Frost Bank has been named a J.D. Power Customer Champion for a third consecutive time. It is one of 50 companies to have earned this distinction in 2014 and one of only eight financial service institutions on the list.
To be recognized as a J.D. Power 2014 Customer Champion, companies must not only excel within their own industry, but must also stand out among leading brands across 17 industries, including automotive, financial services, insurance, telecommunications, travel, healthcare, pharmacy, energy, and retail. Among the five critical-to-customer drivers of satisfaction measured—People, Presentation, Price, Process, and Product—Frost Bank distinguishes itself among industry peers in People, Presentation, Process, and Product.
“To be recognized as a J.D. Power 2014 Customer Champion, companies must not only excel within their own industry, but must also stand out among leading brands across 17 industries.”
J.D. Power 2014 Customer Champions—such as Frost Bank— depend on their employees to satisfy customer needs and create lasting relationships that promote customer loyalty. Additionally, Customer Champions have strategies in place that ensure they hire the right employees to engage their customers. They understand what their customers want and anticipate their needs, as well as industry trends as they evolve. This means that the J.D. Power 2014 Customer Champions put the right measurements in place, conduct the right analyses, and take action when necessary.
Frost Bank is also highly focused on Presentation, with employees sharing the company’s values through the strong relationships they build with customers. The bank’s financial centers set the tone for making customers feel at home. Everything is designed to eliminate barriers and enable bankers and tellers to interact with customers and facilitate conversations, rather than just handling transactions. Frost’s brand is also reflected in elements such as specially commissioned Texas photography, historical maps and moneyplates, and a comfortable living room setting called the Frost Room, where customers can access their accounts online, look at financial news, or scan books featuring Texas themes.
Some companies may assume that offering low prices is the best way to differentiate their products or services. In fact, some of this year’s Customer Champions offer low prices. However, Price is considerably more complex. Frost Bank focuses on providing value. Its customers understand and appreciate its value proposition, which features what Frost calls a “square deal,” or excellence at a fair price. Frost strives to deliver value to its customers—in the form of exceptional service, experience, and product offerings—at a competitive price. At Frost, this excellence is achieved when customers feel they are receiving quality and value for a fair price.
To identify the 2014 Customer Champions, J.D. Power evaluated more than 600 brands across 17 industries. The 2014 Customer Champions are recognized based on customer feedback, opinions, and perceptions gathered from J.D. Power’s customer satisfaction research in 2013. This year, Frost Bank is among the 50 brands representing nine industries to have earned the Customer Champion distinction.
Today’s customers expect service providers to deliver in every way. They want the right people to serve them, the right packaging or presentation, a seamless and hassle-free process and a product that meets or exceeds their expectations. They expect all of this at a reasonable price.
Performing well in some or all of these key criteria is essential to achieving service excellence and to becoming a J.D. Power Customer Champion.
People: Friendliness and courtesy are important, but the J.D. Power 2014 Customer Champions go beyond that. Their employees are encouraged to offer solutions and are empowered to solve problems. Being proactive and anticipating customer expectations is another key strength.
Presentation: True success in presentation goes beyond having a clean, inviting facility or attractive packaging. J.D. Power 2014 Customer Champions add value. For example, in the healthcare industry, this may include an inviting waiting area with comfortable furniture, power outlets, and a TV; clearly marked and easily accessible restrooms; as well as other amenities one might need when away from home.
Price: Everyone welcomes low prices, but J.D. Power 2014 Customer Champions go beyond this. They strive to keep price increases to a minimum; proactively inform customers about lowcost alternatives; and focus on demonstrating value.
Process: Customers appreciate easy, effective, and quick interactions. J.D. Power 2014 Customer Champions make it easy for customers to get what they need by offering conveniences such as short wait times, fast problem resolution, or hassle-free ordering, delivery, and return policies.
Product: Regardless of industry, J.D. Power 2014 Customer Champions are committed to delivering a consistent and troublefree product, even though the nature of that delivery may vary.
Each of the 50 J.D. Power 2014 Customer Champions has something in common: they do more than just deliver on the expectations of their customers—they exceed those expectations. In the process, they not only satisfy their customers, but also raise the standard for their entire industry.
The J.D. Power 2014 Customer Champions represent an elite group of companies that focus on service excellence. These companies achieve notably higher levels of customer loyalty and advocacy, compared with companies whose service delivery is at or below industry norms. Customers of the J.D. Power 2014 Customer Champions are strong advocates of their brand. In fact, these customers recommend their brand nearly twice as often as customers of the 600-plus brands measured that were not named Customer Champions.