This deck was presented to NJBanker's G.R.O.W.T.H. Forum on April 17, 2015.

1. HOW TO LEVERAGE
THE POWER
OF CUSTOMER
EXPERIENCE ANALYTICS
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By Kate Feather

2. Five Important Questions We Will Answer Today
1. What is customer experience?
2. Can customer experience improvement really drive growth?
3. Is the banking customer experience getting better?
4. How to use customer experience analytics to drive improvement?
5. How can you begin to understand, measure and manage your own customer experience?
But first, a story…

4. William Henry Perkin
(1838-1907)

5. August Wilhelm
Von Hoffman
(1838-1907)
Royal College
of Chemistry
in London

6. Let’s cure
malaria!

8. Don’t we all
take work
home?

9. Chemical
mauveine

12. Look
familiar?

13. How about
this?

14. Yards and yards of
purple fabric
goes on top

15. For Perkin,
this stuff…

16. …became this stuff.

17. Honestly,
why is purple mucus important
to my bank?

18. Open your mind.

19. Historical context is key
to understanding.

20. Source: We Have Entered The Age of the Customer, Forrester

21. Source: We Have Entered The Age of the Customer, Forrester
We have entered a new age…

22. Question 1:
What is customer experience?

23. Experiences are a distinct economic
offering – as distinct from services as
services are from goods. Experiences
are memorable events that engage
each customer in an inherently
personal way and thereby create a
memory as the hallmark of that
experience.
-Joseph Pine II

24. The best strive towards
the day they leave
behind the safety net

25. Business-to-Consumer
• Auto Parts and Service (Retail)
• Cable and Satellite TV
• Insurance (Auto & Home and Health Insurance)
• Internet TV
• Restaurants
• Retail Banking
• Wireless
Business-to-Business
• Accounting and Tax
• Telecommunications
• Office and Business Supply Services

26. 12 CX
Disciplines

27. Practices requiring greater
resources and a stronger
commitment are lagging

28. Question 2:
Can customer experience
improvement really drive growth?

29. 71%
60% 63%
69%
29%
21%
29%
42%
Take individual action
on customer feedback
Disciplined decision
making around the
customer
Common
understanding of Cx
Established goals for
improvement
Growth Banks Non-Growth Banks
33
pts
42
pts
40
pts
27
pts

30. 71%
60% 63%
69%
29%
21%
29%
42%
Take individual action
on customer feedback
Disciplined decision
making around the
customer
Common
understanding of Cx
Established goals for
improvement
Growth Banks Non-Growth Banks
33
pts
42
pts
40
pts
27
pts
Focus on
these two

31. Question 3:
Is the banking customer experience
getting better?

32. In the last 12 months, in your opinion, what has
happened to the state of your bank’s
customer experience?
It has gotten worse
It has remained unchanged
We have made marginal improvements in Customer Experience
We have made great strides in improving our Customer Experience
I don’t know
A
B
C
D
E

33. of executives said the
customer experience delivered
by their bank has improved in
the past 12 months
Source: PeopleMetrics Most Engaging Customer Experiences Study

34. of customers said the
customer experience delivered
by their bank has improved in
the past 12 months
Source: PeopleMetrics Most Engaging Customer Experiences Study

35. TRUE OR FALSE?
CUSTOMERS ranked ONLINE AND
MOBILE TECHNOLOGY among their
top three priorities for improvement
from their bank.

36. FUTURE IMPROVEMENT PRIORITIES
Ranked Importance
CUSTOMER
PRIORITIES
EXECUTIVE
PRIORITIES
PRODUCTS
ACTING ON FEEDBACK/ IMPROVE SERVICE
FIND AND KEEP TALENTED EMPLOYEES
CUSTOMER-FACING TECHNOLOGY (MOBILE, DIGITAL)
PUT CUSTOMER FIRST
VOC/ASKING FOR FEEDBACK
INTERNAL TECHNOLOGY/ CUSTOMER-FACING PROCESSES
PHYSICAL BRANCHES

37. FUTURE IMPROVEMENT PRIORITIES
Ranked Importance
CUSTOMER
PRIORITIES
EXECUTIVE
PRIORITIES
PRODUCTS
ACTING ON FEEDBACK/ IMPROVE SERVICE
FIND AND KEEP TALENTED EMPLOYEES
CUSTOMER-FACING TECHNOLOGY (MOBILE, DIGITAL)
PUT CUSTOMER FIRST
VOC/ASKING FOR FEEDBACK
INTERNAL TECHNOLOGY/ CUSTOMER-FACING PROCESSES
PHYSICAL BRANCHES
4 1
FALSE

38. IN ADDITION
CUSTOMERS ranked
PUTTING CUSTOMER FIRST
among their top three priorities for
improvement from their bank.

