The Value of Customer Experience MeasurementThe Situation
A newly rebranded bank was growing quickly via new acquisitions and robust marketing. However, they were also getting a reputation for poor service. Although they focused on training employees and requesting customer feedback surveys, the response was low and mostly negative.

The Challenge
In a market with more than 120 competitors, the bank wanted a way to differentiate itself by building a strong service culture. Management knew it needed to have a clear picture of existing customer perceptions and service behaviors in order to improve service delivery to attract new customers and retain the ones they had. The challenge was that the few completed customer feedback surveys did not provide enough information to offer true insight into their customer experience.

The Solution
Electrum Branding worked with the bank to develop service standards and designed a tool that would gather the information they needed to assess the first point of contact service behaviors at each location. Telephone evaluations conducted multiple times per month collected data on service behaviors ranging from basic service skills to more in-depth information such as how they handled complaints and communicated the Bank’s services. With both objective and subjective feedback and trend data, the bank was able to identify service gaps, coach and provide additional training to ensure employees were adhering to service standards.

The Results
In a one year period, the average service scores increased from 79.5% to 92.1% and, when asked if the evaluator would consider using the bank for their banking needs, the score increased from 70% to 87.5%. Subjective scores that measured satisfaction (how the customer “felt”) increased from 80.7% to 93.1%.

By using a modest estimate and increasing the bank retention rate from 85% (industry average) to 87% resulted in an average of 50 additional customers per location (96 locations with 2,500 customers per location) = 4,800 customers. Then, based on each customer being valued at $375, we anticipate the total increased revenue from better retention to be $1,800,000.

Want to keep your customers happy and coming back from more? Contact Electrum Branding for the resources that turn regular customers into raving fans.