How to give the Customer a Voice in the Boardroom
Subcategory: Voice of the Customer
Overview
We map the E2E lifecycle of a product from the customer’s perspective, understanding all of the services a customer can receive relating to that product. We then conduct customer research to uncover customer ‘journeys’ and ‘moments of truth’ also collecting customer satisfaction, NPS, effort and drivers at this granular level.
We complete in house statistical analysis to determine which levers to pull to improve customer experience and consolidate this with cost and business insight.
This comprehensive and multilayered approach provides a holistic view of customer experience, identifying complexity within the business enabling us to provide customer centric strategic recommendations.
Impact
We gather primary customer research in conjunction with business and cost insight to deliver strategic recommendations to the business, identifying value in terms of savings and revenue increase and more importantly customer experience.
Our recommendations have led to a simplification of our Loan products, developing an application system which ensures customers receive a consistent service through multiple channels. For the first time customers were able to change their borrowing structure mid-application, eliminating the need to complete multiple applications before obtaining their preferred offer. In addition a product which customers found complex and frustrating was replaced with a user friendly offering.
Innovation
Our methodology is agile and innovative as we constantly experiment and improve it to embed the latest thinking from research. We continually adapt our methodology allowing it to be applied to any division from Personal to Corporate customers at all levels.
We have developed a model supported by academic research showing revenue uplift based on NPS. Using this we can determine how improving client experience also benefits the business. Our Retail diagnostic focused improvements in Key Moments of Truth, improving services for the customer and leading to an estimated annualised £181m revenue increase for the business.[/one_half_last]
Insight
Through various projects we have discovered that the measure of Effort offers very powerful insight for personal customers, however provides a less beneficial measurement for corporate customers, both at the buyer and transactor level. Therefore research into a more suitable metric for these customers is required.
Another thing we could do differently would be to provide our customers with visibility of outcomes based their feedback gathered during primary research. An important step to achieve this would be to develop an effective method of playing back to our customers a “you said, we did view” in a timely and effective manner.
Inspiration
The business itself is taken on the customer journey as the various departments which support the key customer services are brought together to work collaboratively to understand their business from the customer’s point of view. Our approach is inspirational in the way it breaks down the bank’s silo’s bringing the business on the customer’s journey. Our ability to conduct primary customer research and in house statistical analysis in conjunction with business and cost insight enables us to provide recommendations and strategic initiatives to improve the customer experience alongside the financial revenue.[/one_half_last]