FIZZBACK is a win/win

FIZZBACK everywhere customers go

stores branches online/mobile experience call center

EFFORT REDUCED

FIZZBACK at the heart of VOC

FIZZBACK in the news

VOC is hot!

NICE FIZZBACK: THE ANATOMY OF A CUSTOMER

40%“ By 2015, of Customer Support System (CSS) organizations will leverage a multichannel VOC program to increase operational performance.” —Gartner

For Customers: Lower Customer Effort, Great Feedback Experience

For Companies:

Company insight > Customer experience management

Future Banking | www.banking-gateway.com 19

clients report on average a 27% increase in customer satisfaction scores, as well as recovery rates of up to 90% for dissatisfied customers. But there is more to the solution than just the software.

“The Fizzback solution is not just a technology. It includes the support we offer to improve customer experience. The solution itself is about gathering as much information as possible through many different channels. A particular strength is in SMS feedback, which has a response rate of up to 50%, as well as email-to-web surveys and mobile app surveys that are optimised for mobile devices,” explains Yaniv.

“Our information analytics engine puts the data onto a dashboard that can be used at any point in the organisation from agent up to board level. It can be used in performance management, for instance, by using comments about agents to create a league table and stimulate competition, or it can be used by senior executives to influence strategic decisions.”

At the agent level, the system can enable faster responses to negative comments in customer feedback by quickly routing the issue to a manager. In many cases, the manager will then contact the customer, who may well not be expecting any kind of response, to discuss the source of dissatisfaction. It is possible that the fast and unexpected response may be enough to quell any negativity in customers, as it shows that the bank cares about them and is ready to reach out to them.

At board level, Fizzback can influence the minds that shape the culture of a business and steer it towards a customer-centric approach. All this comes from a simple survey process.

“When it comes to surveys, we advise organisations to keep it simple in terms of how they ask questions, and leave room for people to make their own comments. Then you can pull out what is driving satisfaction at that point,” says Yaniv.

“Through our consulting services, we advise on how to use information to transform a business and make improvements by instilling a culture of putting the customer first,” he adds. “That needs support from board level and must be consistent across the business. If that happens, then responses can be timely across all channels. Everyone must understand the customer journey and its pain points, and make the necessary changes across the organisation. It is the real-time elements that are important. You need to survey the customer soon after the interaction and use that information in real time by feeding it to the right people.”

The business culture context Implementation of the Fizzback solution is relatively simple, which is important for banks.

“The solution is completely SaaS based and it has the highest security levels, so banks can simply connect our solution to their systems through a data file. The flexibility that SaaS gives us means that we have the scope to adapt to new channels as they evolve,” explains Yaniv.

“We have seen significant effects in banks using our system, the simplest being an increase in the net promoter score loyalty metric,” he adds. “Staff know they are being measured so they perform better and work harder to contact dissatisfied customers and recover them. There are also many operational improvements that present themselves.”

Yaniv cites the example of a banking client that was concerned over the length of time needed to resolve disputes. After the implementation of NICE Fizzback, the four-week process for dispute resolution was cut drastically, with 98% of disputes addressed within 72 hours.

The system, however, is only part of the answer to such problems. For it to achieve optimal results, it needs to operate within an organisation that has made the right cultural change.

“Banks must ensure that what the customer wants is foremost in their minds. For instance, we saw one US customer take the board-level decision to link the remuneration of everyone in the company – from agents to the CEO – to the quality of the customer experience. To achieve that you need to measure and monitor it,” says Yaniv.

“Cultural change must come from the very top if it is to instil that ethos of getting close to customers.”

Further informationNICE Systemswww.nice.com

When it comes to surveys, we advise organisations to keep it simple in terms of how they ask questions, and leave room for people to make their own comments.

Company insight > Customer experience management

Future Banking | www.banking-gateway.com18

C ustomer loyalty is hard to win but easy to lose in today’s world, where the choice of banking services is so wide and so much depends on the quality of

experience a bank can create for its customers. A vital ingredient is the ability to respond quickly to any causes of dissatisfaction, as well as recognising sources of satisfaction and building best practice around them.

Knowing what customers want and giving it to them without delay, or even anticipating their needs as they evolve, requires that a bank listens to the voice of the customer and acts swiftly on that valuable information.

