Research Department, FINCA Microfinance Bank Limited CUSTOMER EXPERIENCE RESEARCH 2014.

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FP Regional Meeting - Septemebr 2013

Research Department, FINCA Microfinance Bank Limited CUSTOMER EXPERIENCE RESEARCH 20141OverviewResearch Objectives and MethodologyCoding of QuotesBest Service Quality Standards at Field LevelCustomers Overall ExperienceKey Recommendations and Way Forward

2Research Objectives and MethodologyResearch Objective

MethodologyTARGET RESPONDENTSSegment OneBorrowers- Clean Lending Segment ThreeCustomers Maintaining Transaction accountsSegment TwoBorrowers- Gold Backed Lending Segment FourHigh Ticket Depositors

Qualitative Research using focus groups and in depth interviews12 Focus Groups were conducted with these segments as they allowed participants to build on each others views and express their thoughts and feelings in a friendly mannerIn-depth interviews were conducted with high ticket depositors to gather useful insightSample Split BranchesFocus Group (Borrowers- Clean)Focus Group (Borrowers- Secured)Focus Group (Depositors Maintaining Checking Accounts)Total FGDsFerozepur Road, Lahore11Sialkot1113Sahiwal1113Gujranwala1113Johar Town, Lahore112 TOTAL44412Coding of QuotesAll quotations have been coded as per the following criteria:The first symbol in the code is the number of the segment (between 1 and 4); The second is the branch name (Sialkot-SKT, Ferozepur Road-FP, Johar Town-JT, Sahiwal- SHW, Gujranwala- GJW);The third is the gender of the participants (MMale, FFemale) The following is an example of the coding system: (S1, FP, M)

Segment 1Ferozepur RoadMaleBest Service Quality Standards at Field Level

Customer Care Field StandardsThe tentative customer care field Standards were:Courtesy and WarmthTimeliness/Standard TATsOffering the Appropriate/suitable ProductHonesty in DealingsProfessional Personal Attitude and AppearanceEnsure Customers Peace of MindAccuracy of Product Information

Borrowers Perception Regarding Service Quality StandardsActive borrowers (Clean as well as Gold Backed) perceived turn around time, honesty in dealings, and respect as most important aspects of customer service

loan milney mein zyada time nahi lagta ye humare liye bohat zayada zaroori hai kyun kai aajkal har koi bohut masroof hota hai. Aur phir imaandari bohut zayada zaroori hai (S1, SKT, M)

Turnaround time of getting a loan is the most important feature for us because in todays world everyone is extremely busy. And after turnaround time Honesty is extremely important.

loan milney mein zyada time nahi lagta, ye humare liye bohat important hai, aur doosra imaandari. zaroorat mein jab koi hota hai tou wo ye nahi itna dekh raha hota ke ye meray sey kis tarah salook ker rahay hain (S2, SHW, M)

TAT and honesty are the most important features for us, respect plays minor role when youre in need. 10Deposit clients maintaining transaction accounts considered honesty and turn around time as the most important attribute of customer service

imaandari aur kaam honay ka time humari liye sab se aham cheezay hain (S3, GRW, M)

Honesty and turnaround time are the most important aspects for usThe high ticket depositor perceived turn around time, convenience and personalized attention & respect as the most important aspects of service

Depositors Perception Regarding Service Quality Standards Best Service Quality StandardsRanking of Customer Care Field StandardsBORROWERS Turnaround TimeHonesty/ Meeting Commitments in providing product informationRespect, Courtesy and WarmthConvenienceProfessional Attitude and Appearance

DEPOSITORS Convenience and Easy AccessibilityRespect, Courtesy and WarmthTurnaround TimeHonesty/ Meeting Commitments in providing product informationProfessional Personal Attitude and AppearanceOffering the Appropriate/suitable ProductCustomers Overall Experience with FINCA MFB

Expectations vs ExperienceActive borrowers, specially clean lending customers were very happy and surprised with the turnaround time of loan disbursement and service quality

Loan ussi waqt mil gaya tha, process jo hai wo bohat acha hai, aik dou din tou lag hee jatay hain, humhe ussi waqt mil gaya . (S1, FP, M)We received the loan almost immediately upon applying. It took maybe one or two days at most. The process could not be faster than it already is.

staff bohat acha hai, aisa lag raha tha ke wo humari zarooratain poori kerna cha rahay thay aur samaj rahay thay humhe kya mushkilatain ho rahin theen . (S1, SKT, M)Your staff is really good. They showed genuine interest and offered the guidance we needed to get all the information

Expectations vs Experience- ContdGold Backed lending customers were also happy but they raised a few concerns over waiting in the branch for long time for gold valuator and getting irritated by regular visits of FINCA MFBs representatives

jab gold aapke lockeron pai para hota hai tou LO ko chakar nahi laganay chahiye, na ussay dubara sey logon sey inquiry kerni chahiye hai, log baatein kerthay hain jab bank walay itnay chakar lagthay hain ke ye log pata nahi default ker rahay hain ya inn sey business nahi sahi chal raha, humhe insult mehsoos hota hai, baki bank jaisay Tameer hai, wo nahi ye kerthay, tou phir aap kyoon kerthay hain . (S2, GJW, M)When the loan is secured against gold then LOs should not visit us or inquire about us from others, people make assumptions about us defaulting or the business not doing well, it is insulting for us, other banks like Tameer do not do this

