Read Satisfied%20or%20Fairly%20Treated.pdf text version

Satisfied or Fairly Treated? What are your questionnaires telling you about your customers?

Many advisory firms are now adopting customer feedback as an invaluable source of management information to help them in delivering fair outcomes and excellent service to their customers, as well as providing evidence to support them in FSA Treating Customers Fairly assessments. The FSA advocate customer feedback in many of the good practice examples they cite throughout their TCF literature but feedback must be of the right kind if it is to prove really effective in demonstrating that your firm is treating customers fairly. So what does the FSA really expect from a good client feedback process? Asking the right questions It's vital that firms ask the right sort of questions. Simply gauging client satisfaction with your service is not enough. Asking your customers questions such as "Were you happy with the service provided?" or "Was the adviser polite and helpful?" might help you ensure your customers are content with the service you offer but it won't tell you whether they are being treated fairly. Indeed the FSA have commented in their examples of good and bad TCF practice that feedback questionnaires "... only provide useful information on whether TCF outcomes are being achieved where they go beyond requesting feedback on customer satisfaction and gather information on actual customer understanding of products, services and risks." 1 Testing customer understanding Good questions are built around the sales and advice process, testing your customers understanding of the recommendations made or product sold to them. Ideally you should be able to map them to the six TCF outcomes. In this way you can ensure that what your customers tell you can be directly matched to the outcomes you are delivering to them. The FSA want to ensure that your customers really understand the questions being asked of them so that they can make an informed answer, so they will look at how questionnaires are worded. Do they relate to the advice process the customer has been through? Are they truly testing your customers understanding? Will they identify how well your advisers are performing? If questions are too long they can have a negative impact on response rates however, so there needs to be a balance between getting the content of a question right and making sure it is not too wordy so as to put your customer off responding to your questionnaire. This is where good feedback technology can help; using innovative ways of presenting questionnaires to improve the customer experience and ensure that questionnaires can be completed quickly and with minimal effort whilst at the same time providing your customer with all the relevant information to ensure that they understand the question being asked of them.


Treating Customers Fairly a Progress Update. Annex 2a ­ Small firms case study material. June 2008

Using feedback effectively to understand what your customers really think It's important that customer feedback processes go further than simply monitoring responses on a client-by-client basis. Feedback can also be very effective in demonstrating trends within your business, allowing you to identify areas for improvement on a more wide ranging scale. If a number of your clients are expressing a particular opinion about something, what does this tell you about the outcomes that are being delivered across your firm and how can you take action to change this? For this reason, good customer feedback processes implement a clear, effective scoring process that calculate average response scores for an individual, organisational group or indeed the firm as a whole. Ideally you need a way to measure the standard of what you are doing and for this reason benchmarks can be really useful. Average feedback scores allow you to analyse how you are performing against your benchmarks and highlight areas for investigation or improvement. Feedback technology solutions can even take this benchmarking further, allowing you to compare your firm's performance against other advisory firms and giving you a picture of where you stand amongst your peers. Actions speak louder than words The FSA will question how the feedback you collect helps you to deliver fairness to your customers, how you monitor and understand what your customers think about your service and how you relate this to TCF outcomes. For this reason, for a feedback process to be truly effective in evidencing how you have delivered fair outcomes for your customers, there must be a process for taking action on the feedback you receive. Effective feedback processes include a method of recording the actions taken and also demonstrating and measuring the success of those actions. This can form part of your wider TCF ongoing Action Plan, using feedback as a continuous business improvement tool. All feedback is useful, indeed the FSA will look for you to record all forms of feedback you receive; verbal and anecdotal feedback, gap analysis client surveys and client file notes all provide valid and useful evidence for your FSA TCF Assessment. However, formal regular feedback processes are invaluable in providing your firm with an insight into how your customers really feel about the service you are offering. A firm truly committed to treating customers fairly makes its customer feedback process `business as usual', a vital part of its TCF culture and a source of ongoing management information to ensure it continues to deliver an excellent service proposition.

Tessa Lee ­ CEO - FinQS

Contact us to find out how customer feedback can work for your business


Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8AG Telephone Fax Email 01564 711153 01564 711001 [email protected]


2 pages

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate


You might also be interested in

The Balanced Scorecard with Time-Driven Activity Based-Costing: An Incremental Approach Model to Health Care Cost Management
Layered Process Audits - Part
Microsoft Word - Marketing Research Projects for Website.doc