“Our bank clients are finding that it is easier for customers to leave the business and churn is a real issue now for financial institutions,” says Guy Yaniv, general manager, NICE-Fizzback, voice of the customer solutions at NICE Systems. “So, the focus is on customer experience, especially at a time when stories in the press reflect a perception of banks that is negative.”

NICE Systems is a leading provider of software solutions that improve customer experience and business results, ensure compliance, fight financial crime, and safeguard people and assets. Its solutions enable clients to capture, analyse and apply insights from structured and unstructured big data from multiple sources, including phone calls, mobile apps, emails, chat, social media, video and transactions. Virgin Money is among the financial services clients that have adopted the NICE Fizzback voice of the customer (VoC) solution to improve customer experience.

NICE Fizzback delivers real-time customer feedback that gives organisations a clear view of their customers’ opinions, enabling them to respond quickly to improve service, address causes of dissatisfaction and better understand what they

are doing right. The solution uses event-driven, conversation-based feedback gathered immediately after a customer interaction whether it is in a branch, online or through a contact centre.

Virgin Money signed an agreement with NICE to implement VoC in order to gather customer feedback via SMS, email and IVR surveys. That information across different touch points will then be broken down and analysed to give the company a richer understanding of its customer base, helping it to identify strategic opportunities and improve customer service.

“There has been an increase in the number of channels through which banks interact with customers and those channels are moving quickly,” says Yaniv. “Branch, phone, online and the increasingly popular mobile banking channels mean that the customer ecosystem is much more complex now.

“It is interesting that traditional banks find it hard to move away from the market research view of their customers to the operational view that we provide. Newer banks like Virgin Money and Capital One focus on operationalising the voice of the customer to create a new culture for customer engagement,” he adds.

Hearing the right voicesNICE Fizzback gleans customer feedback through short, multiple-choice surveys with room for verbatim comment. The system’s data engine can interpret a short paragraph of personal comment left by a customer to gain specific and personal insight after each interaction. This method of collecting data ensures that the information a bank is responding to is not too dated or fuzzy, or from too small a sample to effect change.

The solution’s unique automated engagement system creates a conversation with customers through their feedback touch point of choice immediately after an interaction through any channel. The data is then analysed using natural language processing (NLP) to accurately categorise verbatim comments and locate the key drivers of customer satisfaction.

Fizzback has been seen to generate as much as 40 times more feedback than traditional feedback solutions and

Tune in to the voice of the customerIn this age of easy switching, it is increasingly important for banks to fight the battle for customer loyalty with the right weapons. Solutions that enable banks to analyse customer feedback in real time will generate the responsiveness that customers want, but, as Guy Yaniv, general manager, NICE-Fizzback, voice of the customer solutions at NICE Systems, explains, the technology will only succeed in the right business culture.

Virgin Money is among the financial services clients that have adopted the NICE Fizzback voice of the customer (VoC) solution to improve customer experience.

NICE Voice of the Customer solutions help organizations understand customers' needs and expectations, to deliver the best experience in every interction, throughout the customer journey.

Our solutions provide a complete view of VOC, from all touchpoints, enabling businesses to take action on these insights in real time, to improve customer satisfaction and loyalty.

NP

STM

YEARLY NPSTM SCORES

YEARS

+37Points

$m

TIME TO RESPOND (MINUTES)

29% 32% 36%

FINANCE UTILITIES TELCO

09:1115:28 19:44

FINANCE UTILITIES TELCO

FEEDBACK RESPONSE RATES

56% OF NICE FIZZBACK CLIENTS USE MORE THAN ONE CHANNEL TO COLLECT FEEDBACK

56%

Leading e-commerce company

increased NPS by 90%

in just 2 YEARS

UK high street mobile

retailer REDUCED

CUSTOMER COMPLAINTS by 61%

Leading telecom service provider improved

CUSTOMER LOYALTY by 56PTS

Global consumer credit

company FIXED OVER 200 BROKEN PROCESSES in under 9 MONTHS

Improved customer effortscore by 3.1%

http://www.nice.com/real-time-customer-feedback

Customers respond well to

FIZZBACK