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Engagement of Bank Employees Drives Customer Experience and Loyalty
Situation:
A regional U.S. bank, consisting of 40 branches located throughout the Midwestern United States, strives to put the customer at the heart of its business. As part of this objective, the Bank recently rolled out a new vision, mission, and values program with the aim of helping to connect employees to the Bank’s goals. The organization realizes that its people – those on the front line with customers every day – play a critical role in engaging customers. To understand how committed and engaged their internal people are, the Bank partnered with PeopleMetrics to conduct a three-year Employee Engagement measurement program.
Approach:
PeopleMetrics designed and administered an online survey to employees in all 40 branches and the corporate offices. The survey was designed to measure the level of engagement in the workforce, the key drivers of engagement, and perceptions of the new vision, mission, and values. Employee responses were collected at a branch level and mapped to customer ratings. The customer data collected related to likelihood of considering the bank for their next loan and next deposit account, as well as perceptions of the bank relative to its competition.
Results:
First and foremost, the data revealed that Employee Engagement has a strong, significant impact on customer perceptions and behaviors. Specifically, customers who interact with highly engaged employees were 20% more likely to consider the Bank for their next loan and 12% more likely to consider it for their next deposit account. In addition, 40% of customers doing business with highly engaged employees say they feel they had chosen the very best financial institution with which to do business as compared to just 29% of customers who had done business with disengaged employees.
This analysis put Employee Engagement on the agenda for the senior leadership team. As a result, the Bank has made a commitment to improve engagement levels by focusing on their top two drivers: Recognition and Teamwork. PeopleMetrics partnered with HR and business leaders to develop a targeted set of initiatives in these areas.
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