Which assessment tool should a financial services company choose to monitor customer perceptions of service quality against expectations?

The assessment tool that is most appropriate for monitoring customer perceptions of service quality against expectations is SERVQUAL. This model specifically focuses on measuring the gap between customers' expectations of service and their perceptions of the actual service received. SERVQUAL uses a multi-dimensional approach, capturing different facets of service quality such as reliability, assurance, tangibles, empathy, and responsiveness, which allows companies to understand how their services are perceived in relation to what customers anticipated.

By utilizing SERVQUAL, a financial services company can identify specific areas for improvement by analyzing the gaps in service delivery. This insight can be particularly valuable in a competitive market where customer expectations are high. It helps organizations not just to assess how well they are performing, but also to better align their services with customer needs and preferences, leading to enhanced customer satisfaction and loyalty.

The other assessment tools mentioned serve different purposes. For instance, the Net Promoter Score is primarily focused on measuring customer loyalty and the likelihood of recommending a service to others, but does not directly assess the gap between expectations and perceptions of quality. CUSUM is a statistical tool used for monitoring changes in process mean over time, which isn’t focused on customer perceptions. The Customer Satisfaction Index provides a broader measure of customer satisfaction but does not delve specifically