- Case study
Transforming the customer experience at a top UK bank
Developing practicable programs to help this bank stay in front
A full-service retail and commercial bank with a focus on Scotland and Northern England.
Restructured the customer experience program, developed an automated tool kit to help analyze data, and created an integrated dashboard to consolidate customer insights from various sources.
Enhanced customer experience; improved analysis and integration of customer surveys, forums, and events data; better data quality; and automated analysis and reporting.
100% first-pass data accuracy, 70% reduction in analysis cycle time, and improved customer-experience metrics.
When it comes to customer satisfaction, a bank often has only one opportunity to make good on a customer complaint. And if it doesn’t get it right the first time, there are plenty of other financial institutions waiting to welcome a new customer into the fold.
A major part of addressing customer concerns is understanding exactly how widespread a problem is and then coming up with a workable plan to address the issues and create solutions. For this prominent UK bank, determining what the problem was and how to solve it had become the problem itself! Although it had plenty of data and feedback, it couldn’t come up with a practical approach to improving the customer experience.
Challenge
The bank’s leadership knew through various customer surveys and feedback from forums and events that the customer experience needed to improve. But poor survey quality, limited data integration, and manual analysis and reporting of customer complaints made it nearly impossible to act on this knowledge. Often, different business units and functional groups would implement separate initiatives to address problems, but their efforts did little to improve the overall customer experience and regularly created internal confusion between departments and branches.
Key metrics showed the gravity of the problem: the bank’s Net Promoter Score (NPS), a measurement of customer loyalty, fell to -29% from -19%; relationship manager satisfaction decreased to 69%; and complaint volume continued to get louder.
Solution
As we already had a working relationship with the bank’s parent company, we were given a one-year assignment to improve the way customers interact with the bank’s people and services.
The first step was to gather and analyze customer-engagement data, including surveys and transaction statistics. A data audit revealed a number of wasteful, non-performing activities in the existing analysis structure and identified the root cause as the lack of links between different sources.
We implemented the following solutions:
Impact
By implementing our tools and redesigned processes, the bank achieved the following results:
Now, the bank can get it right the first time, improving the
customer experience by using actionable data and insights to create programs that really work.