Case Study
Strategic Tracking Program Strengthens Customer Journey
The Client & Challenge
A top U.S. banking institution engaged with us to help elevate and manage their ongoing CX research program. Their customer expectations were increasing faster than ever, and with more immediate impact on brand perceptions and loyalty. They needed to be able to pinpoint shifts as they happened, pivot quickly, and then share timely insights with stakeholders to guide strategic initiatives across the customer journey.
Additionally, with brand loyalty being one of the bank’s North Star Metric, they also needed to understand their customers’ collective, cross-channel experience with them and how it impacts brand perceptions, loyalty, and ultimately the amount and type of business conducted with the bank. Particularly, they wanted to identify ways to stand out amongst competitors by understanding consumers’ areas of greatest satisfaction – and dissatisfaction – across the entire customer experience.
The Solution
We built an end-to-end experience, loyalty, and relationship tracking program that functions as a “source of truth” for the bank regarding their customer experience. The comprehensive program assesses the impact of various customer centric KPIs on brand loyalty, including how shifts in omnichannel experiences impact brand perceptions, satisfaction, and loyalty. We also provided consultation on goal setting and measuring progress on strategy execution and key initiatives over time.
There are two key areas the program focuses on: Internal Customer Experience Tracking & Analysis and External Market Tracking & Competitive Intelligence Analysis
Internal Customer Experience Tracking & Analysis
We designed this part of the tracking program to specifically illuminate customers’ banking experience across all channels, from the customer’s point of view (including where there might be gaps and missing touchpoints that could impact brand loyalty). We began by providing an in-depth analysis of the bank’s targeted and prioritized customer segments. From there, we identified and aligned on metrics to track that were most important to each segment and most likely to drive the business forward.
External Market Tracking & Competitive Intelligence Analysis
We designed this part of the program to assess the bank’s strengths against the competitive landscape. This research benchmarks the bank’s performance within the banking and financial industries. It also delivers ongoing insights on shifting trends in the marketplace and consumer needs to inform prioritization of higher-level initiatives and investments. Additionally, it identifies links between the bank’s internal research and external syndicated studies.
As part of our reporting, we supported the bank in making the research results easily accessible across their organization via a dashboarding platform with customized views built in. The platform incorporates text analytics to add meaningful context (aka insights, opinions, trends, and patterns), gleaned from the structured data. This helped to tell a more complete story of the data, calling out insights on key topics impacting customers and unveiling opportunities for improvement.
The Wins
We compared our research findings to the bank’s transactional studies to create a holistic CX story that could be shared with executive teams and support strategic initiatives. We also informed the socialization strategy used to share the insights across their organization to drive proactive change internally.
The research results generated by the program, plus our reporting and consultation, helped the bank identify ways to stand out amongst their competitors, including:
- Improving omnichannel customer experiences
- Designing and refining services and resources to align better with evolving customer needs
- Addressing critical needs of high-priority customer segments, like millennials and high-revenue customers
However, one of the biggest wins is that this end-to-end research program is designed to adapt and thrive far into the future. Our client understands that customer experience, relationship, and loyalty tracking is not a “one-and-done” endeavor. At least, not if they want to achieve long-term growth and remain competitive.
This bank will continually rely on this research program to infuse timely insights into many company-wide strategic initiatives and deepen their understanding of the impact that customer experiences and market trends have on brand loyalty.
Let's Connect.
It all starts with a conversation.