“How are we doing?”
In customer-centric organizations, the role of customer feedback is critical to sustaining and deepening account holder relationships, and contributing to long-term profitability.
But, are we there yet?
While many financial institutions say they want to improve the customer experience, are they taking the necessary steps to get there? A true voice of the customer strategy is a multi-faceted process whose focus is to understand the customer experience via actionable data and analysis on multiple levels.
Below are three important things to keep in mind if your financial institution desires a truly comprehensive customer survey experience.
3 Considerations for Creating a Useful Voice of the Customer Strategy
#1 – Consider All Customer Experience Touchpoints
First comes the design and deployment of surveys using a variety of methodologies. The focus is on gathering, measuring and interpreting customer experience feedback at every touchpoint, from new account openings in the branch to the call center and online channels. Every customer experience touchpoint must be considered, in order for your business to plan for it.
#2 – Ensure You’re Gathering the Right Data
Surveys are just the start.
One of the keys to a successful customer experience program lies in the data accumulated from everything that’s happened to this point. The data gathered needs to be both actionable and all-inclusive. In other words, it needs to include real-time knowledge across significant customer satisfaction metrics that can be applied directly to specific operational and frontline areas that impact the account holder experience. Measuring net promoter score may only scratch the surface of what your financial institution would like to learn.
Learn important satisfaction metrics to measure outside of net promoter score in the white paper, “Customer Experience: Beyond Net Promoter Score.”
#3 – Figure Out (in Advance) How You’ll Analyze the Data
While the core value that such a program can provide shouldn’t be underestimated, there can also be a thin line between a comprehensive service that yields insightful customer understanding and one with reams of survey data but little customer insight that can be used to directly affect bottom line performance.
This is why it’s important to answer these questions in advance of implementing your survey strategy: once you’ve gathered the data, then what? Who will mine the data for actionable insights?
If you don’t have a data scientist on staff, consider outsourcing to a third-party.
In today’s customer-focused world, dissecting and analyzing the customer experience can provide key insight that banks and credit unions can use to ensure they are truly putting the customer first. This mindset paves the way for multiple benefits including:
- Improved customer satisfaction
- Greater loyalty and retention
- Better performance