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Transition
2007 Customer Survey Enhancements

Reduced Sampling Option:
To reduce the overall cost of RFG’s surveys without sacrificing the reliability of the survey findings, we have refined our sampling method and can now offer a sampling alternative that could result in a reduced mail sample of approximately 1,500 households—a potential cost-savings of $1,500 in total printing and mailing expenses.

RFG Loyalty Index:
Simply meeting customers' expectations falls short. Customers can be “highly-satisfied” with the bank’s service, but hold a majority of their accounts with a competitor and defect completely when finding a slightly better rate.

The RFG Loyalty Index is based upon four key measures:

  1. Willingness to give your bank all future loan business;
  2. Willingness to give your bank all future deposit business;
  3. Satisfaction with your bank, and
  4. Likelihood to recommend friends and family to your bank.

Customer Loyalty Drives Financial Performance! Current research shows a correlation between the RFG Performance Index developed for the CEO Strategies Group and the RFG Loyalty Index analyzed through the Customer Relationship Survey and Service Quality Survey programs. Banks with a higher Loyalty Index also have a higher financial Performance Index. Find out how your bank can improve loyalty and overall profitability by conducting a Customer Relationship Survey, Service Quality Survey or Small Business Survey in 2007.

Evaluate Customer Advocacy:
Advocacy is the latest performance metric being employed across industries. In 2007, RFG will evaluate your customers’ likelihood to advocate for your institution by referring your services to their friends and family through the Customer Relationship Survey, Service Quality Survey or Small Business Survey programs. Through preliminary research, RFG found “willingness to recommend” to have the highest correlation with strong financial performance.
 

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Raddon Financial Group is a business unit of Open Solutions Inc.