Enterprise Voice of Customer Program Qorus Reinvention Awards - MEA 2024 - Winner

Concept and objective and reasons behind

In the overbanked competitive environment, customer experience (CX) stands out as the only competitive advantage for the banks. Monitoring, measuring, managing and acting on customer experience KPIs is an essential metric to enhance customer experience, reduce attrition and drive customer advocacy.

BankDhofar had a legacy issue of not being able to gather real-time customer feedback and as a result, implementing a robust engagement system was a challenge. In order to address this gap, the bank has developed an innovative customer experience framework based on the pillars of understanding, acting and improving the business outcomes. This innovative voice of customer program (VOC) has been developed that leverages technology to connect the pillars. By leveraging technology to integrate feedback and then linking with business outcomes, we were able to define a robust customer-centric approach in decision making across the customer lifecycle.

State of competition

A scan of the market indicates that the majority of banks are adopting a form of voice of customer program that is siloed within the customer experience department, without connecting customer sentiment and business outcomes, understanding drivers, or the integration process that links customer sentiment to business metrics. BankDhofar VOC program works on a predictive model that captures the customer sentiment across all touch points, combines it with process data, and correlates this with business results. Through this data-driven approach, enabled by technology, the bank is able to predict experiences and identify key drivers to enhance business performance, ensure a positive impact on the business. This customized VOC tool sets us apart from competition

Sources of inspiration

As part of the strategy formulation process, BankDhofar examined market leaders in customer experience, viz.,, hospitality and airlines, to determine how these industries differentiate themselves through customer experiences. These sectors excel by listening to customers and closing the feedback loops without exception. As these two industries are founded on the customer first approach, the bank sought inspiration from these industries in designing its customer experience program and voice of customer program and aligned the VOC program with the best practices from these industries

Following the deployment of the implementation of the feedback loop strategies for both the inner and outer loops, the following metrics have increased: 1 - 10% improvement in NPS in the first quarter 2- 15% improvement in customer effort scores 3- 20% improvement in customer satisfaction 4- 30% reduction in service related complaints 5- 10% reduction in customer churn 6- 15% improvement in conversion of leads