Mystery Shopping – Wealth Management Bank Client Lagging Service Excellence

The  wealth management bsuiness unit of a bank slipped in customer satisfaction rankings. Faced with lost revenues and market share, the bank needed to pinpoint where these service gaps were occurring and the extent to which they were taking place.

Mystery shopped the bank's wealth advisers and benchmarked their performance against competitors.

Then upgraded sales standards and procedures so that the advisers would:

• Determine their customer’s preferred channel for future communication

• Ensure customer data profiles are being accurately captured

• Expand the customer's portfolio of the bank’s Wealth Management products

• Increase communication and face to face interactions with the clients

• Drive new revenue

We also worked with the client’s ad agency to develop a Wealth Management welcome kit.

Churn rate fell 2%  and revenues from cross selling increased 4.75%