We began by analyzing and defining customer expectations and current experiences with Alpha Bank as well as secondary banks that customers were doing business with. We defined the key pillars of the experience that would drive customer satisfaction and loyalty. The focus was on: Anticipating customer needs through utilizing data, Facilitating transactions and reducing customer effort of getting things done by better utilization of digital channels and Eliminating pain points and effort such as bureaucracy, long waiting times, complicated processes.
We designed customer experience departments and processes. The department was designed with specific roles and capabilities, such as research and analytics. We worked together to define the key metrics to be used, focusing on NPS and Customer Effort scores. We worked with all business units such as loans, deposits, cards, private banking, to identify the business and revenue critical touch points where customer satisfaction would play a key role in loyalty and customer lifetime value. This helped us to pinpoint the critical touch points where customer experience should be tracked and addressed in order to optimize business value.
With metrics and touch points defined, we designed a ‘closed loop’ system for acting on insights gathered at critical touch points. The ‘closed loop’ system was designed to:
We also put together a 2 year plan to make the whole organization customer centric under the ‘Say Yes to CX’ initiatives. It was important for us to make the organization feel that CX was a priority for the leadership teams. Among the few activities that were deployed was ‘Back to the Floor’ where members of the board directly interacted with customers on a quarterly basis, working at the branches, working at the call center and even having lunch sessions with the most unhappy customers. The initiative was then scaled to include business unit leads and team managers.
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The COVID-19 outbreak is a new global reality that arrived fast and unexpectly, resulting in the birth of completely unfamiliar business context. With the beginning of the new calendar and fiscal years, businesses have seen their plans for 2020 become obsolete over the course of a few weeks. Undoubtedly as part of immediate crisis management, business leaders are coping with today but also revising plans, projections and priorities for what many are calling the ‘New Normal’.