39. FUTURE IMPROVEMENT PRIORITIES
Ranked Importance
CUSTOMER
PRIORITIES
EXECUTIVE
PRIORITIES
PRODUCTS
ACTING ON FEEDBACK/ IMPROVE SERVICE
FIND AND KEEP TALENTED EMPLOYEES
CUSTOMER-FACING TECHNOLOGY (MOBILE, DIGITAL)
PUT CUSTOMER FIRST
VoC/ ASKING FOR FEEDBACK
INTERNAL TECHNOLOGY/ CUSTOMER-FACING PROCESSES
PHYSICAL BRANCHES
1
2
3
4
5
6
7
8
1
2
3
4
5
6
7
8

40. Question 4:
How to use customer experience
analytics to drive improvement?

41. Question 4:
How to use customer experience
analytics to drive improvement?
Introducing, the roadmap.

42. CUSTOMER
UNDERSTANDING
REPAIR
INNOVATE

43. CUSTOMER
UNDERSTANDING
REPAIR
INNOVATE

45. Regional Bank
79 branches, online and
mobile banking
Building customer understanding
through customer experience analytics
Deep dive “Wows and Woes” study to
segment customer base, gather a baseline
measure of NPS and identify key drivers of a
customer intimate experience

47. We discovered clear segments
that have distinct needs.

48. High Value
Products
High Touch Long Tenure
Business
Banking
Strategic
Resource
Seekers
Tech
Savvy
Attentiveness
Is Key
Self
Sufficient
Transactors
Mobile
Banking
Heavy
Online Use
Younger
Demographic
Low Touch
Interactions
Young,
Starting Out
Early Stage
Financial Goals
34Avg. Age
Low Touch
Interactions
Meager
Balance
Goal Oriented
Beginners
High Touch
Relationship
Seekers
Nearing
Retirement

49. Then we discovered
different experience drivers.

50. Drivers of Advocacy (All Items)
Showing Rankings by Impact
High Touch
Relationship Seekers
Strategic Resource
Seekers
Self Sufficient
Transactors
Goal Oriented
Beginners
I can trust them to take care of problems, should they arise 1 2 1 1
Employees are attentive to my needs 2 1
Consistently excellent service, regardless of the location, type of
interaction or people involved
3
Has competitive rates and fees 3
Makes it easy for me to take care of my banking needs how and
when I want
3
Provides the right level of advice and guidance for my financial
needs
3 2
Offers an online banking solution that is easy to use 2

51. CUSTOMER
UNDERSTANDING
REPAIR
INNOVATE

52. Source: Forrester Customer Experience Index
Enjoyable
Easy
Meets Needs
T
R
U
S
T

54. Regional Bank
120 branches, online and
mobile banking
Repairing the experience
through daily feedback and action
Ongoing Voice of the Customer study – after
every branch transaction – to identify issues,
intervene, and respond

55. Thinking about your overall relationship with ABC BANK, how likely are you to recommend the bank to family, friends
and/or colleagues? Please use a scale of 0 to 10, with 0 being Not at All Likely and 10 being Extremely Likely.
Promoters (10 – 9 ) Detractors (6 - 0)Passives (8 - 7)
Net Promoter Score (NPS)
10 9 8 7 6 5 4 3 2 1 0
Promoters - Detractors = NPS

