Project Experience

Financial services…customer service isn't just about rapid response to customer complaints and requests.

Client Situation
Education is a frequently overlooked component of customer service; providing extensive education to clients can prevent your service from being viewed as a commodity. In the defined contribution plan (DCP) market, opportunity exists for providers to distinguish themselves from the competition based on the strength and/or uniqueness of their educational offerings for plan participants. Plan sponsors are particularly receptive to high-quality educational offerings since several studies have shown that education increases participation rates. While generic brochures and newsletters abound, extensive, high-quality, personalized education services are still limited to a few providers and/or participants in large plans. To ensure that its ongoing education development program was on-track and would provide outstanding content and service levels to sponsors in its primary market segment, one DCP provider enlisted our expertise in surveying the competitive landscape.

Fuld Approach
We interviewed some of the largest DC plan sponsors, obtaining their insights into how current and former providers positioned, priced, and delivered their educational offerings.

Benefits and Implications
We provided this client with a competitive grid mapping the existing and planned educational offerings of ten key competitors. For more information on customer service in financial services, please contactlscanlon@fuld.com.