Customers Again Show High Level Of Satisfaction with DTCC
DTCC customer firms surveyed earlier this year again said their overall satisfaction with the company was at world-class levels for the second year in a row.
Some 3,500 customer contacts were solicited for the survey, with an overall response rate of 21%. According to The Melior Group, the market research analysts who conducted the survey on behalf of DTCC, this response rate is on the high end of industry trends. Most of the surveys were conducted via the Web, but there was also a strategic-focused survey of senior level executives via phone. Last year’s survey was conducted in a similar way.
According to the survey, 89% of those surveyed said they were satisfied overall with DTCC, comparable to the 90% rating DTCC achieved last year. A world-class rating is considered to be 80%. The Melior Group also noted in its report that at such high levels as this, “it is difficult to produce consistent results. This is an achievement.”
In Their own words
Here are some comments about DTCC by customers taken from the satisfaction survey:
- “They’ve done an excellent job in the service levels in the products we use. They have stayed with, and executed, their strategic plan. They have saved the industry money. They have shown superior leadership, with excellent communication.”
- “Be a more assertive advocate for participants in industry-wide initiatives and keep participants informed of initiatives to lead change.”
- “DTCC is top notch – an excellent organization. They continue to be an outstanding company with great leadership.”
- “DTCC is extremely accurate and responsive with respect to processing.”
- “We have difficulty obtaining information on inquiries. We often have to follow up on several occasions before we get the assistance we need.”
In the area of corporate attributes, customers said they were most satisfied with DTCC’s integrity (90%) and commitment to quality (85%). In addition, survey results indicate that more customers – 37% of respondents – perceived an improvement in service this year, compared to 29% in 2004.
On a product level, most customers, 83%, said they were satisfied with the breadth of DTCC’s product/service line. Eight of 14 of DTCC traditional products or services asked about met or surpassed the 80% satisfaction goal, while two others scored high enough to be within the margin of error in reaching the 80% world class level.
Focus on Problem Resolution
When faced with a problem, most customers turn first to their relationship managers, particularly if the problem is significant (46% of those surveyed) or moderate (44%). Even if the problem is minor, 33% prefer to deal with their relationship manager. However, there were a number of customers who pointed out opportunities for improvement, and satisfaction scores for primary contacts dropped into the mid-70% range for sense of urgency, providing updates during the resolution process, taking ownership of the problem and timeliness of response.
“Customers continue to express concerns about how we handle their problems, with some especially harsh comments on issues like courtesy, responsiveness and follow-through,” said Donald F. Donahue, DTCC’s chief operating officer. “While applauding our reliability, customers cite ‘taking ownership’ when they report a problem as something they feel we don’t perform well on. This is one area that we’ll be focusing on in the coming months.”
“What the results of the survey demonstrated to us is that we still have some issues to address in the way we handle problems and inquiries from customers, to both improve the problem resolution process and improve the way we respond generally to customer service issues,” said James Koster, DTCC managing director, Relationship Management and Marketing.
The survey results have already prompted a reorganization of DTCC’s Relationship Management area and formation of senior management task forces to look at how DTCC handles customer service and other areas targeted for improvement.
“The results of the survey are taken very serious by everyone here,” Koster said. “The results are discussed at the Operating Committee level, presented to our Board of Directors, and to all DTCC officers. The DTCC Quality Council then guides and approves action plans to improve the results, which are developed by each business area, and those plans are reviewed by senior management before implementation.”
“In the coming months, we’ll be looking to implement a series of initiatives to address the customer feedback we received,” Donahue noted. “We believe the emphasis of our Quality program on using metrics-based methodologies to more effectively drive our results and shape our customers’ total experience will be key to our success.” @