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Listening And Responding

Measuring the Customer Experience

In a business as competitive as financial services, customer opinions count. At TD, they count a lot. We use various methods to tap into our customers’ and clients’ experiences and expectations so we know where we’re excelling and where we need to step up.

• Canada

  TD monitors customer experience levels each and every day through our Customer Experience Index (CEI). The CEI measures “net promoter scores” to assess customer advocacy — customers who would actively promote and refer TD products to friends and family. The net promoter score is calculated by taking the number of customers who are strong promoters of TD and subtracting those who are not. Results from this program are used to drive improvement within individual branches, offices and electronic channels, and annual targets are set and linked to everyone’s compensation at TD, from the President and CEO to customer service representatives.
  TD Canada Trust banking results: In 2008, interviews were conducted with more than 400,000 banking customers. We achieved a CEI score of 26.1%, which was 1.9 points above our target of 24.2%. We performed well on the following attributes: recognizing you as a valued customer, leaving you feeling confident that your needs will be taken care of, showing genuine interest in helping you and exceeding your expectations through the service provided.

  TD Canada Trust Customer Experience Index

  
  Wealth Management results: In 2008, TD Wealth Management changed its survey process from the Customer Service Index (CSI) to the CEI. Approximately 19,500 clients across eight TD Waterhouse businesses were interviewed in 2008. TD Wealth Management achieved a CEI score of 3.5% for the year, which was 3.3 points below our target of 6.8%.

  Wealth Management Customer Experience Index

  

  (note: results for 2007 not comparable as a different survey method was used)

  Wholesale Banking results: In 2008, we achieved a satisfaction rating of 72.9%, which is statistically in line with our 2007 rating of 76.0%. We learned that customers are happy with the service TD Securities provides, giving high marks to the company for instilling confidence, showing genuine interest in helping and ensuring accuracy in the service it offers.

• United States

  In the U.S., we gauge satisfaction and loyalty levels through the Customer WOW! Index (CWI), which we introduced in 2008 for TD Banknorth. This index is similar to the Customer Experience Index used in Canada and determines customers’ level of advocacy for our organization. More than 130,000 interviews were conducted with our customers, and we achieved a score of 28.3%, 0.5 points above our target of 27.8%.

  Customer WOW! Index

  

  (note: results for 2007 not available for combined U.S. operations)

Responding to Concerns

Customer and client feedback is not just about hearing the good news. There are times we don’t get it right. Listening and responding to complaints help us get better — and reflect an approach to treating customers and clients with respect. Each of our businesses spanning the globe is responsible for problem resolution and has internal processes in place to ensure that complaints are welcomed and addressed in a consistent and timely manner. In the U.S., for instance, TD Bank strives to resolve 80% of complaints referred to a higher level of management within two days, and in 2008 achieved 90% resolution within that time frame. We are very transparent with our problem resolution process, with information readily available on our website and in branches.

Most problems are resolved upon initial contact. If that isn’t possible, the issue is referred to a senior officer. In Canada, customers and clients may also contact the TD Office of the Ombudsman, which acts as an independent intermediary, striving to resolve all problems fairly and impartially. The financial industry’s Ombudsman for Banking Services and Investments may be contacted if a customer’s concern still remains unresolved to his or her satisfaction. In the U.S., TD Bank has similar escalation processes in place. Customers may also contact the Office of the Comptroller of the Currency, an agency of the U.S. government, to make a complaint.