The document discusses a case study of NetBank, which conducted a survey of closed customer accounts to understand reasons for attrition. The survey found issues with customer service response times. NetBank then internalized its email customer support to improve response times from over 50 hours to under 10 hours. It also implemented additional initiatives like after-call surveys. As a result, NetBank was able to measure improved customer satisfaction metrics and develop new metrics like contact center ROI to track the impact on retention and revenue.

1. When Your Customer
Speaks, You Better
Listen!
Using Closed Account Survey
Results to Retain Customers
Institute for International Research
Consumer Insights and Market Research
for Financial Services Conference
Miami, Florida

2. Today’s Agenda
• What is “Trust”
• NetBank Case Study
• Lessons Learned
• Questions & Answers

3. What is “Trust?”
CONSUMER TRUST is the driver for CUSTOMER AUTHENTICITY

4. NetBank Case Study: The Challenge
• Acquisition, share of wallet and retention are top priorities
• Execution of world class relationship management and seamless
customer service across multiple channels
• Organizational focus on customer churn
– Growing competition from other retail banks
– Customer service inconsistency
– Defend high value and most growable consumer base
• Were there quality improvement projects in our control to make a
difference in the attrition?

5. NetBank Case Study: The Methodology
• Sent out a random email customer satisfaction survey to 21,673
customers
• Random sampling excluded any customer that received a survey in the
previous quarter
– Included 5,000 high value customers
• Survey questions were targeted to 5 specific areas
– Product/Service
– Account features
– Customer Service
– Repurchase Intent
– Customer Advocacy

6. NetBank Case Study: The Results
• Satisfaction with Customer Service
– Secure e-mail support – 33.2% rated 5 followed by 29.3% rated 4
– Timeliness of response – 29.8% rated 5 followed by 27.9% rated 4
• Frequency of Use of Service Channels
– Secure e-mail 47.3% use occasionally followed by 31.2% who seldom use

7. NetBank Case Study: Project Initiative
• Strategic decision to internalize secure e-mail support
– Better, faster, cheaper
– Opportunity to “own” the customer experience
by delivering on brand promises and reduce
response time volatility
• Completed the internalization within 90 days
– Developed the business case and ROI model
– Hired 24 Customer Fulfillment Associates
(CFA’s) and 1 Team Lead
– Developed an augmentation strategy

8. NetBank Case Study: Project Initiative Result
• Drastically reduced the secure e-mail response time
– March – 52.60 hours
– April – 26.60 hours
– May – 9.79 hours
• Initiative led to other strategic and expense management initiatives to
improve customer service
– Internalized Tech Support
– Internalized Security Channel
– Implemented an After Call Based Survey program
• Intend to re-survey customer base to determine how the customer is
perceiving our service

9. NetBank Case Study: Project Initiative Result
• After Call Based Survey Administration
• Receive alerts in real time when the customer expresses a pain point
– NetBank Customer Care and Outsourcer are copied on all alerts
– Team Lead from NetBank contacts the customer to resolve issue no later
than 48 hours from the time the alert is received
– Once issue is resolved, Team Lead shares the information to customer care
management team and outsourcer
– Quality improvement initiatives are created to close gaps
– Agent coaching is administered when necessary

10. NetBank Case Study: Project Initiative Result
• Two new value creation measurements have been created
– Contact Center ROI
– Agent Peak Performance Index
• Contact Center ROI
– Measures the value creation/destruction of customer interactions
– Triangulate measurement view; overall outsource relationship and center by
center
• Contact Center ROI Calculation
– {[% Delighted calls x Customers served) x Avg. Revenue per customer]
minus [% Dissatisfied calls x Customers served) x Avg. Revenue per
customer]} / Fully loaded costs for the period x 100

11. NetBank Case Study: Project Initiative Result
• Contact Center ROI Calculation Example
– {[.60 x 100,000) x 50] minus {.05 x 100,000) x 50]} / $2,083,33 x 100 = 132%
• Agent Peak Performance Index
– Each agent that a survey is conducted is scored by the actual voice of the
customer
– If the index is falling, it raises a red flag to supervisors/trainers for additional
coaching/training
– If the index is rising, it demonstrates which associates are providing
customer-centric support
• Agent Peak Performance Calculation
– Agent ROI x Accuracy (QA Score) / % Delight Treating Customers as
Valued

12. Lessons Learned
• Customers are our scarcest resource
• In order for Voice of the Customer Programs to work, you must tie the
results to compensation
• Using surveys to capture unstructured customer intelligence is not
enough; you must take action based on the results
• Invest in tools and/or analytics to capture the customer experience in
real-time
– After Call Based Survey
– Speech Analytics
– Web Analytics
• Develop ROI and Market Damage models

13. Questions & Answers
Art Hall
VP, Sales & Customer Care Operations, NetBank
President, CRM Association (CRMA), Atlanta Chapter
1015 Windward Ridge Parkway
Alpharetta, Georgia 30005
Phone: (678) 942-7537
ahall@netbank.com

14. When Your Customer
Speaks, You Better
Listen!
Using Closed Account Survey
Results to Retain Customers
Institute for International Research
Consumer Insights and Market Research
for Financial Services Conference
Miami, Florida