Mystery shopping – an effective tool for quality assurance

Abstract

NBFIs or non-bank financial institutions are an integral part of a country’s financial sector. They are not fully licensed as regular bank however, they still facilitate many other financings such as investment, brokering, consulting, transmission of cash etc. Therefore, they have equal significance in the financial industry. As such, all NBFIs are also bound to go by the mandates of the central bank just like any other schedule bank. In order to maintain optimal functionality and retain customer loyalty and most importantly their trust, all the successful NBFIs implement different measures to improve their quality of service. Along with that they regularly monitor if their implementations are being maintained or not. One such monitoring activity is a customer service/satisfaction survey that is often conducted in the form of ‘Mystery Shopping/Auditing’. This report gives a brief demonstration of how Lankabangla Finance Ltd. utilizes Mystery Shopping as a method to scrutinize their customer service level across all its branches and from its feedback continues to improve themselves. This report shows that in terms of quality control and dealing with customers LBF always puts extra effort into establishing their reputation in the industry on a high ground which in turn helps them become one of the top NBFIs in Bangladesh.