Excel Formula If Cell Contains X Then Add 1 Excel 5 Critical Mystery Shopper Questions For Banks and Credit Unions

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5 Critical Mystery Shopper Questions For Banks and Credit Unions

Secret shopper programs have become a popular tool for banks and credit unions to maintain a pulse on their customer service levels and performance management incentive triggers. These programs are excellent at capturing which company standards and beliefs have effectively translated into desired behavior and which have not. The following questions are important to ensure that shoppers’ assessments truly capture the beliefs and behaviors that are most important to producing the desired results.

1. Number and type of open-ended questions asked. MSRs/CSRs should be trained to exhibit inquisitive behavior if any sales are to be made. Employees should ask questions that customers need to answer with experience or emotion. Yes or no questions don’t convey how the customer feels about your organization’s or competitor’s product or experience. Questions starting with “Have you ever had that experience” or “Do you know what makes me upset about X” and ending with “I don’t think you’ve ever had that happen?” Achieving the MSR’s/CSR’s goal of exhibiting this desired behavior requires extensive belief and behavioral training that is continually reinforced by the company culture.

2. Number and description of attempts to move from inquiry to action. Many times shopping forms contain generic language such as “the employee tried to close the sale” or “the employee recommended an additional product or service.” Many times forms give employees credit for simply mentioning the product or describing product features. It is important that the MSR/CSR suggest next action steps and try to move the customer to complete the sale. Measure questions such as “The employee offered to show me to the office to open an account” or “The employee attempted to set up an appointment for me to discuss the options and benefits of opening a new IRA account”.

3. Presented specific product or service benefits. Most store forms claim benefits like “100% money back guarantee”, “no points” or “no account maintenance fee” by MSR/CSR but fail to explain how or if the employee presented the benefits. The customer will receive from the product or service. The most useful evaluation will capture the “so” benefit statements. For example “Our mortgage and home equity loans offer a no point benefit (so) you don’t have to add more principal to your balance that you will have to pay interest for the entire term of the loan”. Another example is “Our IRA accounts have no maintenance fees (so) you keep all the interest you earn and don’t have to pay it back as a fee”.

4. Product or service relationship connections / benefits made. Many times shopping forms include general language about cross selling attempts such as “MSR/CSR tried to cross sell more products”. The best way to measure the beliefs and desired behavior of effective cross-selling is to ask what product relationships or benefits the cross-product offers the employee. An example MSR/CSR explained is that by taking out a car loan with a bank/credit union with a checking account with a debit card, I would receive an additional .25% rate cut on the car loan (thus) lower my monthly payments, pay less interest and possibly lower the total on the loan. Reduce the repayment period. Another example “MSR/CSR explained that by opening a checking and savings account I could set up a split direct deposit of my payroll so that certain amounts would automatically go into savings (so that) I could start a high-interest nest egg. .

5. Details of business asked by MSR/CSR. Often mystery shopper reviews neglect to find out if the employee is asking for the business. If you put your entire burden on your customers then it is almost impossible to capture this business if they find you and ask for them. I can’t begin to tell you how many substantial and heartfelt sales presentations I’ve witnessed where the only thing that turned a certain sale into a decision was failure on the part of the sales people to end the presentation by asking for the sale. It’s as simple as “I’m hearing from your feedback that this product offers all the features you’re looking for. Can I set it up for you now?” The purchase form requires accurate wording of how the MSR/CSR is asking for business.

In drafting the 5 critical questions I did not attempt to cover all possible areas where mystery/secret shopper lists can be measured and focused on illicit desired behavior. For example, overcoming objections would be an entire course in itself. My desire in writing these questions was to share my experience in developing effective shopping evaluations and some common problems. If you are currently involved in a secret shopper program I admire your commitment to your customers. There’s one thing you can take to a bank or credit union if you don’t submit and that’s if you don’t contact your customer service staff, I can assure you that you’re your competition. Why would anyone offer competition with that kind of advantage?

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