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Assessment of DTCC Customer Satisfaction

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Assessment of DTCC Customer Satisfaction

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    2. Assessment of DTCC Customer Satisfaction Prepared for: BDUG October 24, 2005 Delighted to have this opportunity to share with you highlights from DTCC’s 2005 customer satisfaction survey Research was fielded mid-June to mid-July Built on the approach taken in 2004, with some modifications based on our learnings from that process Delighted to have this opportunity to share with you highlights from DTCC’s 2005 customer satisfaction survey Research was fielded mid-June to mid-July Built on the approach taken in 2004, with some modifications based on our learnings from that process

    3. Agenda Background Key Findings Recommendations Current Activities Relationship Management Realignment To help put responses in context, review research approach and design Then highlight key findings and their implications for DTCC Finally, review the recommendations that came out of the research Feel free to ask questions as they arise To help put responses in context, review research approach and design Then highlight key findings and their implications for DTCC Finally, review the recommendations that came out of the research Feel free to ask questions as they arise

    4. Research Approach 2 key segments - senior & daily contacts 2 methodologies - telephone & web As in 2004, research was designed to gather opinions of both senior and daily level contacts (strategic and operational focus) To enhance the research, we first carried out an exploration of issues related to problem incidence and resolution ? redesign of survey questions Primary data gathering tool was the web that was used for both senior level and daily level contacts (as designated by DTCC) In addition, telephone interviews were conducted for a number of senior contacts in order to provide a more interactive experience that permitted us to gather more detailed information Overall response rate of 21% -- typical for this type of research; margin of error is +/- 3% [IF ASKED]: 58% of phone seniors (49 of 85) 19% of web seniors (33 of 165) 20% of daily contacts (638 of 3250) Results were also analyzed by company size, products/services used, type of organization As in 2004, research was designed to gather opinions of both senior and daily level contacts (strategic and operational focus) To enhance the research, we first carried out an exploration of issues related to problem incidence and resolution ? redesign of survey questions Primary data gathering tool was the web that was used for both senior level and daily level contacts (as designated by DTCC) In addition, telephone interviews were conducted for a number of senior contacts in order to provide a more interactive experience that permitted us to gather more detailed information Overall response rate of 21% -- typical for this type of research; margin of error is +/- 3% [IF ASKED]: 58% of phone seniors (49 of 85) 19% of web seniors (33 of 165) 20% of daily contacts (638 of 3250) Results were also analyzed by company size, products/services used, type of organization

    5. Key Findings Now, let’s take a look at what we learned Now, let’s take a look at what we learned

    6. Overall Satisfaction For the second year in a row, DTCC customers express an outstanding level of satisfaction . . . At the overall level, 9 out of 10 customers are satisfied with DTCC’s ability to meet their needs; this strong showing is consistent with last year’s results; Dissatisfaction extremely limited – no one was “extremely dissatisfied” When asked why they are satisfied (open-ended, free-form response), customers most often focus on DTCC’s: Ability to meet their needs consistently over time Commitment to quality Customer-centric orientation At the overall level, 9 out of 10 customers are satisfied with DTCC’s ability to meet their needs; this strong showing is consistent with last year’s results; Dissatisfaction extremely limited – no one was “extremely dissatisfied” When asked why they are satisfied (open-ended, free-form response), customers most often focus on DTCC’s: Ability to meet their needs consistently over time Commitment to quality Customer-centric orientation

    7. Overall Satisfaction “DTCC is extremely accurate and responsive with respect to processing.” “I believe DTCC is very responsive to industry needs. They take a proactive approach to trying to offer services that are most beneficial to participants.” These quotes exemplify why customers are so satisfied… its all about operational capabilities, responsiveness, understanding both the customer and the industry, and being forward thinking These quotes exemplify why customers are so satisfied… its all about operational capabilities, responsiveness, understanding both the customer and the industry, and being forward thinking

    8. Overall Satisfaction DTCC compares well to Melior’s Database To help put DTCC’s ratings in perspective, we can benchmark against Melior’s database of customer satisfaction measures for financial services organizations – custodians, asset managers, private bankers, mutual funds, trust back office processors/outsourcers, treasury operations, insurance carriers, etc. Currently contains 24 firms The range of overall satisfaction in the Melior database goes from 56% to 96%, with private banks generally at the high end of the spectrum DTCC falls well above the database average with respect to overall satisfaction To help put DTCC’s ratings in perspective, we can benchmark against Melior’s database of customer satisfaction measures for financial services organizations – custodians, asset managers, private bankers, mutual funds, trust back office processors/outsourcers, treasury operations, insurance carriers, etc. Currently contains 24 firms The range of overall satisfaction in the Melior database goes from 56% to 96%, with private banks generally at the high end of the spectrum DTCC falls well above the database average with respect to overall satisfaction

