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Customers Rate DTCC: 91% Overall Satisfaction
For the third consecutive year, overall customer satisfaction with DTCC in 2006 remained at a world-class level, reaching 91% in this year’s annual customer satisfaction survey. This is 2 percentage points higher than the 2005 score of 89%.
The rating, according to survey respondents, is attributable in large part to DTCC's ability to meet customers' needs consistently over time and to DTCC's responsiveness and customer-centric orientation. Here's how one customer summed up his view of DTCC: "They provide tremendous value to the marketplace and the investing public."
The Melior Group, which DTCC contracted to conduct the survey, noted that measured against its index of survey results for similar organizations, including some Fortune 500 companies, "DTCC scores above the industry average on virtually all key metrics."
Dialogue pays off
The survey data indicate DTCC strengthened its performance across a range of criteria that are important to both customers and the company in achieving its goals.
"Customer satisfaction is an enterprise-wide priority at DTCC and it is based on ongoing dialogue with our customers," said Donald F. Donahue, DTCC’s president and CEO. "Over the past several years, we’ve extensively implemented the Six Sigma program throughout the company to raise quality awareness among all employees, and the constant across all these quality initiatives is that they must be customer- and metrics-driven."
Four drivers
Four variables serve as the primary drivers of overall satisfaction with DTCC, according to The Melior Group’s analysis of the data: transaction-processing capabilities, customer service, commitment to quality and customer-centric focus.
DTCC received a 95% satisfaction rating for its transaction-processing capabilities, a 5-point increase over last year’s 90%.
"DTCC processes an extremely high volume of transactions with very high efficiency," said one customer. "Daily processing is generally seamless," noted another.
For customer service, the satisfaction rating was 81%, up 9 points from 72% in 2005. "Customers were most satisfied with the courteousness and helpfulness of service personnel," noted The Melior Group. Areas in which customers are looking for stronger service include innovation and communications. Customers are least satisfied with the process for escalating unresolved problems to a more senior level.
James Koster, DTCC managing director, Relationship Management
When it came to rating their individual relationship managers, 91% of survey respondents were satisfied, giving high marks for knowledge, attentiveness, sense of urgency and accessibility.
Customers also indicated satisfaction with DTCC’s commitment to quality in 2006, which received a 91% rating, up 6 points over last year’s 85% score.
For being customer-centric, survey respondents gave DTCC a 76% satisfaction rating, up 13 points from 2005. "We’ve made progress in terms of being perceived as customer-centric, but this is an area we’ll remain focused on in 2007," said James Koster, DTCC managing director, Relationship Management. "We’ll be looking to deepen our knowledge of our customers’ businesses and to be more innovative, proactive and creative. We’ll also improve the transition process when relationship managers change, which is a topic that received comments in this year’s survey."
Ensuring responsiveness
DTCC formulated its 2006 customer strategies and action plans after a thorough analysis of the 2005 survey data and other feedback, according to Koster. "That means we have our customers to thank for this year’s strong survey results, which will now serve as the basis for further improvements in the coming year."
DTCC has taken other steps in recent years to ensure responsiveness to customers. For instance, customer satisfaction action plans are metrics-driven so that progress can be tracked and measured. In addition, the senior management team reviews these plans and monitors them throughout the year. And to leverage success, business units now share best practices across the organization.
What’s more, DTCC restructured the Relationship Management and Customer Service functions for several business units in 2005, based on customer feedback.
Also significant, said Koster, is that, "All employees take responsibility for customer service and all employees share the credit when the results are positive."
Other leading indicators
For integrity, DTCC received a 94% satisfaction rating, up 4 points from 2005.
"Integrity and trust are intangible, yet absolutely critical, assets that a corporation must bring to its customers," said Donahue. "Given DTCC’s role at the center of the industry’s infrastructure, we have always made integrity a cornerstone of our corporate culture and the 94% rating on this measure tells us customers strongly associate DTCC with integrity."
Communications, specifically DTCC’s ability to keep customers informed, posted a 10-point gain in satisfaction for 2006, rising to 85% overall. "In terms of the specific communications attributes evaluated, customers were most satisfied with the reliability/credibility of information offered and least satisfied with the presentation of complex topics in an easy-to-read manner," said The Melior Group.
Focus on problem resolution
Most customers surveyed (72%) did not experience a problem with DTCC in 2006, which compares with 65% last year. That means 28% of customers had a problem, an incident rate that is "fairly typical for major players in the financial services industry," according to The Melior Group.
Overall, half of survey respondents expressed satisfaction with DTCC’s ability to resolve their problems. However, the more severe the issue, the less satisfied customers were with DTCC’s ability to resolve it.
"While we’ve made progress, customers continue to express concerns about how we handle their problems, including how we communicate about them, how quickly we resolve them and the time it takes to escalate problems to a more senior level within DTCC," said Koster. "So we have our work cut out for us on this front, and it will remain a key area of focus in the coming year."
Overview of technology
Another area of the business that posted strong gains over 2005 was satisfaction with DTCC’s technology. "Improvements were noted on all factors," said The Melior Group.
Customer satisfaction with connectivity climbed 12 points to 86% in 2006 while satisfaction with DTCC’s hardware and software increased to 81%, up 7 points from the previous year. "I find the infrastructure to be scalable, reliable, problem-free," said one customer. "Apps are designed well and meet most needs," said another.
With regard to reliability, customer satisfaction rose to 93% in 2006, up 7 points over last year. “DTCC provides a stable environment,” noted one survey respondent.
For leveraging the Internet, customers gave DTCC a 72% satisfaction rating, which is 13 points higher than last year, but still leaves ample room for improvement.
Suggestions for improving technology included:
- Make the systems easier to use. "Some of the systems are not very user-friendly, but they get the job done," noted one customer.
- Enhance/expand systems (especially Internet-based services). "DTCC could be a bit more creative with industry solutions – more technology is needed," said one customer.
Satisfaction with products
For the breadth of its product/service line, DTCC received a 90% satisfaction rating, 7 points higher than last year.
In addition, customers indicated substantial or moderate increases in satisfaction for all products and services evaluated. What’s more, 16 of the 18 products surpassed or met DTCC’s corporate goal of 80% satisfaction and many services posted double-digit improvements from 2005.
Issues of strategic interest
Customer satisfaction with DTCC’s industry leadership reached 80% in 2006, up 12 points over last year. When asked how DTCC could strengthen its performance, one senior executive said the organization should, "Continue to leverage their position and knowledge in the thought leadership area."
To gain a better understanding of strategic issues impacting customers’ organizations and the industry, the 2006 survey posed a series of questions to senior contacts, asking them to discuss issues related to DTCC’s current role and future positioning in the industry.
Risk management, in particular settlement, processing and system risk, was one concern of the executives surveyed. DTCC received an 84% satisfaction rating for its effectiveness in reducing risk in the 2006 survey, an 8-point increase over 2005.
In terms of addressing industry issues, 94% of senior contacts view DTCC as the “go-to” solutions provider. In addition, the survey respondents cited issues they would like DTCC to focus on in the coming years, including globalization, customer service, bringing the investment community together and standardization.
DTCC is regarded as a partner by 90% of senior contacts, with the remainder indicating they would like DTCC to strengthen its efforts to partner with them. "Partnering means better, more holistic cost-effective solutions," said one customer. @