The Client

 

Nedbank is one of South Africa’s four largest banking groups with a wide range of wholesale and retail banking services.

 

Nedbank Financial Planning is a division of Nedbank LTD that focuses on creating ideal personal financial plans, to meet individual’s unique requirements.

 

The Objective

 

Nedbank Financial Planning was referred to Rocketseed based on campaigns that were on going with another division of Nedbank.

 

We had a very unique requirement based on the way we manage our financial planners.

 

All Nedbank Financial Planners are based outside of Head Office in Johannesburg, so we needed an alternate means to understand digitally, how clients are finding the service they are receiving. The purpose of this is not only to ensure our clients are receiving the best possible service at all times, but also to be able to reward the outstanding achievers and identify and address those that are underachieving based on client feedback.

 

Rocketseed runs a Rate My Service campaign for us using email and SMS (text messaging) to our client database, once a month, starting December 2015. They send a smart tracked email to all clients that have dealt with a planner recently, in the case where we have their email addresses. For all those where we only have a mobile number, they send a tracked SMS requesting a response.

 

In the email, clients are able to rate their planner on a scale of 1 – 10 where 1 is poor and 10 is excellent. Thereafter, they are able to also take a short survey to provide more feedback on why they have given the specified rating.

 

In the SMS, clients are able to respond and reply to the SMS with the same 1 – 10 rating so that we are able to get their ratings in order to score our financial planners.

 

This campaign initially started off as a way of getting a feel for what our clients think about our service but this has evolved quite a bit, where the reporting and results have become crucial as a Key Performance Indicator for how the planners are remunerated and evaluated.

 

 

The Results

 

Prior to running these campaigns, the only way we were able to attain how well a financial planner was doing, was based on the amount of commission they were generating annually. This posed many questions as not all clients had the same expenditure, so judging financial planners based on this one criteria became unfair as the only means of evaluation.

 

This is why we contacted Rocketseed, knowing there was more out there that we could do digitally to help us.

 

About 20 days after the campaigns go out each month, Rocketseed sends us elaborate reporting that shows who the clients are, what they have rated the planner, if they have taken the survey and what that feedback looks like. From this we are able to populate these results to an online dashboard that lists all the planners and their ratings so that the running totals every month, contributes to the overall performance of each financial planner.

 

From these results, we are able to determine who the Top performers are that deserve a substantial reward, and identify those that need further assistance and training.

 

The results have opened up new avenues of discussion to Nedbank Financial Planning in aid of managing and ensuring the highest service levels are maintained month after month.

 

Financial planners also know they are monitored continuously and are eligible for reward, hence they continue to give their best at all times.

 

We were looking for a 15% click-through rate which directly refers to at least 15% of our clients rating their planners. The result was that they have averaged between 20 and 23% client ratings for the last 9 months since inception.

 

 

“With Rocketseed we were able to manage our surveys and get the right kind of data that was needed for our business. They have gone beyond boundaries to make things happen for us.”

 

  • Wesley Maistry, IT Product Specialist: Digital, Nedbank Financial Planning | Nedbank Wealth