    9. Overall Satisfaction Customers saw a change in their level of satisfaction. . . Prior measure was an objective measure of satisfaction; this is a perceptual/attitudinal one More than one-third (37%) say their level of satisfaction with DTCC has improved over the past year This is a very high percentage, considering the fact that so many already consider themselves satisfied But why doesn’t “perceived improvement” translate into higher satisfaction ratings? Measuring different things… not exactly correlated For example, if asked how your level of satisfaction has changed over the past 12 months, many might say it improved but that doesn’t actually mean you also have an extremely satisfied rating This has to do rore about attitude and perception (and the optimistic nature of people) than it is an objective recollection and comparison to last year’s rating Prior measure was an objective measure of satisfaction; this is a perceptual/attitudinal one More than one-third (37%) say their level of satisfaction with DTCC has improved over the past year This is a very high percentage, considering the fact that so many already consider themselves satisfied But why doesn’t “perceived improvement” translate into higher satisfaction ratings? Measuring different things… not exactly correlated For example, if asked how your level of satisfaction has changed over the past 12 months, many might say it improved but that doesn’t actually mean you also have an extremely satisfied rating This has to do rore about attitude and perception (and the optimistic nature of people) than it is an objective recollection and comparison to last year’s rating

    10. Key Drivers of Satisfaction DTCC understands what impacts customer satisfaction These high ratings just mentioned (i.e., overall satisfaction, perceived change in level of satisfaction) reflect DTCC’s understanding of the factors that drive satisfaction at the overall level Using regression and correlation analysis to determine which factors impact overall satisfaction and to what degree, we identified the five most important drivers of overall satisfaction and their relationship to each other DTCC turns in generally strong performances on each with its strongest rating (85%) on the most important driver (commitment to quality) Improvements to “sense of urgency” and “ability to increase operational efficiencies” will yield the biggest “bang for the buck” re: improving overall satisfaction 2004 2005 [IF ASKED]: Commitment to quality 83 85 Customer service 74 72 Communications with customers 75 75 Sense of urgency 70 65 Increase operational efficiencies 73 69 Now, I’d like to drill down and review results from several of the supporting areas… starting with products/services These high ratings just mentioned (i.e., overall satisfaction, perceived change in level of satisfaction) reflect DTCC’s understanding of the factors that drive satisfaction at the overall level Using regression and correlation analysis to determine which factors impact overall satisfaction and to what degree, we identified the five most important drivers of overall satisfaction and their relationship to each other DTCC turns in generally strong performances on each with its strongest rating (85%) on the most important driver (commitment to quality) Improvements to “sense of urgency” and “ability to increase operational efficiencies” will yield the biggest “bang for the buck” re: improving overall satisfaction 2004 2005 [IF ASKED]: Commitment to quality 83 85 Customer service 74 72 Communications with customers 75 75 Sense of urgency 70 65 Increase operational efficiencies 73 69 Now, I’d like to drill down and review results from several of the supporting areas… starting with products/services

    11. Product Satisfaction Most customers (83%) are satisfied with the breadth of DTCC’s product/service line At the individual product level, satisfaction ranged from moderate to high 8 of 14 products evaluated met/surpassed DTCC’s goal of 80% satisfaction 2 others are within the margin of error Customers indicate they are highly satisfied with the breadth of DTCC’s product and service line and in fact rate this the second highest functional attribute, behind transactional processing (90%). Significant improvement over ’04 when only 4 products/services met/surpassed the benchmark level of 80% with 1 within striking distance. Customers indicate they are highly satisfied with the breadth of DTCC’s product and service line and in fact rate this the second highest functional attribute, behind transactional processing (90%). Significant improvement over ’04 when only 4 products/services met/surpassed the benchmark level of 80% with 1 within striking distance.

    12. Product Satisfaction Traditional products/services (79%) rank at or near “world class” (80%+) The set of traditional products score at world class levels and have a weighted average of 79%. The set of traditional products score at world class levels and have a weighted average of 79%.

    13. Product Satisfaction Some scored lower Customers want DTCC to continue with its strategy of migrating functionality to the Internet; they just want the transition process handled better For example, while participants value DTCC's strategic direction of moving from PTS to PBS, they perceive a level of frustration in how DTCC is tactically implementing it Customers want DTCC to continue with its strategy of migrating functionality to the Internet; they just want the transition process handled better For example, while participants value DTCC's strategic direction of moving from PTS to PBS, they perceive a level of frustration in how DTCC is tactically implementing it

    14. Product Satisfaction: Distribution Services Satisfaction scores for Mutual Fund and Insurance Processing Services are 81% and 62%, respectively Both have increased from 2004 scores If asked: 2004 Mutual Funds (72%) Insurance (54%) Satisfaction scores for Mutual Fund and Insurance Processing Services are 81% and 62%, respectively Both have increased from 2004 scores If asked: 2004 Mutual Funds (72%) Insurance (54%)

    15. Product Satisfaction: New Products Satisfaction scores for Deriv/SERV and the Global Corporate Action Validation Service are 68% and 65%, respectively. Satisfaction for these new services have not been asked about in prior surveys Satisfaction scores for Deriv/SERV and the Global Corporate Action Validation Service are 68% and 65%, respectively. Satisfaction for these new services have not been asked about in prior surveys