Gold valuator ke liye humhe kafi intazar kerna parha. Aik hee banda hai field mein tou uski baag dor lagee rehti hai . (S2, JT, M)Gold evaluation takes time because that area is understaffed. Gold valuator has to go to multiple locations and we end up waiting for him to comeExpectations vs Experience- ContdHigh Ticket Depositors highlighted that their experience could have been far better if FINCA MFB offered more Range of facilities like internet banking, better ATM facility and a vast branch network

Internet banking shuru kerain, phir FINCA baray banks ke saat compete ker sakay ga jab usskay paas bhi wo saray features hon gaye. (S3, SKT, M)

Internet banking should be initiated, all the features of a regular bank in FINCA would make it more appealing for usyahan ka profit rate behtreen hai, commercial banks sey bhi behtar hai, iss liye mein apne 2 account yahan laya tha aur bhi logon ko refer kiya phir (S3, GJW, M)The profit rate is among the highest in all banks, better than commercial banks as well, this is why I brought my account here and I referred others here tooSome depositors also highlighted that the branch staff should contact them in case there are any signature issues etc. in cheque clearing

Key Drivers in Selecting a Financial InstitutionClients Perceptions Regarding Service QualityAccount Opening ProcessAccount opening procedure is considered simpler than other banks

Aapka account opening system baaqio sai zyada assan hai, zayada documents nahi laitay bas NIC wagheira ley laya aur kaam ho gaya tha poora (S3, SKT, M)Your account opening process is simpler than others. We brought basic documentation such as NIC etc. and we got it done

Account khulwana asaan hai aur account foran khul jata hai, Bank Al Falah main account khulwanay main mujhe 8 din lag gaye thai . (S3, GJW, M)Account opening process was simple, opened instantly, Bank Al Falah took 8 days

Teller TransactionIve had no issues while withdrawing cash from your bank. The tellers a good person. I dont think one teller is enough though. Ive told you that you have a big client base here so you need at least two tellers here. (S3, SKT, M)ATM FacilityThey told me that by the end of 2013, Gujranwala would have its ATM machine. This would mean we wont have to use 1-link machines anymore. The limit on one time withdrawal of Rs. 10k from a 1 link machine is problematic. We have to insert the card again to withdraw more money. Also the withdrawal limit on the ATM card should be reconsidered. I can withdraw Rs. 50,000 from Bank Al Falahs ATM. But since youre microfinance, it should be at least Rs. 20k- 25K. Also, bank should have its own ATM machine. (S3, GJW, M) Loan DisbursementLoan process is considered simple and quick Aap sai loan dou sai teen din ke ander ander hee mil gaya tha jis sai hamain bohut faida hua kyun kai time pe paisay milna bohut zaroori hota hai.(S1, FP, M)I got the loan from you within 2 to 3 days and it was very helpful because I needed the money urgently and its very important to get money in short timeframe.Loan process is easy but paperwork/ signatures are too much for returning clientsloan process asaan tha koi as such issue nahi huwa, bas ye hai ke kuch paperwork aur sign kam ho jana chahiye hai khaas tor pai un clients ke jo pehley sey loan ley chukay hon .(S2, SKT, M)Loan application process is simple, but there is too much paper work and signatures. Applying and processing time is as fast as it can be, we are happy with it, it can be made faster if returning clients dont have to go through as much paperwork as new ones. So, the process for repeat clients should be made simpler as you already have our documents.Loan Disbursement- ContdBorrowers did not completely understand the terms and conditions on which they had to sign and they felt that they are signing on too many documents

Hamain moti moti condition ka tou pata hota hai jaisay loan amount ho gayi, karza wapis karnay ki raqam aur tareekh wagera. Magar kyun kai hum jaldi main hotay hain is liye hum sai jo pachaas documents pai sign karwatay hain unka nahi pata hota (S1, GJW, M)We know about the key terms and conditions e.g. the loan amount, repayment date and amount etc. But since we are in a hurry we have no idea about the rest of the 50 plus documents that we sign. They also highlighted that Infact our name and other information is not written on those documents and we are signing blank documents which makes us feel uneasy

TAT ka unnon ney bilkul sahi bataiya magar hidden charges ka humay nahi pata tha, Rs.50,000 loan pai mujhe Rs.2,500 deina para innhi hidden charges mein cheque book, documents wagheira (S1, SHW, M)

There was no miscommitment about turnaround time, we knew all the terms and conditions, but there was hidden fees that we werent told about for example when I got Rs.50,000 loan almost Rs.2,500 was deducted for cheque book, documentation and processing fees.

Complaint Lodgment/ Hotline MechanismI dont know about FINCAs complaint hotlines number or anything related to it. No one told me about this either. I dont have anything to complain now but whenever I do, I can ask them (S3, JT, M)Other Suggestions by ClientsOther Suggestions by Clients

Key Recommendations and Way ForwardStrengths of FINCA Microfinance BankWeaknesses of FINCA Microfinance BankLoan Amount is very Less The loan amount of PKR 150,000 is very less and its not enough to meet our business needs

Limited Banking Facilities & Branch Network Internet banking should be introduced Unavailability of ATM machines in many branches is a concern

Interest Rate is high - Clients highlighted that interest rate should be less

Convenience and Fast ProcessingWell-Mannered and Trained StaffFINCA Microfinance BankReasons for ConsiderationLoan Amount is LessLimited Services for Deposit Clients

High Interest Rate

FINCA Microfinance BankReasons for Non Consideration

Understanding Considerations

Key Findings and RecommendationsKey Findings and Recommendations

DISCUSSION

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