Can Mystery Shopping Improve the Banking Sector?

Can Mystery Shopping Improve the Banking Sector?

Written by John A Denver


In today’s world of cut-throat competition, it is usual for banks to spend big dollars on marketing to lure new customers. But as a bank manager, are you getting enough ROI on your marketing expenses? If your business is not growing as expected, maybe it’s time to hire mystery shopping companies to check if your own staff are implementing your own marketing strategies successfully.

Why hire a Mystery Shopping Company

Yes, employees in your front-office and customer service section are really the people who play the most vital role in the implementing your marketing strategies. It is the way they interact with your customers that can make all the difference to your final profit. And when it comes to the banking sector, this interaction takes a new meaning in the form of trust.

Customers usually consider bank employees as their friend and guide in matters of finance and investment. They want to deal with banks that have people who come across as helpful, knowledgeable, trustworthy and friendly.

As an astute bank manager, you are only too aware of the way your employees can affect your business and the success of your marketing strategies. And mystery shopping companies can really help you to understand if your employees are actually implementing your bank’s vision and corporate policy accurately, effectively and successfully.

How Hiring A Mystery Shopping Company Makes All The Difference

The banking sector is an absolutely service-oriented industry where the success of your branch depends on how well your employees promote your services while exceeding customer expectation for each visit.

However, internal evaluation of staff performance is hardly accurate as there is a gulf of difference between reported behavior and actual performance. Facts stated during such assessment programmes may not match the actual behavior of a particular staff on duty. What you need is neutral assessment under natural settings which is what mystery shoppers do.



All this can have an indelible impact on both the short term and long term performance of your branch. With the help of a mystery shopper you can get a generalized picture of the exactly what happens at your bank counters each day with each customer.

Motivate Your Staff With Inputs From Mystery Shoppers

Inputs from mystery shopping expeditions can also act as a great morale booster for your staff if you can use the data correctly. Instead of using the results as a retrenchment excuse, use it to explain to your staff how customers perceive them.


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