Client: A leading bank in the UK
Industry: Financial services
Business need addressed: Seeking to improve the customer experience, the bank was challenged by fragmented analyses of surveys, forums, and events data; limited integration of employee surveys and transactional metrics; poor data quality; and manual analysis and reporting.
Genpact solution: Restructured and re-engineered the bank’s existing customer experience program through automated data analysis and created an integrated dashboard to consolidate customer insights from different data sources.
Business impact: After deploying Genpact’s solution, this bank reduced its analysis cycle time by 70%, increased first-pass data accuracy to 100%, and saw favorable trends in its key customer experience metrics.
A prominent UK-based bank – with nearly 300 retail branches and more than 40 business banking centers – wanted to significantly improve the customer experience for its business and private banking unit. Genpact helped this firm streamline its entire customer experience program by automating the analysis process and creating an integrated analytics dashboard to consolidate customer insights from different data sources. The solution highlights the different types of insights that can be drawn between the different data to upgrade the customer experience and support process improvements.
The financial services firm recognized that the customer experience – the entire way it engages with its customers – needed to improve. Key metrics were trending unfavorably.
Customer surveys and feedback from forums and events provided a useful analytical resource, but that data was fragmented and difficult to aggregate. The firm was unable to correlate or integrate that data with employee surveys and transactional metrics. Besides, the quality of the survey data was uneven, leading to doubts about its accuracy. Finally, there was no automated way to analyze or report on customer issues found in these disparate data sources.
Due to a lack of linkage among the different data sources, different business units and functional groups were executing separate initiatives in silos, which limited the impact of their efforts to improve the customer experience.
Over the course of one year, Genpact tackled the challenge in several ways to help the bank dramatically improve how customers interact with all aspects of the company’s people and services. The first step was to gather and analyze all of the firm’s customer engagement data – including surveys and transaction statistics.
The preliminary audit included assessing data quality, data scales, questionnaires, sampling methods and structures, the consistency of performance metrics across various data sources, and more. Genpact mapped all customer experience data sources using two broad categories: survey data and transactional data. Armed with this information, Genpact completed the following for the customer:
Created an automated toolkit to tabulate and generate monthly reports about customer complaints. The toolkit provides additional drill-down options to enable users to generate customized tables and charts by month and geographic regions – a far greater level of analytical granularity. Compared to its previous process, the Genpact-created toolkit reduced the time required to prepare analyses by 10 working days (70%). The solution also provided greater accuracy.
Integrated customer experience framework
Designed an integrated customer experience framework using historical data from customer experience surveys, customer forums, customer events, complaints, and employee surveys. Genpact also redesigned customer experience surveys and other questionnaires to improve data quality and analytics.
Customer experience dashboard
Using this information, the team created an integrated customer experience dashboard to drive standardized analysis and reporting of customer insights from different data sources. The dashboard features custom navigation and selection features for choosing relevant segments and regions. Drill-down dynamic charts let users visualize the customer experience analytics and KPIs, as well as compare results among regions. For open-ended qualitative feedback, the system relies on standardized sentiment analysis techniques that aligned with complaint-data categorizations across the customer lifecycle stages.
Standardized sentiment analysis would be done on all the open-ended/qualitative feedback received across multiple sources using a standard ‘theme’ and ‘sub-theme’ list that is well-aligned with the complaint data categorization (that systematically spans across the customer lifecycle stages).
Based on Genpact’s consulting efforts and software deliverables, the firm’s renewed emphasis on improving the customer experience yielded favorable results. This comprehensive customer experience management program integrates the voice of the customer along with hard data from transactions, giving the firm a rich repository of subjective and objective data, and the accuracy and quality of the data that feeds customer experience analytics has improved. Today, using Genpact’s tools and redesigned processes, first-pass accuracy of the data has improved to 100%.
For more information, contact: firstname.lastname@example.org and visit, genpact.com/what-we-do/industries/banking-financial-services