A study conducted by the institution shows that customers rate their satisfaction with the ICF at 8.29, a score 0.13 points higher than in the previous survey in 2019. The recommendation and loyalty indicators, two of the main satisfaction survey ratios, also rose. Responsiveness and personalised service are some of the aspects most highly rated by satisfied customers.
The Institut Català de Finances (ICF) has improved its customer satisfaction rating. The study, which was carried out in April 2021 by specialist consultancy firm Stiga, assesses how satisfied ICF customers are at touchpoints with the institution from the application process to approval of funding.
Once again, the survey results bear out the global satisfaction of businesses. The main study indicators – overall satisfaction, recommendation and loyalty – measured on a scale from 0 to 10 have risen compared to the previous survey conducted in 2019. Specifically, the overall satisfaction rating is 8.29 points, a score 0.13 points higher than in the previous survey. Recommendation is up 0.08 points to stand at 8.60 while loyalty climbed by 0.18 points to 8.57. Meanwhile, Avalis de Catalunya attained 8.29 in the overall satisfaction rating, an outstanding score for the mutual guarantee company.
The study concludes that the first contact with the ICF is one of the points most highly rated by businesses. Specifically, respondents give this service an 8.52. Plus 70.3% of customers report having been mentored during the application process by an ICF officer and are highly satisfied with this support (8.85 points).
Responsiveness and personalised service are some of the aspects most highly rated by satisfied customers. In general, the survey shows that the service’s strengths are personal aspects: friendly care (8.53 points) and advice (8.38 points) coupled with professionalism and a proactive approach to problem solving. Here 45.5% of respondents said they were committed to the institution and 61.4% would unreservedly recommend it to other businesses.
The study also includes the Net Promoter Score (NPS), an indicator that measures customer loyalty to the institution. The ICF’s NPS is 52.1% while Avalis de Catalunya attains 56.2%.
This survey, which had also been carried out in previous years, is one of the ICF’s key ways of ascertaining the opinion of the business community that has used one or more of the institution’s financing solutions and bears out the ICF’s commitment to actively listen to its customers. The survey, carried out on nearly 300 companies, furnishes the ICF with an evolving view of customer satisfaction and enables it to roll out specific improvement plans.
The impact of Covid-19
The surveys were conducted among businesses which applied for funding in 2019 and 2020, so the conclusions of the study are very much shaped by the Covid-19 health and economic crisis. In fact, seven out of ten customers surveyed asked for financing from the institution due to the impact of the pandemic. The study concludes that these customers are more likely to recommend the ICF and apply for funding again than others who have not had this underlying motivation.
The findings also show that there is greater satisfaction with the service in companies that applied for a loan in the wake of Covid-19. Thus the overall satisfaction rating before Covid-19 was 8.23, whereas after the outbreak of the pandemic the score was a tenth of a point higher, standing at 8.33. This improvement in the score is especially significant against the background of a recession where there was an urgent need for ready cash. In general, customers rate the service they received during the pandemic (8.07 points) and the appropriateness of the specific financing solutions made available to the business community to address the pandemic (8.08 points) as satisfactory.
About the ICF
The Institut Català de Finances is Catalonia’s public financial institution. Its main mission is to foster funding for the business community in Catalonia in order to support the growth, innovation and sustainability of the Catalan economy. The ICF acts as a complement to the private sector by offering a wide range of financing solutions focusing on loans, guarantees and venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB) which brings together most of the public banks and financial institutions operating in Europe.