Phase Five - Satisfaction in Financial Services

This is the final article in a five-part series for OEM Management, Indirect-lenders, Dealer Principals, Financial Services Managers and Sales Management.

Phase Five – Follow through

This phase involves short-term activities required to complete the finance process and long-term activities that build positive customer relationships.

Satisfaction in Financial Services - Center for Performance Improvement

The primary responsibility for this phase falls upon the sales consultant and finance manager. The key elements of this phase include:

  • The sales consultant confirms customer satisfaction with the process – This occurs at delivery by providing an overview of the survey and asking the customer about their experience.
  • FSM facilitates contract approval with lender and business office – Processing paper work may seem tedious, but the speed and efficiency with which you perform this element can pay huge “satisfaction” dividends. Make sure you and your team understands the flow of all documents to the lender and the business office.
  • Sales consultant sends a three-day follow up letter – A thank you card is a nice way to remind the customer that you care and are interested in their satisfaction.
  • A follow up call is made within two to three weeks (prior to first payment due) by the sales consultant or customer relationship manager – The purpose of this call is to make sure the billing information has arrived and is accurate. It’s also an opportunity to problem solve any issues early in the ownership experience.

Regular correspondence from 30 days to 18 months - is made to the customer in order to offer additional products and/or services that may not have been purchased at the time of sale. You should also call three months prior to the end of the warranty period to offer a final opportunity to purchase the extended service contract option.

For a complete look at how these phases of the finance process impact customer satisfaction, enroll in our Performance Newsletter.