings helped the business to:

• Confirm and better understand customer servicing issues such as telephone support and sales management
• Test the appetite for new services and new products

At a set up meeting for one annual wave we reviewed the previous year’s findings with a senior client. Her observation was that findings were ‘pretty much identical’ to what they had just been (re)told by a management consultancy – at a cost of more than £500,000. Needless to say, our own fees were substantially less than this.

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