When Your Customer Speaks, You Better

Listen!Using Closed Account Survey Results to Retain Customers

Institute for International ResearchConsumer Insights and Market Research

for Financial Services ConferenceMiami, Florida

Today’s Agenda

• What is “Trust”• NetBank Case Study• Lessons Learned• Questions & Answers

What is “Trust?”

CONSUMER TRUST is the driver for CUSTOMER AUTHENTICITY

NetBank Case Study: The Challenge

• Acquisition, share of wallet and retention are top priorities• Execution of world class relationship management and seamless

customer service across multiple channels• Organizational focus on customer churn

– Growing competition from other retail banks– Customer service inconsistency– Defend high value and most growable consumer base

• Were there quality improvement projects in our control to make a difference in the attrition?

NetBank Case Study: The Methodology

• Sent out a random email customer satisfaction survey to 21,673 customers

• Random sampling excluded any customer that received a survey in the previous quarter– Included 5,000 high value customers

• Survey questions were targeted to 5 specific areas– Product/Service– Account features– Customer Service– Repurchase Intent– Customer Advocacy

NetBank Case Study: The Results

• Satisfaction with Customer Service– Secure e-mail support – 33.2% rated 5 followed by 29.3% rated 4– Timeliness of response – 29.8% rated 5 followed by 27.9% rated 4

• Frequency of Use of Service Channels– Secure e-mail  47.3% use occasionally followed by 31.2% who seldom use

NetBank Case Study: Project Initiative

• Strategic decision to internalize secure e-mail support– Better, faster, cheaper– Opportunity to “own” the customer experience

by delivering on brand promises and reduce response time volatility

• Completed the internalization within 90 days– Developed the business case and ROI model– Hired 24 Customer Fulfillment Associates

(CFA’s) and 1 Team Lead– Developed an augmentation strategy

NetBank Case Study: Project Initiative Result

• Drastically reduced the secure e-mail response time– March – 52.60 hours – April – 26.60 hours– May – 9.79 hours

• Initiative led to other strategic and expense management initiatives to improve customer service– Internalized Tech Support– Internalized Security Channel– Implemented an After Call Based Survey program

• Intend to re-survey customer base to determine how the customer is perceiving our service

NetBank Case Study: Project Initiative Result

• After Call Based Survey Administration• Receive alerts in real time when the customer expresses a pain point

– NetBank Customer Care and Outsourcer are copied on all alerts– Team Lead from NetBank contacts the customer to resolve issue no later

than 48 hours from the time the alert is received– Once issue is resolved, Team Lead shares the information to customer care

management team and outsourcer– Quality improvement initiatives are created to close gaps– Agent coaching is administered when necessary

NetBank Case Study: Project Initiative Result

• Two new value creation measurements have been created– Contact Center ROI– Agent Peak Performance Index

• Contact Center ROI– Measures the value creation/destruction of customer interactions– Triangulate measurement view; overall outsource relationship and center by

center• Contact Center ROI Calculation

– {[% Delighted calls x Customers served) x Avg. Revenue per customer] minus [% Dissatisfied calls x Customers served) x Avg. Revenue per customer]} / Fully loaded costs for the period x 100

NetBank Case Study: Project Initiative Result

• Contact Center ROI Calculation Example– {[.60 x 100,000) x 50] minus {.05 x 100,000) x 50]} / $2,083,33 x 100 = 132%

• Agent Peak Performance Index– Each agent that a survey is conducted is scored by the actual voice of the

customer– If the index is falling, it raises a red flag to supervisors/trainers for additional

coaching/training– If the index is rising, it demonstrates which associates are providing

customer-centric support• Agent Peak Performance Calculation

– Agent ROI x Accuracy (QA Score) / % Delight Treating Customers as Valued

Lessons Learned

• Customers are our scarcest resource• In order for Voice of the Customer Programs to work, you must tie the

results to compensation• Using surveys to capture unstructured customer intelligence is not

enough; you must take action based on the results• Invest in tools and/or analytics to capture the customer experience in

real-time– After Call Based Survey– Speech Analytics– Web Analytics

• Develop ROI and Market Damage models

Questions & Answers

Art HallVP, Sales & Customer Care Operations, NetBankPresident, CRM Association (CRMA), Atlanta Chapter1015 Windward Ridge ParkwayAlpharetta, Georgia 30005Phone: (678) 942-7537ahall@netbank.com

When Your Customer Speaks, You Better

Listen!Using Closed Account Survey Results to Retain Customers

Institute for International ResearchConsumer Insights and Market Research

for Financial Services ConferenceMiami, Florida