With the changing trends and the emerging need for improved customer experience, it has become crucial for brands to lay
an increased focus on designing better strategies. This can be done by closely monitoring the customer behavior on every
step taken and then strategizing the ways to improve the same. Several methodologies can be implemented to study and
analyze your customers’ experience with your brand and your employees’ productivity, such as speech analytics, surveys,
and loyalty programs. However, implementing a mystery shopping program can take you a step forward by helping you
identify even the minutest details of the customer experience, for instance, if your services could evoke any emotions,
the type of immediate responses received, and others.
Mystery shopping, also known as a secret shopper or mystery consumer, is an advanced practice used by companies to
evaluate the quality of customer service delivered by their employees while adhering to the set regulations. Typically
outsourced to a market research company, this practice is, at times, conducted internally by the company. Some of the
common markets using this program are food, retail, automotive, and BFSI.
Table of Contents
- Mystery Shopping for BFSI
- Challenges Identified Using Mystery Shopping
- Data Security
- Hidden Fees
- Customer Service
- Bounced Checks
- Mortgage Issues
- Branch Experience
- Lack of Appreciation
Mystery Shopping for BFSI
A mystery shopping program aims to help a company serve its customers better. Designed with precision to match the exact
needs of the company, the program enables a detailed evaluation of the staff’s performance. It identifies the behaviours
that impact their overall performance and various others. While the program is already a massive success in the market,
it is attracting a lot of demand and requests from the BFSI or banking sector.
Customers have always judged the financial institutions for the type of services offered by them, the level of
authenticity maintained, and the security measures taken to protect their customers’ data, to name a few. With an
informed customer base and increased risk of data theft and breach, it has become crucial for these institutions to stay
updated and identify any threat in the financial sector.
Even while these institutions have already adopted several advanced methodologies and technologies to identify their
customers’ pain points, implementing a mystery shopping program is one that can help them gain real insights.
Challenges Identified Using Mystery Shopping
The financial sector is an ever-evolving, customer-centric domain wherein institutions need to focus on staying
competitive and delivering the best customer services. With an array of choices available to the customers, these
institutions must embark on their digital transformational journey and stay ahead of their competitors.
It is also important to remember that the transformation need not be limited to implementing advanced technologies in
their operations but also to changing the way customers perceive a brand.
To enable this, the institutions must increase their focus on keeping a close tab on their customers’ concerns their
expectations and finding the best ways to address them. While tools like speech analytics can serve this purpose,
implementing a mystery shopping program can be a better idea to gain deeper insights.
Mentioned below is a list of common concerns stated by the customers of any financial institution and can be identified
using mystery shopping for BFSI:
Data Security
A mystery shopping program can be used to identify the extent to which a customer feels safe about sharing their
personal information. The level of trust and faith exhibited by the customers can then be used to deploy such strategies
that can keep their data safe. Doing so would make their customers feel privileged that, in turn, may help to improve
their brand loyalty and satisfaction with the services.
Hidden Fees
Many times, customers are either overcharged or charged for the services for which they had never opted. Being a
significant setback for the customers, such situations increase the risk of losing them for a lifetime. To overcome such
hurdles, the banks must carefully listen to their customers’ pain points, analyze their problems, and share the most
suitable solution. Running a mystery shopping for BFSI can make it easier to identify such troubles and the number of
customers affected by them.
Customer Service
Being a customer-centric division, financial institutions need to match the exceptional quality level in all their
services. The mystery shopping surveys can help identify whether a customer’s inquiry about a product or details about a
particular loan is being answered meticulously, if a customer’s call is being put on hold several times, and similar
others. It is essential to keep a tab on such issues as customer service is one of the most important pillars of success
for a banking organization.
Bounced Checks
Mismanagement of the customers’ bank accounts causes a heavy loss to the customers in the form of bounced checks and
overhead fees. So, this has become one of their major areas of concern. To enable a smooth flow of operations and evade
such losses, customers are advised to maintain a proper record of the bank receipts, the deposits made, and other
important facts to remember. Improving the process at the bank’s end is also essential to culminate in the risk of any
such future glitches.
Mortgage Issues
Poorly handled mortgage queries are one of the biggest reasons for growing customer discontent with various financial
institutions. The reasons for this are poorly trained staff, lack of proper knowledge, and ineffective tools, to name a
few. Utilizing advanced programs such as mystery shopping can make it easier to identify such issues and allow you to
plan a suitable plan of action.
Process Improvement on your mind?
Branch Experience
Customer experience varies across branches. However, the brand needs to make sure that each of its customers is offered
an immaculate experience at every office. Analyzing the customer experience provided at its different branches using
mystery shopping, the brands have started to bring in the required changes.
From redefining the entire structure and layout of their subsidiaries, the banks are now more focused on satisfying the
exact needs and interests of their customers. They have also started giving away some gifts and services to help in
improving the overall branch experience for the customers.
Lack of Appreciation
Appreciating your customers does not imply offering exclusive privileges. It is simply about making your customers feel
special and valued. At times, there can be situations when a customer faces some trouble with the bank’s services but is
not blaming the latter for the same. In such and similar cases, the banks must spare some time and invest in expressing
gratitude.
Mystery Shopping & Customer Satisfaction
Financial institutions must understand that their customers expect a high level of authenticity, trust, and reliability.
They assume that the level of service offered by these institutions at one level improves at the next. This cannot be
done without gaining an in-depth understanding of the customer’s pain points and troubles. Mystery shopping for BFSI can
open new doors.
Amidst the number of options available to know your customers’ concerns, mystery shopping offers an entirely different
experience. It not only brings the performance flaws into focus but also helps you understand the need to value your
customers and improve your services. Therefore, it is better to be clear about your end goals and invest all your
energies into attaining the highest level of customer satisfaction.
