How one growing financial services company built a customer experience foundation on actionable insights to fuel long-term customer satisfaction and loyalty.
Voice of Customer Solution Generates Double-Digit Net Promoter Score Gain
Rapid growth was challenging this financial services company’s ability to monitor and enhance with the customer experience.
Disparate and ineffective Voice of Customer (VOC) initiatives, plus a lack of actionable data, left stakeholders with more questions than answers. Staffing and resource issues limited access to the data that did exist as well as the ability to survey customers in a timely manner. And all the unknown left stakeholders feeling unsure about where to turn. Questions like, “What types of information should we be gathering?” and “What types of questions should we be asking?” led them to ITA Group for consultation on short-term tactics that would support a long-term customer loyalty strategy.
Rich VOC Potential Revealed
Besides disparity and inconsistency, ITA Group’s enterprise-wide study showed gaps in the customer feedback collection process. Existing survey questions were positioned inaccurately and consistent feedback throughout the customer lifecycle was missing. But the output showed an opportunity primed with possibility.
A Revitalized Customer Survey Strategy Emerged
Armed with rich supporting analysis, in-house industry experts went to work. Leaning into extensive financial services research and strategy expertise, they recommended a VOC survey strategy rooted in meaningful, streamlined data collection. The strategy prioritized data collection across all business units to deliver consumable data that would drive stakeholder action.
VOC Solution Objectives
- Unify VOC data collection via a single portal
- Standardize VOC collection methods and survey design
- Analyze data and take decisive action
- Contextualize survey data by integrating external data
Surveys Gauged Sentiment Throughout Customer Lifecycle
Consistent targeting of eight unique audience segments that spanned incoming, existing and outgoing customers created a complete lifecycle view. Surveys auto-generated within days of a customer interaction, and behind-the-scenes functionality ensured multi-segment customers didn’t receive more than one survey within a 30-day window.
Targeted Customer Lifecycle Audience Segments
- Account Closing
- Billing & Account Payment
- Call Center
- Special Services
- Customer Retention
- Usage of Website
Expert Execution Focused on Business Results
Stakeholders needed a sound solution in-market quickly, so a phased approach guided by subject matter experts prioritized speed and efficiency.
ITA Group crafted a nimble plan for a phased approach that could quickly scale. With two audiences launching monthly over four months, the approach supported efficient updates in real time.
Tangible recommendations like returning customer calls, adapting email subject lines and addressing identified training gaps positioned stakeholders to course-correct customer issues.
Instead of leveraging our proprietary technology, ITA Group recommended use of stakeholders’ existing survey tool to maximize speed to market and cost savings.
Data and analytics experts ensured surveys were built to be answered quickly and in a way that collected consistent, actionable data.
Creative communications teams developed and distributed emails for each of eight survey versions, plus reminders to drive activation.
Analytics Dashboards Offered Real-Time Data on Demand
Net Promoter Score (NPS). Customer and rep satisfaction. Call resolution. They’re at stakeholders’ fingertips with interactive dashboards that filter data to help stakeholders dig in to perceived issues and mitigate them in near real-time. Layered beneath the dashboard are survey-specific pages with detailed and filterable question results to offer deeper insight. And text analytics and sentiment analysis supplement open-response text field data and surface insights.
Efficiencies at Every Turn
A text search tool scans open-response text fields for keywords. Quick identification allows stakeholders to efficiently categorize customer challenges by interaction point and issue to understand if they are single-instance or pervasive, and ultimately prioritize resolution of widespread encounters.
Insights Became the Building Blocks for the Future
Monthly executive business reviews with ongoing strategic recommendations based on ITA Group data analysis guided stakeholders’ business decisions. Weekly core team meetings covered ongoing insights and data trends to identify opportunities to conduct deeper analysis. And the combination has laid a foundation for a long-term customer engagement and loyalty strategy.