More than 90% of customers unhappy with a brand will just leave without complaining. Successful banks seek continuous customer feedback, recognizing that consumers are key to improving day-to-day operations and increasing profits. Financial institutions have the power to increase customer experience (CX) with a well-thought-out and executed voice of the customer (VoC) model.
VoC data has little value when an institution cannot leverage the collected insight to understand customer pain points, isolate root causes and act on the information learned. At the same time, the perception of feedback leading to inaction causes many consumers not to participate. Actively engaging via a continuous feedback program enables an understanding of alignment or misalignment with customer engagement.
Routing customer feedback to appropriate parties for action empowers banks to acknowledge that they hear what their customers say and are doing something about it. Informing customers via email, personal call or text what action was taken based on feedback gathered is a powerful way to close the feedback loop. It demonstrates a commitment to improving the experience and impacts future customer response rates.
Todd Robertson had the opportunity to dive into the challenges banks face with VoC programs, the importance of asking the right audience the right questions at the right time, how to successfully use the collected information and what institutions can do differently with their VoC programs in BAI Banking Strategies.