In the fourth quarter of 2020, VP Securities sent out its annual customer satisfaction survey. The results show improvements in satisfaction across the board, and positive trends in several key areas.
Customer satisfaction on level with benchmark
One of the most standout survey results is overall customer satisfaction, which increased by 2-index points to a score of 74, and is on level with the industry benchmark of 73. The survey also revealed positive trends in the individual business areas. The CSD business area experienced a 6-point increase in satisfaction (73) when compared with 2019, and Investor Services had a satisfaction score of 81.
Other positive developments include a 5-point increase in decision makers’ satisfaction levels, an increase in the overall perception of VP’s image and an improved perception of VP’s value for money. CSD Services again excelled in this last area, with an 8-point increase in perceived value of money amongst decision makers.
The overall customer satisfaction, increased by 2-index points to a score of 74, and is on level with the industry benchmark of 73.
Satisfaction with VP employees on the rise
Another encouraging trend was the increase in customer satisfaction with VP employees. Employee performance is the most important driver for customer satisfaction, so the fact that the survey revealed an upward trend in all three survey questions related to customers’ perception of the value VP’s employees provide is a positive development. General satisfaction with VPs products and services improved as well.
Heightened focus on crisis communication
Survey responses also highlighted areas for improvement. One area in particular is operational communication, especially in cases of incidents and issues. To ensure prompt, clear crisis communication with the market, VP has established a new Customer Crisis Management Group. Formed in December 2020, this group is an additional measure that VP can activate when it needs to establish more nuanced communication with the market. The group’s purpose is to ensure a close dialogue with the market when complex situations arise.
Results show internal efforts are bearing fruit
When commenting on the survey results, Henrik Ohlsen, Customer Relations and Sales Director at VP, stated
Looking back, we can see that the market has been influenced by several large projects and implementations, which have impacted our customers’ processes and ways of working. These developments have also negatively impacted satisfaction. We’ve taken steps to ensure operational stability and launched a number of internal product and service initiatives in order to reverse this downward trend. It’s gratifying to see that our efforts have paid off and that our customers are now more satisfied. Of course, we realise that we’re not finished. This is an on-going journey, and we will continue to work closely with our customers to continue to meet, and hopefully surpass, their expectations.
About the survey
VP Securities conducted the customer satisfaction survey during the period of 19 October to 4 November 2020. The survey was primarily email-based, combined with 20 interviews of key stakeholders and decision makers from Tier 1 clients. The survey focuses on VP as a whole, and the CSD and Issuer Services business areas. The overall survey response rate was 29%.
Customer Relations & Sales Director
Phone: +45 2910 1202
It is all about simplicity for our customers and thereby more efficient processes
- Henrik Ohlsen, Customer Relations & Sales Director