Customer insights lead to valued relationships
In the financial services and banking industries, where competition, regulation and commoditization of products and services level the playing field, customers most often are attracted to companies that value them and offer a superior experience. Not surprisingly, this leads to greater customer loyalty and satisfaction — crucial components of success for all businesses.
At Busey Bank, we remain focused on creating valued relationships, just as we have for more than 155 years. As an organization, we place great pride on delivering service excellence in all of our business segments by continually listening to customer feedback and using it to help inform services around their growing needs.
Gauging how others feel about your product offerings is always important — especially when you’re welcoming new clients, as Busey did with Merchants and Manufacturers (M&M) Bank customers in late June. The merger broadened Busey’s presence in DuPage, Grundy and Will counties in Northern Illinois, and M&M Bank customers gained access to an expanded array of products and services. Throughout the process, we listened to their feedback to ensure we were providing as smooth a transition as possible.
“A deciding factor in M&M Bank’s decision to partner with Busey was their commitment to service excellence,” said Brad Butler, executive vice president and market president with Busey, and former CEO of M&M Bank. “We are thrilled that customers will continue to experience the same commitment to service as they did at M&M, while also benefiting from additional products and an extensive service center footprint.”
But how do companies, like Busey, measure success in offering an industry-leading customer experience? This is where Net Promoter Score (NPS) comes into play. NPS is a customer experience metric and the global standard used across industries and organizations to gauge customers’ satisfaction and loyalty.
The score is based on customers’ indication of how likely they are to recommend the company’s products or services to others, typically on a scale from 0 to 10. Final overall scores for the company range from -100 to 100.
“NPS gives us the opportunity to provide our teams with pertinent insights so we can continue enhancing the customer experience,” said JP Hills, senior vice president and market president with Busey. “As a result, we’re able to dig into the root cause of any issues and create a lasting solution, rather than a temporary fix.”
In 2023, Busey created and launched the Client Experience & Survey Playbook, a guide for all associates to understand the interconnected nature of customer satisfaction and sustainable organic growth — as well as their role in delivering personalized service excellence to customers and fellow associates.
The enhanced program resulted in Busey setting a new record-high corporate NPS score of 56.5 in 2023, a 14.4-point improvement from the previous year and well above the industry average of 23.5. Busey Wealth Management also recorded an all-time high score of 79.8, 10.9 points higher than in 2022 and also well above the industry average of 24.9.
Additionally, for the first time, Busey’s Corporate and Wealth Management NPS results outperformed some of the largest banks and investment firms in the country, per Forrester’s 2023 US Net Promoter Rankings report. Continuing that momentum into the first quarter of 2024, Busey set new quarterly records yet again with a Corporate NPS of 64.5 and a Wealth Management NPS of 82.6.
“By closely monitoring metrics, we can implement regular and necessary adjustments to further drive improvement,” said Hills. “We continually strive to fully understand how and where we can implement customer insights, allowing us to further our commitment to service excellence.”
• Sean Gallagher is executive vice president and regional president at Busey Bank, a Member FDIC.