Member Survey Report
Feedback by Membership/Audience
Satisfaction with Service
Member satisfaction is generally high, but particularly so among bank and trading house Members. The research reveals that a total of 77.6% of bank/trading house Members rated themselves as very satisfied. This encapsulates 28.6% rating themselves as “extremely satisfied” with the service they receive from LBMA, and 49% agreed to the second highest satisfaction rating on a sliding scale from 5-1 (with 5 as extremely satisfied, 3 as neutral, and 1 as not satisfied at all).
This ties in with 50% of Market Making Members selecting the “extremely satisfied” box, with a further 37.5% in the next satisfaction rating below.
Full Members identified as a total of 66.7% satisfied – 18.1% “extremely satisfied” and 48.6% in the next satisfaction rating below.
Meanwhile, 52% of Refiners indicated they were “extremely satisfied” with the service they receive, identifying themselves within the upper two satisfaction brackets – and only 12.7% checking the lowest satisfaction rating box.
Satisfaction among Affiliates is lower, with 17.9% identifying as “extremely satisfied” – and a further 35.7% rating themselves in the next category below. Of note is the 39.3% of Affiliates who submitted a neutral rating of 3. Our aim this year is to work on translating that neutral view into a positive through more engagement and dialogue.
Indeed, a negative satisfaction rating, which is a 1 or 2 vote, overall was very low – with just 7.9% of the 127 respondents saying they are unsatisfied with the service they receive from LBMA.
When asked to what extent membership of LBMA meets expectations, results were also mixed, but a similar pattern emerges.
Some 27% of Bank bank/trading house Members agree “to a very large extent,” with 44% identifying within the next satisfaction bracket below.
Full Members agree membership met their expectations to “a very large extent” by 13.9%, with 48.6% selecting the next agreement level. Among the Market Making Members community, 50% agree “to a very large extent”, and 25% agree to the next level down. Some 14.3% of Affiliate Membership agree “to a very large extent” and 35.7% agree to the next level down:
But again, it is the neutral vote where we have work to do – 42.9% of Affiliates identified as a 3. They’re not unhappy, with just 7.2% giving a combined rating of a 1 and 2, but we need to reach out to those Affiliate Members who have a lukewarm view. For comparison, 25% of Full Members and 25% of Market Making Members submitted a rating of 3.
Alignment with Strategic Goals
On the question of alignment with LBMA’s role of advancing global standards for the common good of the industry, 55% of Bank/Trading House Members gave a top box rating (a ‘very large extent’).
Refinery Members were more likely to give a second box rating for this question, with 55% choosing second box compared to top box rating (27%).
Full Market Making Members overwhelmingly agree with LBMA’s strategic goals, with 75% agreeing “to a very large extent”, while Full Members and Affiliates agree 43.1% and 42.9% respectively.
Some 11.1% of Full Members and 21.6% of Affiliate Members gave a neutral vote (3), while there were no votes from Market Making Members for neutral or a small/very small extent.
The majority are aligned with LBMA’s role to advance global standards for the common good: