Digital Experience 101 – Mystery Shop Results – How do Banks Measure Up?

David Lithwick

Introduction With the ongoing drive to digital banking, how are banks performing on the basics such as making it easy for customers to apply online for a savings or chequing account? To find out, we shopped the 5 major banks, HSBC and National Bank.  Each was rated on 7 assessment points (see table below). Best practices and pain points were also noted. Best Practices/Pain Points Some banks excel by creating compelling sales messages, making applying a fun experience or going the extra step by informing the applicant where the closest branch is for them to go to. Others, on the other hand make applying complicated and unnecessarily time consuming .… Read More

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Banking Mystery Shopping Tip – Choosing the Right Questions for a Financial Advisor Mystery Shop

David Lithwick

Introduction Financial institutions, whether banks, credit unions or brokerage firms often (and rightly so) create inspiring statements of what their advisors will do to help clients achieve their financial dreams. RBC’s website, for example, reads, “Our advisors take the time to understand your life’s vision, customizing solutions based on your goals and aspirations.” While Assante’s states, “Assante has an enviable roster of respected, knowledgeable and dedicated advisors who have the expertise to guide their clients through all the complexities their wealth may bring.” These messages no doubt bring new customers to the door. But after that, it’s left to the advisor to succeed (or fail) in closing the sale. And… Read More

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Tips for Recruiting Bank & Credit Union Mystery Shoppers

David Lithwick

Introduction Recruiting capable mystery shoppers is no doubt the key factor for a successful mystery shop, especially in bank shops where the subject matter can be very complicated and levels of customer interaction open-ended. With this in mind, listed below are 10 tips based on 35 years of conducting bank and credit union mystery shops. Planning Tips Recruit 25% more shoppers than you require. Rule of thumb is for that every 4 potential shoppers at least one will not meet the requirements. Tap into multiple sources (e.g., Kijji, colleagues, associations) to ensure you get quality shoppers. I pay $25 for any referral, assuming they work out. Qualitative Research Consultants Association… Read More

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