Mystery Shopping for the Banking and Financial Services Industries

One of the first uses of Mystery Shopping as a feedback and monitoring tool was in retail banks, apparently back in the 1940s (if not earlier).

It is a unique management tool that still produces very valuable feedback for the banking and financial services industries. For example, the feedback help businesses to ensure that:

  • Standards of service are maintained
  • Relevant procedures are adhered to
  • The quality of advice that is provided by staff is maintained at a high standard
  • Appropriate sales opportunities are being identified and seized by staff.

FCA Compliance

Another key area, that is now of increasing importance, is regulatory compliance.

Financial services organisations and other firms selling consumer credit are falling under increasingly rigorous regulation from the UK's Financial Conduct Authority. The FCA's New Consumer Duty places far greater responsibilities on firms to ensure that their customers obtain genuinely good outcomes, and to proactive spot and allow for vulnerabilities in customers.

As part of the Consumer Duty, there is a requirement for firms themselves to arrange suitable oversight to ensure that things are being done correctly "in practice" (during customer interactions).  There are potentially stiff penalties for infractions.

Schedule a discovery call or call now on 01392 984224.

Examples of businesses and situations where Mystery Shopping feedback can be valuable  

Customer paying online with card and laptopFor report-based or Video Mystery Shopping: Physical locations e.g. banks, building societies, the offices of financial advisors, mortgage brokers, etc.

In-home visits: e.g.  from financial advisors etc.

Telephone and online enquiries can be made also (e.g. to financial advisory or brokerage firm offices and contact centres for large and small organisations).

How is Mystery Shopping used and what are the potential benefits?

The applications here can be many and varied. Business premises can be assessed for elements relating to the presentation as in more typical retail scenarios. General standards of customer service can also be assessed along with wait times, staff member efficiency and interpersonal skills. The identification of relevant products and services for customers is another valuable area of exploration along with the more involved area of advice provision and sale of (often complex) products and services. Telephone enquiries (Mystery Calls) can be made to offices and contact centres to assess the handling of basic requests and much more complex scenarios where advice is provided.  Video Mystery Shopping can sometimes also be appropriate and beneficial here especially in relation to more complex in-person interactions.

If you would like to discuss the possibility of Mystery Shopping for a business in the banking or financial services industry, please don't hesitate to contact us.

Schedule a discovery call or call now on 01392 984224.