BAI Research | The Frontline Experience



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Retirement National Study

The Frontline Experience

Overview:
Differentiation in the retail sector largely comes down to creating a unique customer experience. Yet, little research has been done to understand how to successfully implement an experienced-based model in the banking industry.

The Frontline Experience, is a research project launched by BAI in partnership with Accenture, De La Rue, NewGround and SAP, was based on a nationally representative survey completed by 3,748 U.S. consumers in July 2005. In-depth interviews were also conducted with 38 retail banking executives from national and regional U.S. banks to provide a thematic framework for additional perspectives on the survey findings. Interviewees included heads of retail banking units and regional branch, delivery channel and marketing executives. In addition, the perspectives of frontline branch employees were incorporated into the study through an analysis of responses from over 16,700 bank and credit union employees who participated in BAI’s bank employee attitude surveys over the18 months leading up to the consumer survey. The research was designed to determine how customers define the concept of having a relationship with their bank; to gauge the importance of customer interactions with branch staff to banks’ relationship building efforts; and to determine customers’ satisfaction with these interactions. The study then sought to identify tools and processes that banks could utilize to enhance the customer banking experience. This research follows BAI’s 2004 The Frontline Factor research project, which surveyed and interviewed 550 retail banking executives to examine the opportunities and challenges associated with implementing relationship-based strategies in the branch network.

This landmark study will provide you with perspectives on consumer attitudes towards relationships, the critical role of branch and frontline personnel in fostering those relationships, and attributes that drive customers’ receptivity to relationships with their primary banks.

To obtain detailed research insights, choose from two options:

Option #1: Research Summary Package
This package is a must have for any organization contemplating or implementing an experience-based retail banking strategy. You’ll receive all the core study components – allowing you to validate or adjust your current approach with the latest market research available. This package includes:

Executive Interview Report—100+ page report containing key themes and insights emerging from 45-minute interviews with 38 executives around relationship development and the importance of the frontline in delivering those relationships.

National Consumer Research Report—A 150+ page report on the results of a nationally representative survey completed by 3,748 U.S. consumers in July/August 2005. The research is presented predominantly in an attitudinal based 5-segment model – based largely on customer receptivity to relationships. The report was based on a very comprehensive survey and is organized around:

Attitudinal Statements
Customer Segments: Attitude and Wallet Overview
Branch Service and Channel Utilization
Checking Account Opening and Onboarding Experience
Relationship Expansion Experience
Account Closure Experience

Banking Strategies November/December 2006 Article—"Give the Customers What They Want," by Paul McAdam. BAI’s The Frontline Experience research reveals that 70% of consumers are not receptive to the notion of having a relationship with their primary banking institution. The fundamental strategic question exposed is: How can a retail bank simultaneously align its resources to adequately serve customers who want a relationship versus the more utilitarian set of customers who simply want convenience, products and service? Five distinct customer segments are identified are profiled in this article.

Three Research Briefs – Authored by BAI and each of the Sponsors, each article highlights a unique theme that emerged from the research.

All study components are delivered to you via CD in a downloadable PDF format that can be shared with an unlimited amount of individuals within your financial institution.

Research Summary Package Fee:

Non-Member Fee: $1,200
Member Fee: $1,000

Order the study now!

Note: This research package is only available to financial institutions. You must be a BAI member to take advantage of BAI Member pricing. If you have questions about your membership status or the research offering, please contact BAI Customer Service at 800-224-9889.

Option #2: Research Data Package
For those organizations needing to take a “deep dive” into the data, this is the package for you. You’ll receive all the components from the Research Summary Package, PLUS the complete national consumer research datafile. Complete with six cross-tabs, this SPSS datafile contains responses from 3,748 consumers regarding their attitudes toward specific retail banking events – around account opening, relationship expansion, and closing of accounts; and the wallet share that they allocate to their preferred banking provider. You’ll be able to analyze the data that is most relevant to you in order to make more informed decisions about how and where you are investing in your customer experience strategy.

The research data package will contain the:

Survey instrument, which contains the following sections:
1. 34 question attitudinal statements
2. Composition of financial wallet (products owned)
3. Branch and teller service experience - importance and performance scores
4. Opened checking account within the past year
5. Purchased an additional product from a depository institution within the past year
6. Closed an account with a depository institution within the past year
7. Composition of financial wallet (balances)
8. Demographic information
Data File in SPSS based on the 3,748 responses (nationally balanced)
Six cross-tab tables based on:

Customer Activity (with banners for customers that opened accounts, purchased additional products and closed accounts)
Customer Satisfaction (with banners for satisfaction with branch and satisfaction with tellers)
Demographics (with banners for age-income segments and gender)
Five-segment solution (with 13 different banners)

With the data package, financial institutions will be able to create segmented strategies; develop or refine campaign management and lead generation analytics based on “striping” or overlaying the MCIF databases with “segment” tags, and develop product and service offerings to address specific customer segment needs based on their preponderance in one’s existing customer base or footprint.

Research Data Package:

Non-Member Fee: $7,500
Member Fee: $6,250

Order the study now!

Note: This research package is only available to financial institutions. You must be a BAI member to take advantage of BAI Member pricing. If you have questions about your membership status or the research offering, please contact BAI Customer Service at 800-224-9889.

Read a detailed article on the Frontline Experience project in BAI’s Banking Strategies magazine.

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