    16. Problem Incidence Problem resolution continues to be an issue, though some improvements in satisfaction were noted 35% experienced problems… incidence is a little high in our experience; 20-30% more typical The more severe the problem, the less frequent the occurrence [IF ASKED]: Significant: 108 Moderate: 134 Total: n = 254 Minor: 174 Analysis of issues related to problem incidence and resolution revealed two key points relative to the customer mentality on problem solving: Problem significance is typically defined by the impact of the problem on the firm itself One customer’s significant problem is another’s moderate one DTCC is better at resolving moderate problems than significant ones – pretty typical of most organizations35% experienced problems… incidence is a little high in our experience; 20-30% more typical The more severe the problem, the less frequent the occurrence [IF ASKED]: Significant: 108 Moderate: 134 Total: n = 254 Minor: 174 Analysis of issues related to problem incidence and resolution revealed two key points relative to the customer mentality on problem solving: Problem significance is typically defined by the impact of the problem on the firm itself One customer’s significant problem is another’s moderate one DTCC is better at resolving moderate problems than significant ones – pretty typical of most organizations

    17. Customer Experience Customers saw a change in their level of satisfaction… As noted earlier, customers often feel more satisfied even though this perceived improvement is not reflected in the overall satisfaction score for the area [IF ASKED]: Overall sat scores for Relationship Management declined from ’04 ratings ? from 77% to 71% Customer Service scores fall within the margin of error ? from 74% to 72% As noted earlier, customers often feel more satisfied even though this perceived improvement is not reflected in the overall satisfaction score for the area [IF ASKED]: Overall sat scores for Relationship Management declined from ’04 ratings ? from 77% to 71% Customer Service scores fall within the margin of error ? from 74% to 72%

    18. Melior Recommendations To improve customer satisfaction levels going forward… Improve quality and consistency of the customer service experience Strengthening our relationship management efforts Improving the problem resolution process Enhance technology Strengthen positioning as an industry leader The first three recommendations could be construed as three faces of one very foundational issue – DTCC’s relationship with its customers Customer Service experience: a lack of consistency is a comment we heard a lot of from customers who understand how DTCC has evolved; as DTCC moves towards integrating its businesses away from a subsidiary focused organization, a consistent level of customer service is important RM experience: underlies so much about the success of the relationship; important to get this right; customers would like to meet with their Account Executives on a more frequent basis. Problem resolution: it is important to recognize that communication during the process is key and that this helps shape customer thinking and expectations; communicating a sense of urgency, taking ownership are both intangibles that will affect customer satisfaction with this process Technology: Customers favor a move to user-friendly internet technology and require a smoother transition process Leadership: Customers believe DTCC has the clout to leverage change and want to see this happen. Issues to work on include: 1. efficiency (e.g., industry standardization, automation, STP) 2. compliance/regulatory matters (especially in the MF industry) 3. doing more with respect to globalization, particularly related to multi-currency The first three recommendations could be construed as three faces of one very foundational issue – DTCC’s relationship with its customers Customer Service experience: a lack of consistency is a comment we heard a lot of from customers who understand how DTCC has evolved; as DTCC moves towards integrating its businesses away from a subsidiary focused organization, a consistent level of customer service is important RM experience: underlies so much about the success of the relationship; important to get this right; customers would like to meet with their Account Executives on a more frequent basis. Problem resolution: it is important to recognize that communication during the process is key and that this helps shape customer thinking and expectations; communicating a sense of urgency, taking ownership are both intangibles that will affect customer satisfaction with this process Technology: Customers favor a move to user-friendly internet technology and require a smoother transition process Leadership: Customers believe DTCC has the clout to leverage change and want to see this happen. Issues to work on include: 1. efficiency (e.g., industry standardization, automation, STP) 2. compliance/regulatory matters (especially in the MF industry) 3. doing more with respect to globalization, particularly related to multi-currency

    19. “DTCC is top notch—an excellent organization. They continue to be an outstanding company with great leadership.” On the whole, clients believe… Wrap up: Any questions on the satisfaction survey results? On the whole, clients believe… Wrap up: Any questions on the satisfaction survey results?

    20. Realignment of DTCC’ s Relationship Management Group

    21. Structure of the Group Two Levels of Support A dedicated Account Executive who will be your primary interface with DTCC A Relationship Services team that will provide transactional support to your firm. Be more responsive and accountable

    22. Role of the Account Executive Your Account Executive will: Be your advocate and your voice at DTCC. Meet regularly with your organization to ensure that DTCC's performance meets expectations and that our efforts are aligned to help achieve your business objectives. Work closely with the Relationship Services personnel and others to ensure that DTCC is providing the best service possible. Coordinate activities with the relationship management areas that remain in place for DerivSERV, Insurance and Mutual Fund Services.

    23. Role of Relationship Services Team The Relationship Services Team will: Take ownership for the resolution of transactional requests that are critical to support your day-to-day relationship with DTCC. Will be available from 8:30 a.m. – 5:30 p.m. EST (business days) and will also provide back up and support for your Account Executive. You may contact the Relationship Services team at 1-800-422-0582 or via e-mail at rmsupport@dtcc.com.

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