How to grasp the fine line between stability and evolution in tracking studies

Ten years ago, when Human8 was still known as Columinate, there was no shortage of excellent syndicated research assessing customer satisfaction in South Africa, however, what was missing from the market was research specifically focused on satisfaction with digital banking. We thought launching a tracker like this would not only fill a gap in knowledge and insight in the field, but also provide a learning opportunity. We wanted banks to actively participate in the conversation about digital developments, track their performance, help them understand what works for them, and more importantly, what their customers want. Our decision to launch syndicated research was driven by a need to improve both research and the banking industry. Thus, SITEisfaction® was born.

In 2012, our goals were clear: empower and learn. We publicly shared each bank’s single metric score, along with some digital banking statistics. Clients who opted for full reporting received detailed analysis of their performance, as well as that of their competitors. This in-depth analysis enhanced the bank’s understanding of both its customers and competitors, while also providing valuable lessons for our organization in managing joint work. But as with anything else in the world of consumer research and insights, we reached a point in our research where change was needed.

Understanding Change

We’ve found that change actually comes on a spectrum. On one end, we have dynamic, organic change, which is change that may change direction as it evolves. It’s often more subtle and reactive, an adaptation of the research when the need arises. An example of organic change in the quantitative tracker world might be when a new competitor or brand enters your industry. You could try to avoid it, but that’s probably not the best idea, so you’d rather embrace this dynamic change in your category and add that brand to your tracker. You’re unlikely to get much resistance to this type of change, as it’s simply a function of category growth. On the other end, we have mediated change, which is tangible and immediate. With this type of change, we address challenges or improvement opportunities in our tracker head-on and get smart, expected results. This type of change is about applying deep knowledge and leveraging expertise. It’s also the type of change that’s harder for stakeholders and clients to accept.

Evolutionary changes

Like most good syndication trackers, SITEisfaction® has evolved over the past decade. In 2012, it was launched as a survey to gauge user satisfaction with online banking platforms. It emerged naturally, as a response to an unmet need in the market. The study underwent its first natural evolution in 2015, when, in response to the growing popularity of mobile banking, we conducted a second survey on the topic, focusing on smartphone and tablet banking apps as well as mobile websites. In 2019, we took this survey further, also in response to changing market trends, with a mobile banking survey focused on smartphone apps. In 2020, amid nationwide Covid-19 restrictions, the digital-only bank Thame Bankattracting enough of a user base to rank among the top five banks. In 2021, as multi-bank usage continues to rise, the tracker is adjusted again organically, again focusing on secondary user satisfaction and its drivers. Finally, in 2023, Discover Bank The user base has also grown to the point where we can include it in our measurements. All of this suggests that while the study has certainly evolved over the years, it is all natural and expected, and at the heart of it all the core metrics of SITEisfaction® have remained the same.

Dramatic changes

Of course, a more drastic change was coming. By 2018, clients began asking us about the SITEisfaction® score itself, suggesting that it should be more than just a variable calculation. By 2020, clients were asking for more depth in the research, such as providing actionable directions and steps to improve scores. While we had been defining focus areas and identifying drivers of SITEisfaction® through simple regression calculations to help our clients improve their scores, over the years the disconnect between drivers and scores had grown. We needed a clearer connection. By 2022, we had hit a wall. Digital banking was no longer new, so insights from past research and clients’ growing expertise in digital banking meant we weren’t discovering anything new. So, in 2023, we bit the bullet and, metaphorically speaking, blew everything up. We completely rethought the way we measured SITEisfaction®, using structural equation modeling, fully integrated the drivers, allowing banks to better understand how changes in drivers are reflected in the master score and identify meaningful actions. Needless to say, we informed clients of this change in advance.

So how do you know when it’s time to change your tracker? If you answered “yes” to these four questions, then the answer is yes:

1. Are you confident that the change will result in a net benefit to you, your clients, and your research?
2. Is your research ready to change now, rather than later?
3. Are you and your team ready for this change and have a clear plan in place?
4. Are your customers ready?

Implementing Change

Talking about change and implementing it are two different things, and leading truly effective change requires a solid and structured action plan. In developing our action plan, we used the ADKAR change management model developed by Jeff Hiatt, which covers the five outcomes of successfully leading transformations – awareness, desire, knowledge, ability, and reinforcement. Since one-size-fits-all does not work for everyone, you may need to adapt this action plan to suit your client. Success here is not just about the change itself, but also about the performance that the change brings. In our case, the changes in approach we made did not change the bank’s rankings, however, the bank’s clients responded to the changes in a very different way. This allowed us to define four different roles on the axis of “performance” and “embracing change”: the tenacious striver, the malleable latecomer, the humble adapter, and the successful transitioner. Based on the role that each bank client identified with, we adjusted our engagement accordingly.

For us, this journey is ongoing and we will continue to reinforce the changes and enable our customers to internalize the changes based on our personality. As we embark on the implementation of SITEisfaction® 2024, we will continue to listen to feedback to ensure stability while continuing to make meaningful changes.

To find out more about our role or to register your interest in SITEisfaction® 2024 (launching from October), please contact : moc.8namuheraew@irennA or moc.8namuheraew@nywnorB.