Proactivity is key to customer satisfaction
Customers’ satisfaction with and loyalty to VP are still “high” or “very high”, although the yearly Customer Satisfaction Survey shows some important trends which VP needs to address. The survey results will drive customer-facing activities and dialogue.
The yearly survey of customer satisfaction at VP Securities is executed externally and its validity makes it a matter of management attention at VP. In 2018, customers were asked their opinion, just as VP and the financial community were going live with DKK on T2S as the first non-EUR currency on the European platform. The generalised overall result shows a decrease in satisfaction by two points to 72, and an increase in loyalty by four points to 83, on a scale from 1 to 100. Many qualitative comments from a highly-differentiated customer group make the survey a tool for activities targeted at individual customers.
“The 2018 survey shows a small decrease in overall customer satisfaction, while the score for loyalty has increased. The trend is for day-to-day users to be less satisfied, while decision makers at our customers are increasingly more satisfied. We are grateful that so many customers took the time to give us highly valued feedback,” says CEO Niels Olsen from VP.
Proactivity explains satisfaction
From the survey results it is possible to distil the key factors behind customers’ satisfaction. The topics and deciding variables have changed from 2017 to 2018.
“We have learned that proactivity is the key driver of customer satisfaction,” says Niels Olsen. “As the entire post-trade landscape is in transition, this comes as no surprise to me. The T2S implementation has raised a lot of questions, and the associated uncertainty makes it vital for customers to have a proactive CSD partner. ‘Proactivity’ is the dominant key driver in 2018, in comparison with ‘products and services’ in 2017, and this change is far more pronounced and significant than we expected.”
The survey results show that ‘proactivity’ has more than doubled in score from 17 to 40, while ‘products’ has declined from 56 to 26.
Activities to enhance user experience
“The survey results are very specific and segmented, and they will directly drive initiatives with our customers. These activities include better digital guidance for users and enhanced focus on operational excellence at the customer centre. How direct users experience VP’s systems will be addressed by VP through better communication and digital solutions to improve the user experience,” explains Customers & Communications Director Henrik Ohlsen.
“We will use the results in conversations at different levels with both smaller and larger customers. VP will increase its focus on being a proactive partner, both technically and in terms of business opportunities, and we will have these results in mind in the operational teams. Listening to customers’ experience is directly fuelling ideas for change and specific improvements,” he adds.
In the face of increased competition from a more international marketplace, VP can note an increase in customer loyalty. The promoter score, expressing willingness to endorse VP to others, took a strong upturn from 69 to 82 among decision-makers at larger customers.