In 2018 customer advocacy, will become even more critical for banks as the Competition and Markets Authority’s (CMA) plan to publish service quality metrics for the first times becomes a reality. This as part of their large “Making banks work harder for you” initiative.
Prospective banking customers will be able to easily identify how well banks are performing, and make their choice based on amongst other metrics; Net Promoter Score.
Bright raised eyebrows in autumn 2016 when we published a press release on the banking and insurance sectors scoring highest out of millions of cross-sector surveys.
Challenger banks are further improving in this area, outperforming the number one bank since 1989. On the whole customers are actually quite satisfied with their banks but still many are scoring as low as a 19 point NPS score.
The under performing banks need to put these in place immediately to get the effect (normally a 20-percentage points uplift) needed before Jan 1st 2018.
Bright’s Average client NPS score is around 50 which is higher than average due to clients putting in place measures explained below.
- Accountability. If customer feedback is not broken down to agent and branch level, they will not be able to drive change. Adding alerts for bad scores will also support the retention process.
- Monitor the full customer journey / look beyond customer service. A company is only as strong as their weakest link so make sure there is full visibility of all channels and touch points. Dissatisfaction arises outside of contact centres in a majority of cases but we pay dearly to handle it there. Put text analytics in place enabling you to present the COO with “Top 10 customer gripes” and have him/her stop other departments doing stupid things to your customers. Add a question to your transactional surveys asking “Did you try and solve your query online/ in app before you called us?”, and you will see that there is £M’s wasted on malfunctioning self-service features.
- Link customer feedback with performance and employee engagement. You will be amazed by the additional insight you get from correlation analysis of the three. FCA also approves of this way of measuring productivity since it includes customer satisfaction.
White Paper: The guide to improving your contact centre Net Promoter Score
Research showed us that top performing companies with the highest NPS scores all understand the links between Operational, employee and customer insight.
Video: Highlights – Sabio’s Disrupt CX 2019
Sabio's Disrupt CX 2019 in April addressed the challenges organisations face in responding to customer experience requirements.
Case Study: Lifeplus uses customer satisfaction insights to maintain Bright Index top 25% position
Lifeplus wanted to invest in its people and infrastructure, demonstrating its commitment to their values and principles to keep people at the heart of everything they do.
Video: Hello, we’re Sabio
At Sabio we make sure your customer experience is brilliant, then stays brilliant.
Case Study: The White Company – Fully Automated CSAT Delivers 20% Increase in Response Rate
The White Company was looking to understand what customers really thought about their experience in the contact centre, and to know exactly where to focus on improving the service delivered
Case Study: Network Homes – Exceed CSAT targets, Improve Agent Utilisation & Increase Employee Engagement
Since 1974, Network Homes has been acquiring and building homes for affordable rent across London helping individuals and families from all walks of life.
Case Study: TUI – Improving customer experience during a major business transition
TUI Group is a multinational travel and tourism company, encompassing well-known brands such as Thomson and First Choice.
Video: PCI Compliance and Payments
Sabio has worked with Semafone to help contact centres achieve PCI compliance cost-effectively and reducing customer payment frustrations.
Brochure: Semafone – Keeping your Telephone Payments Watertight
Semafone has developed a payment method that channels the card data around your contact centre securely, bringing you PCI DSS compliance.
Video: Highlights: Bright’s House Warming Party
Bright, a Sabio company welcomes their clients and close contacts to the Blue Fin Building in Southwark on Monday 9th July 2018.
Video: Presentations: The Art of CX
Sabio's Art of CX conference enabled guests to learn more about the critical User Experience and design aspects of customer engagement.