56. 1. Call customer to schedule a time to review
feedback and discuss solutions
2. Forward alert to department manager.
3. Share feedback for improvement purposes
4. Document actions in the Hub
5. Close alert
Company Name Recover Alert April 14, 2015
John Smith is a customer who is Passive and talked in their
problem description about: ATM issue, customer service
Contact John Smith to thank them and resolve
their problem.
Problem Details
Please indicate the areas below that best describe the
problem you experienced:
Branch Location: No
Knowledge: Yes
Rates: No
ATM Error: Yes
Describe the problem:
I had an issue with the ATM! It ate my card and wouldn’t give
it back. I went to the branch, and they would not replace it
without id! I’ve banked here for 13 years, same branch
Suggested Actions

58. Customers who have a problem are
2.5x less likely to be satisfied.

59. 1. Forward alert to Alfonso Helton
2. Include a personal thank you
3. Consider copying others
4. Share in group meeting
5. Document actions in Hub
6. Close alert
Company Name Recognize Alert April 14, 2015
John Smith is a customer who is a Promoter
They experienced Above and Beyond service from these
Employees: Alfonso White
Contact John Smith to thank them for their
Feedback.
Above and Beyond Service Details
Please provide the name of the banking associate(s) who
provided Above and Beyond service. ABC Bank will
personally follow up to share your feedback.
Alfonso White
Please describe what the banking associate(s) did to go
above and beyond.
Alfonso found better interest rates for my mortgage. He did
everything he could to make sure I was happy.
Suggested Actions

61. Focusing on the problem resolution.

62. 1. Have begun tracking more detailed problem disposition codes in the call center
and at the branch to identify and more accurately quantify top problems and
issues
2. Designing a consistent training program focused on responding to and resolving
these most common customer problems and issues
3. Established an aggressive (24-hour) standard for contacting customers who
reported a problem through their VOC program
4. Assigned members of the executive team two of the bottom ten performing
branches to mentor and coach, requiring that these executives report on
successes and lessons learned in quarterly meetings
5. They are finding and learning from their top performing Brand Ambassadors

63. CUSTOMER
UNDERSTANDING
REPAIR
INNOVATE

70. They have extended their experience
to support life milestones.

71. CUSTOMER
UNDERSTANDING
REPAIR
INNOVATE

72. Question 5:
How can you begin to understand,
measure and manage your own
Customer Experience?

73. Understand with a deep dive.

75. Repair with alerts.

77. Innovate through feedback.

79. Focusing on CX improvement
distinguishes growth from
non-growth banks.

80. Here’s how.

81. In Conclusion…
4 Disciplines Matter Most

82. In Conclusion…
4 Disciplines Matter Most
Listening
Listening to and taking action on individual customer feedback

83. In Conclusion…
4 Disciplines Matter Most
Listening
Listening to and taking action on individual customer feedback
Discipline
Being disciplined about considering the customer when making decisions

84. In Conclusion…
4 Disciplines Matter Most
Listening
Listening to and taking action on individual customer feedback
Discipline
Being disciplined about considering the customer when making decisions
Understanding
Establishing a common understanding of your customers and the desired CX

85. In Conclusion…
4 Disciplines Matter Most
Listening
Listening to and taking action on individual customer feedback
Discipline
Being disciplined about considering the customer when making decisions
Understanding
Establishing a common understanding of your customers and the desired CX
Goal Setting
Establishing clear goals for improvement

86. In Conclusion…
Step 1: Customer Understanding
Wows and Woes Customer understanding and segmentation
3 Steps to Leveraging the Power of
Customer Experience Analytics

87. In Conclusion…
Step 1: Customer Understanding
Wows and Woes Customer understanding and segmentation
Step 2: Repair
Ongoing Voice of the Customer to repair what’s broken (individual and systemic)
3 Steps to Leveraging the Power of
Customer Experience Analytics

88. In Conclusion…
Step 1: Customer Understanding
Wows and Woes Customer understanding and segmentation
Step 2: Repair
Ongoing Voice of the Customer to repair what’s broken (individual and systemic)
Step 3: Innovate
At the right time, innovating around the experience
3 Steps to Leveraging the Power of
Customer Experience Analytics

89. Take the survey, get
a copy of the report.
http://tinyurl.com/NJbanksurvey

90. Q&A
Kate Feather
Executive Vice President
O: 215.979.8037 | M: 215.805.6801
kate.feather@peoplemetrics.com
www.peoplemetrics.com/blog
Want the slides?
info.peoplemetrics.com/NJB