Advances in technology mean that fast and personalised customer experiences are becoming the norm for banking and financial services companies. Customers expect instant responses and a smooth experience across all communication channels. In this environment it is important for organisations to focus on how they can meet and exceed customer expectations.
Net Promoter Scores are a key metric used to measure how customers feel about a specific brand or business. They are a useful way to measure performance. An average increase of 7% correlates with a 1% growth in revenue, so improving customer service and boosting NPS scores is important for increasing customer loyalty and revenue.
On a scale of 1-10, how likely is it that you would recommend us to a friend or colleague?
Detractors Passives Promoters
This one question determines the NPS score. NPS is therefore not based on a particular product or a department, but solely on the individual’s overall impression of the company. What this calls for is a unified and streamlined customer service offering at all customer touchpoints. One bad experience from one small part of the banks diverse services could result in a low response, bringing down the average score for the business.
NPS is all about the customer experience. Technology is changing the way we manage our finances. As a result, most customers have become tech savvy and expect fast personal online services. Banks and financial services are having to adapt the way they interact with their customers. Adopting a more agile approach to keep up with demand and competition.
Each touchpoint in a customer journey presents an opportunity to increase customer loyalty and boost NPS scores. Making these touchpoints faster and more efficient ultimately improves service. According to McKinsey, ‘at most banks more than half of the transformation potential comes from the top 10 to 20 end-to-end processes, most of which are typically customer-facing’. Aiming to optimise these processes within the customer journey will resolve any pains at front-end operations and help increase customer satisfaction and loyalty.
Back-End Processes Impact Front-End Service
NPS scores reflect how the whole company brand is perceived and recognised. When considering how to improve NPS, any contact with the customer should be prioritised and optimised. That is not to say that back-end processes do not have an impact on customer experience. When back-end processes are slowed down by manual workloads that often causes extensive wait times, potential confusion, and disrupted service. If operations are struggling behind the scenes to work quickly and accurately, this often translates to the front-end of the business.
Technology that has decisioning capabilities supports making processes faster and achieving first-call resolution. Rather than awaiting decisions while the case worker finds all the relevant information to make a judgement, automation and AI gather that data and make insight-led decisions within minutes. This improves customer experiences while also minimising workloads and making back-end processes more efficient.
Technologies that can improve operational efficiency and customer service improve NPS. When customer experience is prioritised and placed as the focus of transformation efforts, banks and financial services are likely to see improved NPS scores. When 44% of millennials chose their mortgage providers due to recommendations from friends and family in 2018, the influence of word of mouth is clear. By focussing on the customer and improving their experiences, banks and financial services can offer a rivalled service that their customers will want to talk about.