Mystery Shopping for the Banking and Financial Services Industries
Why Mystery Shopping Matters in Banking & Financial Services
Mystery Shopping has a long history in banking, dating back at least to the 1940s. Today, it remains a vital management tool for banks and building societies, as well as investment management firms, financial brokerages, mortgage brokers, and financial advisors.
Customerwise delivers high-quality Mystery Shopping programmes that help financial organisations improve standards, strengthen compliance, and enhance customer outcomes.
Who We Support
We work with:
- Banks and building societies (including those with and without "bricks and mortar" networks)
- Other lenders and providers of financial products
- Retailers of financial products
- Investment and wealth management firms
- Global and UK-based insurers
- Specialist FCA compliance consultancies
- Other regulated financial services businesses
If you are responsible for customer experience, compliance, or performance, we can help.
Schedule a discovery call or call now on 01392 984224.
Testimonials
Tamsin, Hannah and Lucy have truly excelled in supporting our compliance audit needs. Customerwise’s industry knowledge has been instrumental in building a robust mystery shop framework tailored to our newly established compliance audit requirements. Their responsiveness and friendly approach have made collaboration seamless and enjoyable. Their proactivity and openness has helped strengthen our governance processes by providing real-time information from their wide-ranging network of mystery shoppers who are able to fulfil a number of briefs. I highly recommend Customerwise to any organisation seeking a reliable partner in mystery shopping and compliance audit solutions. Their dedication and skill have made a significantly positive impact on our operations.
Allianz
We were extremely impressed with the professionalism and attention to detail shown by Tamsin and her team at Customerwise when we engaged them to support us with a highly confidential project. All communication was clear and timely, and the project was delivered according to the deadlines agreed at outset. We were kept informed throughout the project and the team’s insights and experience enabled us to gain maximum benefit from the findings. It was a pleasure working with such a well organised and capable team, we would thoroughly recommend Customerwise and wouldn’t hesitate to work with them again.
Leading Wealth Management Firm
Hampshire Trust Bank (HTB) partner with Customerwise to support our CX and mystery shop programmes. As our needs have increased so has the support from the Customerwise team which includes a high level of flexibility, attention to detail and excellent customer service. Tam and Paul have been invaluable to HTB with the delivery of timely reporting and data as well as access to professional interviewers and a broad network of mystery shoppers. Moreover, the operational side is a well-oiled machine thanks to Tam and the wider team.
Hampshire Trust Bank
View Case Study
How we run an evolving, multi-channel, multi-industry programme to monitor compliance among retailers selling consumer credit
What We Assess
Our programmes are tailored to your priorities, but typical areas include:
- Enquiry handling (in-branch, by phone, online, and in-home)
- Wait times and first impressions
- Staff professionalism, product knowledge, and advice quality
- Identification of customer needs and appropriate product recommendations
- Clarity and accuracy of information (including fees, risks, and regulatory disclosures)
- Handling of vulnerable customers and adherence to FCA rules
- Follow-up and ongoing customer support
FCA Compliance and Regulatory Oversight
Regulatory compliance is a growing priority for financial services. The FCA’s New Consumer Duty places greater responsibilities on firms to ensure good outcomes, proactively spot vulnerabilities, and evidence that standards are being met in practice.
Our Mystery Shopping and compliance audit programmes help you monitor real-world delivery, identify gaps, and demonstrate effective oversight. Kaizen Action Plans are available to help manage remedial action and document your compliance journey.
Mystery Shopping Elements and Approaches
B2C In-Person Mystery Shopping
We conduct in-person Mystery Shopping visits to branches, offices, or customer homes, providing detailed reports and, where appropriate, audio or video evidence.
Video and Audio-Recorded Mystery Shopping
Video Mystery Shopping and Audio-recorded Mystery Shopping are powerful tools for capturing complex sales or advice conversations. Audio is a strong alternative when video is not appropriate.
Telephone and Online Mystery Shopping
We can use Mystery Shopping to test the handling of telephone and online enquiries, from basic requests for information to complex advice scenarios.
Multi-Stage Mystery Shopping
Many customer journeys span multiple channels and stages. We design seamless, multi-stage programmes using advanced telephony and briefing to ensure realism and continuity.
FCA and Other Compliance-Focused Mystery Shopping
Our programmes can (and usually do) include FCA-compliance-related checks, and can also cover other regulatory requirements.
Testing External Representatives and Agents
We can assess how retailers, brokers, or agents are selling your financial products to end customers, with a focus on compliance and customer outcomes.
In-Home Mystery Shopping
Where advisors visit clients at home, we can arrange in-home Mystery Shopping to assess professionalism, advice quality, and compliance.
Competitor Mystery Shopping
Understand how your service and compliance compare to others in the market.
Other Services
In-Moment Customer Feedback
In-moment feedback is all about collecting customer opinions at the exact point of experience (or very close to it). This can be achieved through physical feedback terminals, or on-site signs with QR codes or NFC tags, or by sending follow-up emails or texts after key interactions (or by combining these).
This approach makes it simple and convenient for customers to provide feedback, so you receive a steady stream of responses throughout the customer journey. The platform automatically analyses this high volume of input, distilling it into clear, actionable insights and trends. As a result, you get a robust, up-to-date view of customer experience that is easy to interpret and act on.
Open Audits
Open audits of branches, offices, or partner locations help check standards, merchandising, signage, and implementation of new requirements. These audits can include direct questions to staff and are especially useful after policy changes or ahead of external inspections. Often, a covert stage is followed by an open audit. The approach is tailored.
Customer Interviews
We can conduct structured interviews with recent customers to obtain feedback about recent experiences. Similarly, we can conduct interviews with brokers or other commercial partners to gain honest, in-depth feedback about their experiences.
Real Call Listening
Independent reviews of inbound and outbound calls, identifying coaching opportunities, compliance risks, and consistency gaps.
Surveys
For convenience, we can manage your customer surveys alongside Mystery Shopping and other feedback, so all your reporting is centralised.
Data Collection
We can collect specific data points (such as fees, product availability, or service standards) at scale, using Mystery Shopping.
Claims Management Company Investigations
We support wealth managers, lenders, and other financial institutions by conducting discreet investigations into the activities and sales tactics of claims management companies. This includes assessing how these organisations approach your customers and the methods they use to solicit business, helping you protect your clients and stay informed about potential risks or reputational threats.
Tailored Reporting and Action
All Mystery Shopping reports are delivered through our SASSIE platform, with individual reports for each enquiry or audit, fully customised dashboards, tiered access, and supporting evidence attached. With Kaizen Action Plans and trigger alerts, you can act quickly on findings and document improvements.
Why Choose Customerwise?
- Proven experience with banks, building societies, insurers, wealth managers, retailers, brokerages and compliance specialists
- Flexible, multi-stage, and compliance-focused programme design
- High-calibre, thoroughly briefed shoppers and auditors, with coverage across all relevant channels
- Seamless integration of Mystery Shopping, audits, interviews, and feedback in one reporting platform
- Unique range of services, including Mystery Shopping and in-moment feedback, to deliver real value through a single trusted partnership