Delivering high levels of customer satisfaction relies on understanding what motivates both clients and staff, according to Jane Watts, general manager of private wealth at BT Financial Group (BTFG).
Watts, who oversees Westpac Private Bank, St George Private Clients and Bank of Melbourne Private, says customer satisfaction starts with understanding the psychographics of clients.
“Are they self-directed controllers? Are they delegators or collaborators?” Watts asks. “And, also, what are their demographics? What life stage are they in? And then, more importantly, what are their expectations?
“In my experience, client dissatisfaction is all too often because the expectations have not been articulated clearly. It’s really pulling all those ingredients together that ultimately makes for client satisfaction.
“We also get feedback every six months from our clients. That’s very important, to have that ongoing feedback loop.”
People are assets
As with any wealth-management operation, Watts says BTFG’s biggest asset is its people, and the company’s customer-satisfaction focus is underpinned by a philosophy of “do unto your employees as you want them to do unto their clients”.
“So, it is about understanding what truly motivates them,” Watts says. “Once you understand that, you then can ensure you optimise the engagement.
“We want people who are engaged and who are contributing to the maximum of their potential,” she says.
Watts says she looks for people who have “the skill and the will” to work with clients.
“For me, it’s looking for people who have the four Es,” Watts says. “People who have raw energy; who can enthuse and engage clients and fellow clients; people who have an edge – so there’s something special, different and better about them; and lastly, people who can deliver – who can execute.”
Clients and employees are two stakeholders in Westpac’s private-wealth operations. The others are the bank’s shareholders and the community.
“The challenge is keeping the balance between all four, and managing them simultaneously to optimum effect,” Watts says.
