Schwab Talk Blog

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Seeing the world through clients’ eyes

By Mike Cianfrocca | Nov 21, 2012
 
 

Serving clients is at the center of everything we do here at Schwab, and one of the fundamental ways we assess how well we are listening to our clients and meeting their needs is through a measurement system we call the Client Promoter Score or “CPS” as we like to call it.

We calculate our Client Promoter Score through ongoing web-based surveys of clients that ask one simple but telling question:

On a scale of zero to ten, how likely is it that you would recommend Charles Schwab to a friend or colleague?

Responses of nine or 10 are defined as “Promoters” and those that are zero through six are defined as “Detractors.” Subtract the detractors from the promoters and that is the Client Promoter Score.

But here’s one of the most important parts of the process: we aren’t just listening – we are also acting. We reach out to detractors to find out what we did wrong or could have done better, and the feedback we receive is invaluable in helping us rethink and refine our actions. But even more importantly, the clients we connect with are reassured that Schwab is reading their feedback and actively engaging with them, whether it’s a branch manager connecting with a client who had an issue, or a service team member going the extra mile to ensure satisfaction. By listening and responding to client feedback, we’re able to continually improve the client experience and increase loyalty.

The Client Promoter Score system we use at Schwab is based on the Net Promoter® System created by Fred Reichheld, a partner at Bain & Company. Bain & Company recently posted a short video about how Schwab uses the Client Promoter Score to see the world through our clients’ eyes and build a culture of client service within our company.

Here’s the video which features our President and CEO Walt Bettinger and some employees who are on the front lines with clients living and breathing client service every day.


Disclosure: Some links provided above take you to websites not owned by Charles Schwab or its affiliates. Charles Schwab is not responsible for the content on those websites and does not provide, edit, or endorse any of the content. Those non-affiliated companies are wholly responsible for the content and features found on their sites.
 

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Please Note: By posting content to the Schwab Talk blog, you acknowledge that you are over the age of 13 and agree to allow The Charles Schwab Corporation to publish, display and/or exhibit all or part of the submitted comment, along with your first name, in connection with this blog or for any other lawful purpose. You also agree to indemnify and hold Charles Schwab harmless against all liabilities, losses, claims and expenses arising from your posting of materials on this blog. Third-party posts do not necessarily reflect the views of The Charles Schwab Corporation, its subsidiaries or its affiliates. The company may, in its sole discretion, reject comments for any reason deemed appropriate.

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