How are we doing?
This question is at the foundation of any organization’s quest for continuous improvement. For banks and credit unions, the answer encompasses more than an institution’s financial statements. In customer-centric organizations, the role of customer feedback is critical to sustaining and deepening account holder relationships, and contributing to long-term profitability.
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:
- Improved customer satisfaction
- Greater loyalty and retention
- Better performance
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.
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.
Vericast approaches the task from the bottom up, building a customized research program that starts with the institution’s own customer data, then identifies key satisfaction drivers that best predict account holder satisfaction.
How do we know?
Next 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 touch point, from new account openings in the branch to the call center and online channels.
But 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.
Vericast experts analyze our survey results and work with the financial institution to interpret the data, delivering clear, timely and actionable insight to the right employee stakeholders.
Our solution also includes peer benchmark analytics on key metrics so the institution can see how their scores compare to their competitors over time.
Voice of the Customer has tremendous potential for financial institutions that want to assess and improve the customer experience. It’s much more than a survey.