Credit Union Mystery Shopping Analysis
Mystery Shopping Purchase Intent Based Analysis
Research without call to action may be informative, but not very useful. Kinēsis builds call to action elements into our research design, which provide a road map for banks to maximize the ROI on mystery shopping.
Kinēsis’ approach to bank mystery shopping is designed to identify key sales and service behaviors with a desired member experience outcome. This Key Driver Analysis determines the relationship between specific behaviors and a desired outcome. For most clients the desired outcomes are purchase intent and loyalty. As a result, our approach helps credit unions identify and reinforce sales and service behaviors which drive intent to either enter into, or maintain, a financial relationship with the institution.
Shoppers are asked if they had been an actual customer, how the experience in the branch influenced their purchase intent or decision to maintain an account. Using this question, Kinēsis cross-tabulates positive and negative purchase intent to determine how the responses of mystery shoppers who reported a positive influence purchase intent vary from those who reported a negative influence. This yields a means of ranking the importance of each behavior by the strength of its relationship to purchase intent.
In addition, paired with this rating is a follow-up question asking why the shopper rated their purchase intent as they did. The responses to this question are grouped and classified into similar themes and cross-tabulated by the purchase intent rating described above. The result of this analysis will be a determination of what sales practices drive purchase intent.
The final step in the analysis is identifying which behaviors have the highest potential for ROI in terms of driving purchase intent. This is achieved by comparing the importance of each behavior (as defined above) and its performance (the frequency in which it is observed). Mapping this comparison in a quadrant chart like the one below provides a means for identifying behaviors with relatively high importance and low performance, which will yield the highest potential for ROI in terms of driving purchase intent.
This analysis helps credit unions focus training, coaching, incentives, and other motivational tools directly on the elements of the member experience that will produce the largest return on investment. Our analytical methods confirm whether your mystery shop program is aligned with member expectations and measures the elements most important to the member experience.
Banking & Credit Union Industry Database
Our proprietary normative industry data allows credit unions to compare their results to Kinesis' industry database. Kinēsis collects normative quantitative and qualitative research data across key dimensions of the member experience, giving our clients a valuable point of reference from which to compare themselves.
Same-Branch Sales Analysis
Shifting from the customer to the business unit perspective, we can correlate service behaviors and mystery shopping scores to specific key business unit metrics such as same-branch deposit growth. This approach can help you understand how member-level drivers translate into quantifiable ROI.
In a recent study consisting of a selection of our clients, we found that that same-branch deposit growth was 26% greater in branches with consistently higher frequencies of the behaviors associated with empathy and assurance than branches with low frequencies of these behaviors.
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