Developing and Implementing a Customer–Focused Strategy in Banks: Customer Satisfaction Strategy Maps

Abstract

This note describes how a Customer-Satisfaction-Strategy Map (CSSM) can be used to derive and implement a customer-focused strategy in banks. The CSSM links strategic areas to overall customer satisfaction, which in turn is linked to outcomes spanning intentions, behaviors, and financial results. Using three case studies, we describe the various components of a CSSM, its use for strategic planning and implementation, as well as for managing key outcomes for customers, employees, and investors. The cases illustrate the versatility of a data-rich, measurement methodology — survey measures, multivariate statistical analysis, outcomes analysis — to create and implement the CSSM approach. The approach should benefit community, regional, and national banks.

Keywords: Customer Research, Service Experience, Customer Satisfaction, Importance-Performance Charts, Survey Research