Founded in 1921, Peapack-Gladstone Bank is a financial institution that has stood the test of time. The New Jersey-based commercial bank manages nearly $4 billion in assets and provides services ranging from business loans to private wealth management.
Peapack-Gladstone Bank stakes its reputation on unparalleled client service. To continue thriving in a competitive industry, the bank needs to make each client feel like part of the family.
After nearly a century in business, Peapack-Gladstone Bank knew that the client experience was key to its success. Yet the rise of online banking posed a challenge: with client interactions increasingly taking place online, bankers needed a new way to monitor client health.
The bank’s leadership had already selected Salesforce as its client relationship management solution. What they needed now was a way to systematically measure client satisfaction and put that information in the hands of relationship owners.
We sat down with Larry Levine and Scott Searle to understand why they tapped into GetFeedback to supercharge their client experience, and how the program has shaped their client relationships.
Larry Levine, Director of Client Experience
Scott Searle, Salesforce Administrator
The bank launched a client feedback program using GetFeedback.
Larry Levine, Director of Client Experience at Peapack-Gladstone Bank, recognized that the best way to understand the client experience was to ask. “We wanted to hear directly from our clients,” he said. “We wanted to take that feedback, look at it, analyze it, and try to come up with programs to address what our clients are telling us.”
To get that feedback in Salesforce, Levine turned to Scott Searle, a 20-year veteran at the bank and its new Salesforce Administrator. Searle researched potential solutions, ultimately selecting GetFeedback for its advanced Salesforce integration. He quickly created the bank’s first Net Promoter Score (NPS) survey.
“The contact ID from our Salesforce record is used in each survey sent out to our clients,” Searle said. “This allows the client’s response to immediately update the same contact record in Salesforce. It also adjusts the Net Promoter Score field so the most recent score is always visible at the top of the page.”
Peapack-Gladstone Bank built business processes to act on client feedback.
The next step for Levine and Searle was using their client feedback to improve client relationships. To do that, they developed workflows using GetFeedback and Salesforce.
“If the client’s score is 6 or below [out of 10], an automatic case is opened using the Process Builder in Salesforce,” Searle said. “All of our clients have a dedicated banker as an owner, and it is their responsibility to follow up with the client.”
“Every banker has access to their scores,” adds Levine. “In our retail branches as an example, not only do they call clients who are Detractors, they also call those recorded as Passive. We’re reaching out directly to see what we can do to improve the process for any client who’s not extraordinarily happy.”
The program boosted the bank’s already-impressive Net Promoter Score.
Peapack-Gladstone Bank’s first survey yielded good news: the bank’s initial Net Promoter Score far exceeded their competition. However, Levine believed the new process could improve the client experience even further. He set an ambitious goal of boosting the bank’s score by another 10%.
Twelve months into their new client experience initiative, Levine and Searle hit their target. The bank’s Net Promoter Score reached 52, a full 62% above Temkin Research Group’s reported industry average of 32. Levine attributes the team’s progress to their increased visibility into the client experience.
“Now that we have the information in Salesforce, I can group it and sort it by department, by branch, or by business line,” Searle said. “This allows the senior leaders of the bank to review the results and take action on a daily basis.”
Armed with client insights, Peapack-Gladstone Bank takes action.
Client feedback now serves as a constant catalyst for progress at Peapack-Gladstone Bank. The bank is organizing training programs for client-facing staff to teach the behaviors and activities that promote client satisfaction.
Meanwhile, Levine and Searle are already planning the next phase of their feedback initiative. They’ll soon survey clients automatically after their onboarding process to ensure every new relationship gets off to the right start.
“The statistics we’ve found from our program clearly tell us what we have to do,” Levine said. “By learning that through the survey, that is becoming part of our culture and how we’re going to operate.”
Peapack-Gladstone Bank needed to keep a pulse on the health of every client relationship so that it could continue to deliver superior service and a top-notch client experience. GetFeedback for Salesforce enabled the bank to measure and understand client satisfaction at exactly the right time. The best part is that its bankers are taking action on client feedback to address client concerns and close the loop with every client. This end-to-end client feedback program is moving the needle on overall client satisfaction, and opening the doors to even more feedback initiatives.