BB&T and M&I Are Ranked One and Two When it Comes to Branch Employee Customer Acquisition Skills

Business Wire, Jan 7, 2009

Informa Research Services' 2008 National Mystery Shopping Survey Shows the Industry Performing Well in Customer Courtesy, but Lagging When Identifying Customer Needs

CALABASAS, Calif. -- Informa Research Services, Inc., announced results today from their 2008 National Mystery Shopping Survey. According to this national study, BB&T and M&I are ranked one and two in branch employee Customer Acquisition and Sales and Service skills.

The study examined the 20 leading banks in the country and showed that while the industry performs well in the areas of Customer Courtesy and Establishing Good Customer Relations, it lags in the areas of Identifying the Customer's Needs, Product Presentation, and Closing the Sale.

"A few of the large banks are clearly leading the way in providing exemplary branch customer service and displaying sales skills when serving potential new customers," said Paul Lubin, senior vice president of Informa Research Services, who supervised the survey. "The notable leaders among the largest banks are BB&T and M&I."

The survey also found that Fifth Third and HSBC are also doing well when it comes to serving potential new customers.

The banks surveyed performed well in the areas of Customer Courtesy and Cultivating Good Customer Relationships by greeting, offering to assist, listening, and using a pleasant tone of voice. However, it was documented that there was little display of advanced business development skills such as exploring the potential customer's needs, developing a complete financial profile, or even asking for the business at the time of the visit.

"One key area that continues to suffer under testing is that of Identifying Customer Needs," said Lubin. "While banks are asking basic questions to understand the immediate banking needs of potential customers they are not probing to understand the entire financial situation of potential customers nor are they determining what product features are important to them."

According to the survey's findings, despite the industry's heavy focus on developing cross-selling skills, a majority of personal bankers do not go beyond the immediate need. Very few representatives question, explore, or qualify the potential customers in order to discuss appropriate products and features. The survey shows that when presenting products, personal bankers are, for the most part, simply recommending a specific product but do not adequately link product features and benefits to the customer's needs.

Again, the notable exceptions in this area among the largest banks are BB&T and M&I.

Informa Research Services' survey identifies sharp differences across banks and branches in how personal bankers serve potential customers. This gap suggests clear opportunities for banks to better leverage their branches to acquire and better serve customers.

The 2008 Informa Research Services Mystery Shop Survey draws insights and conclusions from 600 mystery shops conducted nationwide. Mystery shoppers posed as potential customers seeking information to open a checking account. For more information about the Informa Research Services 2008 National Mystery Shop Survey contact Brian Richards at 800-848-0218 Ext. 290.

About Informa Research Services, Inc. (www.informars.com)

Founded in 1983 and headquartered in Calabasas, California, Informa Research Services, Inc. provides the financial industry's most extensive array of market research and decision-support information.

Conducting daily surveys of the retail, lending, and business products offered by more than 10,000 financial organizations nationwide, Informa currently supports the product pricing decisions of more than 3,000 clients, representing all 50 states, and including all of the top 25 financial institutions. Informa conducts the finest mystery shopping and market research studies available, delivering accurate and relevant measurements in the areas of employee sales and service, customer satisfaction, closed account research and retention, competitive performance, fair treatment, and compliance testing.