Strengthening Voice of the Customer Programs in Financial Services

Beyond the Arc, Inc.

Beyond the Arc, Inc.

Management Consulting & Strategic Communications

2011 Beyond the Arc, Inc.

A bit about us

Beyond the Arc helps businesses improve

their customers experience through analytics and insight, strategic consulting, and hands-on program management.

2 Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights

Define

Measure

Analyze

Report

Improve

Step 1: Define your VoC strategy

Identify and prioritize your desired results Develop business objectives

o

Increase customer experience in the branch, reduce attrition, improve satisfaction

Assess the resources available to support your VoC effort

o

People, technology, budget, internal business partnerships

Conduct gap analysis Review and revise strategy

Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights

Define

Measure

Analyze

Report

Improve

Step 2: Measure and listen

Collect data to put the customer at the center
First-person comments
o o o

Customer surveys Online feedback forms Customer email

Frontline input
o o o

Banker, teller, and contact center customer notes Sales referral and CRM Relationship Managers

Escalation queues
o o

Complaints to Federal and State agencies Internal escalations

Do we have a customer focus? Viewing the entire relationship? Identified by segments (e.g. high value)?
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Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Include external measurements to create an integrated view of the customer

Internal
Data from across the enterprise

Social

Social media about you and your competitors

Regulatory

Customer complaints

Customer feedback o Frontline notes o Transactional data o Behavioral data

o

Twitter o Facebook o Blogs

o

Federal o State o Better Business Bureau

o

Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights

Define

Measure

Analyze

Report

Improve

Too much detail is not always a good thing

Sometimes we need to pull back

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To understand the big picture

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We work with you to put data into the proper context for your business
Voice of the Customer I deposited my check 10 minutes before branch closing on Friday, but it wasnt credited until Tuesday. #fail After Clarifying, the Key Issue(s) Is... Deposits are subject to a cut-off policy, and balances are not consistently presented across channels Critical To Customer Needs Address customer expectations by communicating more clearly

Potential types of analysis: Integrated Top 5 (across channels and data sources) Emerging issues (and emerging risks) Root cause (dynamic drill-down) Customer complaints (responding to new OCC requirements)

We also employ techniques to put the data into the proper statistical context
Analysis should display statistical significance in a user friendly manner to avoid misinterpretation of results.
140

120

Not Significant

Actual Trend

100

80 Issue Normal Variation Normal Variation 40

60

20

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Characteristics of our analysis approach

Built on banking domain expertise Data flexibility
o
o

Multitude of formats: Enterprise data warehouses, Excel, MS SQL Server databases, flat files, XML, and more
Extensive data preparation

Integrated text analytics Statistical and linguistic models

o

Structured and unstructured data

Knowledge transfer and training

o o

Not rocket science Easy for us to train analysts at the bank

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Beyond the Arc, Inc.

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Social media data analytics adds new insights

Identify and quantify the conversation over time
o o o o

Use text analytics to classify conversations consumers have with your brand Measure the engagement at the level of each post/thread Develop metrics for unsolicited consumer posts Track market events that impact social media mentions Map the customer experience across touch points Understand where the customer is in the lifecycle Compare and contrast each conversation across media platforms Focus on segmentation, particularly key influencers Stay close to the business and view findings in context
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Analyze customer experience

o o o

Understand the insights

o o

Beyond the Arc, Inc.

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Case study: analyzing Bank of America service breaks by listening to comments on Facebook and Twitter
Context.
Dissatisfied customers couldnt access their accounts
o Bank of America has officially and permanently blocked access to mint.com according to the customer service guy I spoke with earlier. #mint . o To me the biggest plus of BofA is the mint.com integration. If that goes, you become a place to deposit checks. #replaceable o If Bank of America doesn't fix their Mint.com synch issue I am going to break out in hives. And switch banks.

What were customers saying?

Final assessment. Bank of America could have

quickly identified concerns and updated customers on the situation, instead of allowing misinformation to spread.
Beyond the Arc, Inc. | Management Consulting & Strategic Communications

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Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights

Define

Measure

Analyze

Report

Improve

Reporting is tailored to business requirements

Sample Report Hierarchy

Reports contain detail appropriate for the intended audiences Additional drilldown where appropriate Standardized reporting Ad-hoc reports and memos

Across LOBs

LOB

Top 5 Issues
Dynamic
Trends Emerging issues

Past Issues Tracking

Resolved? Watch List

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Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights

Define

Measure

Analyze

Report

Improve

Driving change to improve customer experience

Identify quick wins
Define pilot effort
Issue: complaints that branch gave them the runaround when they had a credit card question Possible pilot: provide tellers with detailed credit card account data to answer more specific customer questions

Set clear criteria for success Measure results Test and learn

Develop longer term roadmap for big wins

Define objectives Document business requirements and scope Obtain resources and budget Enlist executive champion Report results to senior leaders
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Beyond the Arc can be part of the solution

Prepare project charter & operating blueprints

Define

Establish the project team

Define customer requirements

Map the highlevel process

Measure

Plan data acquisition strategy

Define the measurement system

Measure from customer viewpoint

Assess process stability and capability

Analyze

Identify and prioritize customer issues

Integrate relevant data sources

Identify relationships between customer issues

Identify root causes of issues

Report

Executive dashboard

Line of business partners

Process owner

Quality assurance

Improve

Create solutions to address defined problems

Define the value after addressing the problems

Pilot and optimize the solution

Monitor for consistency

Thank you
Shaw Taylor Direct 415.515.4611

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Management Consulting & Strategic Communications