[Finance] The Best Ways for Banks to Use Voice-of-Customer Metrics to Guide Self-Serve Customer Support

Posted by Bradley Chalupski on Jan 10, 2018 10:03:19 AM

4 minute read

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One way for any traditional bank to remain competitive against the hordes of fintech disruptors is to provide customers with superior customer experience.

To do that effectively, they must provide excellent self-service support. Data clearly shows that the vast majority of customers prefer solving their problems without speaking to a customer representative. And that number continues to grow with each passing year.

But while building effective self-service support is something all (good) customer support managers in the banking industry try to do, being successful at it can sometimes prove challenging. Often, CS turns to the VOC (Voice of the Consumer) for help. But because VOC is amorphous and varies widely from industry to industry, it’s not always clear how the metric fits in when optimizing self-support options for the banking industry.

Unfortunately, this leads to missed opportunities for improvement and ultimately risks customers slipping through the cracks as their journeys deteriorate. Consider a recent survey by Oracle, which found that a single poor customer experience led to a staggering 89% of consumers leaving a business for a competitor. It’s clear that the stakes could not be higher.

Which VOC Metrics are Important to Self-Service for Banking?

The solution is to hone in on the specific VOC metrics that improve self-service options. Understanding where to find VOC data, how to measure it and how to interpret it gives CS managers an arsenal to generate action and positive improvements based on customer feedback.

Below is a look at three of the most important VOC metrics for self-service customer support operations in the banking industry.

1. Manage and Review Your Community Forum

VOC is all about putting a finger on the pulse of the customer. The good news is that customers are eager to tell you what they’re thinking — if only banks were ready and willing to listen.

Self-help community forums are an especially effective way to obtain that invaluable feedback... if they are managed properly. This means going above and beyond simply listening to what people have to say; extending into an active moderation and analytics tool. Keeping track of the number of negative comments and whether the bank has any champions combating negative messaging is one example of how this is done right.

Banking is a complicated industry and keeping an ear to the ground is imperative. Doing so allows you to capture and analyze all the free information customers give. Through both positive and negative feedback, community forums enable you to discern what’s working and what’s not.

2. Survey Your Customers at Every Touchpoint

Soliciting customer feedback directly is a core VOC activity. Too often, CS managers try to “formalize” the process by sending customers email surveys at “end points” in the customer journey; for example, after opening an account or taking out a mortgage.

Unlike other industries, however, banking is not something that customers “do” and then stop. The relationship between banks and customers is ongoing and dynamic. It’s therefore critical to find inventive ways to measure VOC via different types of surveys at touchpoints throughout the customer journey.

This can be accomplished via online popups, having live chat support ask questions during conversations and even in-branch questionnaires.

3. Direct-Measure the Effectiveness of Your Self-Support Options

Finally, it’s critical for CS managers to properly measure the performance of their knowledge base. This gives them a ground-zero perspective of their self-service effectiveness. It’s a VOC metric that must not be ignored.

Begin by looking at how many customers go to the knowledge base and still end up submitting a support ticket. This is the best indicator of effectiveness. High numbers here  tell you that customers are not getting what they need out of the content. This is especially critical for areas where fintech disruptors are challenging traditional banks.

For example, if a high number of customers are looking at the self-support page on how to transfer funds between multiple accounts (something fintech makes easy) yet still end up opening a support ticket, it’s clear that you are failing at something critical. What do you need to do to remain competitive?

VOC and Self-Service Customer Support: Working Together

Ultimately, VOC is about collecting the necessary data to make informed decisions that improve customer experience. Because self-service operations are such a vital differentiation factor for banks feeling the pressure from fintech banking options, it’s crucial to work together.

Banks which correctly zero in on the critical VOC data points, measure them properly and execute informed solutions will go a long way towards winning new customers and retaining old ones.

Topics: Fintech

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