Personalization in retail banking is rightly a ‘hot topic’.
It’s often seen as the new battleground between traditional banks and new digital challengers.
Traditional banks come the arena with a range of legacy channels that customers still want to use to get service, which can be seen as a disadvantage against purely digital app-based banks.
But multiple channels are not always a disadvantage when a bank offers “personalization at scale starting from customer touchpoints” to improve their customers’ experience and improve revenue at the same time.
It takes the bank to use a customer-centric approach to understand its customers’ frustrations when trying to solve a problem or get a job done.
One such example of a traditional bank who did this is to offer a personalized service at scale is Emirates NBD.
Their call center was a primary touchpoint for many of their customers to get service and they recognized that their customers’ behavior needed a rethink in the way they delivered their service, and that there was an opportunity to improve customer satisfaction, trust, and loyalty by improving the customer journey.
To do this, they used an analytics-driven approach to optimize the entire process of servicing customers. In the process they redefined a cost-center channel to a revenue generating, relationship building and retention channel.
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The results to date are impressive:
• Their most valuable customers experience shorter waiting times to speak to an agent, reducing previous frustration and dissatisfaction;
• Digital adoption has grown by 12% by helping customers choose the right channel for the service they need, reducing their call center operational costs;
• Their Net Promoter Score (NPS) that measures customer satisfaction and trust has improved by 20 bps;
• Crucially, their customer attrition rate has reduced by 5% that will lead to longer-term value generation.
It’s clear that in the long-term Emirates NBD enhanced customer journey will cause a much better customer experience, significantly higher customer retention levels and customer value.
Emirates NBD have kindly published a whitepaper that describes how they used analytics to enhance their call center customer experience. Qorus are privileged to endorse our member as being a good example of customer-centricity best practice.