DST Systems, Inc. provides record keeping services for investors in the nation’s leading mutual funds. In many cases, investors call DST Systems, instead of the funds directly, when they want to purchase or redeem shares, shift money among funds, or update personal account data.
The competition among mutual funds is intense. And investment performance is often similar. So individual investors often select funds on the basis of customer service.
An important rating in the mutual fund industry comes from an independent measurement called the DALBAR Report. DALBAR evaluates and compares service levels among fund companies. When DST received a rating that did not meet their expectations, the challenge was clear. DST Systems needed to improve the quality of customer service quickly.
Based on recommendations from the industry and a thorough independent evaluation, DST Systems selected The MAGIC® of Customer Relations training from Communico Ltd. Pam Tracy, Manager of Training and Development, tells why.
Immediate Improvement Assured
“Several of the funds that score high on the DALBAR Report already use MAGIC to help assure superior customer service. We needed fast, assured improvement so we went with a proven solution.”
Performance is Easily Measured and Monitored
“The DALBAR Report is based on numbers; so is MAGIC. That makes it easier to correlate the two evaluations and monitor improvement. In fact, The 33 Points of MAGIC show our associates exactly how they perform and where they need to improve. MAGIC has very little that is theoretical or abstract. Associates grasp the key concepts quickly.”
Easy-to-Use Framework Ensures Results
“Superior customer service is the essence of our business. And we are going to be in this business for a long time. With MAGIC we now have a system that is both easy to learn and easy to apply. That means it will be used and not just learned and forgotten.”
“Before MAGIC our customer service representatives were rated poorly in the areas of accommodation and attitude. Now we are being described by our callers as ‘responsive and proactive, easy to work with, pleasant, upbeat, even cheerful!’ And, after our first wave of training, we moved up to the top quartile of the DALBAR Report.”
Difficult Calls are Easily Handled
“Brokers are always in a hurry and sometimes they fluster our people,” says Tracy. “But MAGIC gives us a framework to guide all calls. So our people feel better knowing they did a professional job even with callers who are abrupt or in a hurry. And that makes responding to the next call even easier.”
Training Initiative Yields Recognition and Awards
Since implementing MAGIC through the organization, DST Funds have consistently won key honor awards as well as the highest award granted by DALBAR, the Quality Tested Service Seal. This Seal symbolizes excellence in service to customers, distributors and employees. The training provided by DST’s Center for Education and Development was credited for this success and associates celebrate these successes together.