Comparing your key metrics to your peer group benchmark
Peer Group Benchmarking
CSP provides enhanced benchmarking capabilities accessible to our clients in “real time.” Our Benchmark Analytical Reporting (BAR) Dashboard presents your total enterprise key metrics compared to your peer group benchmark as determined by Asset Size, Region, and State
Key metrics of the BAR Dashboard include Loyalty Index, Net Promotor Score℠ (NPS®), Overall Experience, Performance with Employee, Satisfaction with Employee, and Satisfaction with Wait Time.
Drill In Report
In addition to viewing the benchmark data, you are able to “drill in” to each of your key metrics to view how they trend over time, and other details related to that particular key metric. The BAR Drill In reports demonstrate how your key metric client scores are trending compared to your benchmark group scores, as well as your rank against your benchmark group.
In the Drill In report, the Key Metric Gauge shows your score against your peer group from lowest to highest. The Trendline graph provides your key metric client/company scores compared to the benchmark group scores. The Rank shows your most recent key metric score from the gauge ranks against the benchmark group.
Key Metric Definitions
The Loyalty Index is a calculation of the percentage of evaluations that exhibit loyal tendencies.
Net Promoter Score℠ (NPS®)
Net Promoter Score (NPS) is obtained by asking evaluators a single question on a 1 to 10 scale: “How likely are you to recommend the organization to a friend or associate?” Based on their responses, evaluators can be categorized into one of three groups: Promoters, Passives, and Detractors.
Satisfaction with Employee
Satisfaction with Employee is obtained by averaging the responses for the core Employee Satisfaction questions on a 1 to 10 scale.
Performance with Employee
Performance with Employee is obtained by calculating the total number of “Yes” responses divided by the total questions answered “Yes” or “No” for the core Employee Performance questions. These core questions are utilized by the majority of CSP clients.
Overall Experience is obtained by asking evaluators a single question: “If ‘1’ is the Worst Experience you have ever had at any institution and ’10’ is the Best Experience you have ever had, where on the scale would you place this particular overall experience?”
Satisfaction with Wait Time
Satisfaction with Wait Time is obtained by asking evaluators a single question on a 1 to 10 scale: “How satisfied were you with the length of time you had to wait to be served?”
Digital Banking Satisfaction
Digital Banking (online and mobile banking) Satisfaction is obtained by averaging the responses for all Satisfaction questions, on a scale of 1 to 10, on the Digital Channel survey. This metric is only displayed for clients that have the Digital Channel survey as part of their customer experience program.
To learn more about CSP’s benchmarking capability and how it can benefit your financial institution with real-time results that are actionable and easy to understand, contact us today.