Assessment of DTCC Customer Satisfaction Prepared for: BDUG October 24, 2005.
Assessment of DTCC Customer Satisfaction
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Transcript of Assessment of DTCC Customer Satisfaction
Assessment of DTCC Customer Satisfaction
Prepared for:BDUG
October 24, 2005
Agenda
• Background
• Key Findings
• Recommendations
• Current Activities
• Relationship Management Realignment
Research Approach
• 2 key segments - senior & daily contacts• 2 methodologies - telephone & web
(n=720)
Phone seniors
7%Web seniors
4%
Web daily contacts
89%
Key Findings
Overall Satisfaction
• For the second year in a row, DTCC customers express an outstanding level of satisfaction . . .
Extremely satisfied
18%
Satisfied
71%
Extremely dissatisfied
0%Neutral
8%
Dissatisfied
3%
Total satisfied
89%
Overall Satisfaction
“DTCC is extremely accurate and responsive with respect to processing.”
“I believe DTCC is very responsive to industry needs. They take a proactive approach to trying to offer services that are most beneficial to participants.”
Overall Satisfaction
• DTCC compares well to Melior’s Database
0%
20%
40%
60%
80%
100%
Overall Satisfaction
Melior Average
80%
DTCC 89%
Overall Satisfaction
• Customers saw a change in their level of satisfaction. . .
Significantly Improved
5%
Improved32%
Remained the Same
54%
Declined/ Significantly
Declined9%
TotalImproved
37%
Key Drivers of Satisfaction
• DTCC understands what impacts customer satisfaction
Driver Weight
Driver 2005
25% Commitment to quality 85%
22 Customer service 72
20 Communication with customer 75
17 Sense of urgency 65
16 Ability to increase operational efficiencies 69
Product Satisfaction
• Most customers (83%) are satisfied with the breadth of DTCC’s product/service line
• At the individual product level, satisfaction ranged from moderate to high
– 8 of 14 products evaluated met/surpassed DTCC’s goal of 80% satisfaction
– 2 others are within the margin of error
Product Satisfaction• Traditional products/services (79%) rank at or near “world
class” (80%+)
Traditional Products/Services 2005
Settlement-Related Services 92%
Continuous Net Settlement (CNS) 89
Corporate Actions Processing Services (Reorg, Dividend/Interest)
85
Securities Processing Services 85
Corporate, Municipal, UIT (Unit Investment Trust) 83
Automated Customer Account Transfer Service (ACATS)
80
Government Securities 80
Equity Trade Capture and Reporting Services 79
Mortgage-Backed Securities 77
ETF Creation/Redemption Processing Services 75
Product Satisfaction
• Some scored lower
Traditional Products/Services 2005
Underwriting Services 62%
Tax Services 62
Non-Cede & Co. Custody Services 57
SMART Network & Internet Services 56
Product Satisfaction:Distribution Services
Distribution Services 2005
Mutual Fund Services 81%
Insurance Processing Services (IPS) 62
• Average rating (weighted): 75%
Product Satisfaction:New Products
Product/Service 2005 Deriv/SERV 68%
Global Corporate Actions Validation Service 65
Problem Incidence
• Problem resolution continues to be an issue, though some improvements in satisfaction were noted
Yes, had problems
35%
No Problems65%
33%
30%
37%
47%
28%
25%
Satisfied
Neutral
Dissatisfied
SignificantProblems
ModerateProblems
Customer Experience
• Customers saw a change in their level of satisfaction…
Relationship Management Customer Service
Declined4%
Remained the Same
60%
Improved36%
Declined5%
Remained the Same
60%
Improved35%
Melior Recommendations
• To improve customer satisfaction levels going forward…– Improve quality and consistency of the customer
service experience
– Strengthening our relationship management efforts
– Improving the problem resolution process
– Enhance technology
– Strengthen positioning as an industry leader
“DTCC is top notch—an excellent organization. They continue to be an
outstanding company with great leadership.”
Realignment of
DTCC’ s Relationship Management Group
Structure of the Group
Two Levels of Support
• A dedicated Account Executive who will be your primary interface with DTCC
• A Relationship Services team that will provide transactional support to your firm. Be more responsive and accountable
Role of the Account Executive
Your Account Executive will:
• Be your advocate and your voice at DTCC.
• Meet regularly with your organization to ensure that DTCC's performance meets expectations and that our efforts are aligned to help achieve your business objectives.
• Work closely with the Relationship Services personnel and others to ensure that DTCC is providing the best service possible.
• Coordinate activities with the relationship management areas that remain in place for DerivSERV, Insurance and Mutual Fund Services.
Role of Relationship Services Team
The Relationship Services Team will: • Take ownership for the resolution of transactional requests
that are critical to support your day-to-day relationship with DTCC.
• Will be available from 8:30 a.m. – 5:30 p.m. EST (business days) and will also provide back up and support for your Account Executive.
• You may contact the Relationship Services team at 1-800-422-0582 or via e-mail at [email protected].