Client satisfaction and customer loyalty: Building trust with Code of Values

We carry out more than 18,000 test purchases in our branches (known as ‘mystery shopping’) and do follow-up telephone interviews after client consultations. They are aimed at determining client satisfaction, identifying improvements, and measuring progress.

Almost one million clients a year take part in our customer satisfaction survey via online banking or at terminals at their local branch. They provide feedback on the quality of advice and rate their satisfaction with our performance. Their responses show us how they assess our performance and how strong their loyalty to Deutsche Bank is. Our staff speaks with dissatisfied clients directly to find out the reasons for their criticism and initiate possible improvements. The results of the client surveys and of “mystery shopping” are incorporated into the performance assessment of the branches and are an integral part of our compensation scheme. The quality of advice has been further improved thanks to these measures. At the end of 2012, 44% of our clients rated the quality of our advisory service as “excellent” or “very good”.

In 2010, we were the first bank in Germany to introduce product information sheets, with a transparent labeling system, for investment products in our client advisory service. They document the yield and risk profile, fees and the anticipated change in value of a product. Comparable documents for investment products and closed-end funds have only been stipulated as mandatory by law since July 2011. We additionally offer them for savings products on our own initiative.

We provide advice according to an electronically supported advisory process called “Beratermappe Online” (BMO), i.e. Online Advisory tool. It makes it easier for our advisors to adhere to advisory and quality standards that are in line with the statutory regulations as well as our own guidelines. The Advisor’s Folder is at the disposal of all advisory service staff and is used for all discussions with clients. It ensures the high quality and transparency of the advice provided. After every discussion, the essential content is documented for the client once more in the folder.

Internal findings confirm that the BMO Online Advisory tool was used for almost 100% of all discussions with our mystery shoppers in the year 2012.

Particularly in Germany, regulatory measures have been tightened after the financial crisis in order to improve protection of investors. MiFID, the current financial markets directive of the European Union on investor protection, already reflects those changes. It goes without saying that we fulfil all of the applicable specifications. Furthermore, we additionally implement voluntary measures as well. For example, we withdrew the investment fund called “db Kompass Life III-Fonds” from the market and excluded it from advisory service because it was linked to the sale of synthetic life insurance policies.

To improve client satisfaction, the fundamental principle is to always process complaints fairly, effectively, and without delay. Our consultants are responsible for handling client complaints and recommending suitable solutions.

Our complaints management process helps staff record client complaints, clarify them and track responses from clients. In this way, we can identify recurring complaints and faults in product and service processes at an early stage. We protect clients’ interests and improve client satisfaction sustainably with the aid of our Code of Values, our product principles, and our internal processes.

In line with our principles, we aim to promote products that provide capital for the real economy and offer solutions customized to our clients’ needs. Before granting loans or approving lines of credit, we analyze our clients’ financial situation. We carefully proof that the duration of our credits is appropriate as compared to the financing purpose and do not finance if there is a danger of debt overload. We do not offer incomprehensible product bundles or products that do not include clear benefits for the client.

In addition to our exclusion criteria, some products are not available to certain client groups. For example, products with long-term and limited tradability will not be actively sold to people over the age of 70.

Employees must be sure that clients understand the characteristics, functions and risks inherent to a product. Product information and marketing materials must be understandable and must provide all relevant information, including costs and price.