“Companies who implement a voice of customer (VOC) strategy generate a 10x greater year-over-year increase in annual company revenue,” – says research by The Aberdeen Group.

It has never been easier to know what’s on your customers’ minds!!

Today’s tech-savvy customers search for information about bank products and services using forums, social media, review sites, and other online resources. At the same time, they do not hesitate to share feedback about their own experiences using the same channels — rating the products, writing reviews, and sharing experience on every interaction with the bank that they both love and hate. Banks might view this as a liability as it comes with certain pain points.

But customer-driven banks view this wealth of customer feedback as an immense, never-ending source of customer intelligence. 

 

Alleviating Pain Points is Key to Optimize the Customer Experience

When banks start to gather customer feedback the main pain area comes in the form of the humongous data that is gathered from different sources such as the NPS (net promoter score), email, chat bot, Appstore, website and so on. More number of data sources add more complexity in terms of volume and differences that each source brings to the table.

Aggregating and preparing that massive amount of data was the most difficult challenge and certainly required the largest investment of resources,” says Michael Soistman, senior vice president of enterprise complaints data analytics and reporting at Wells Fargo. “The challenge is pulling all the data together, figuring out how to apply it so you can glean insights from it. Every channel is different, and each line of business can have differences that need to be considered.”

Yet another challenge is to bring alignment between different key departments like customer care, marketing, and operations. As customers increasingly interact with banks using multiple channels, customer feedback rarely fits squarely within any one business unit. It almost happens in every bank that each department will focus on different data to arrive at their own conclusions.

Discussions to act always boils down to issue level discussion as understood by different departments, completely missing the bigger picture. By integrating customer feedback into key banking processes, it becomes easy to stimulate meaningful dialogue and debate across departments.

Holly O’Neill, Chief Client Care Executive & Head of Consumer Client Services at Bank of America said her customer experience teams rely on customer experience technologies that enable voice of the customer programs as well as inter-department collaboration featuring multiple teams such as digital, consumer groups and human resources.

Our main goal and really where we’ve shifted pretty significantly over the last few years is really trying to put our 66 million clients in the middle of everything we do,” O’Neill said in an interview about her customer experience priorities and voice of the customer strategies.

Hence it becomes clear that it’s of highest priority to identify and resolve the pain points that come with collecting and analyzing customer feedback inorder to optimize customer experience.

But the important question

How often should companies listen to their customers and analyze their requirements?

Is it a one-time activity that will help you to get to know what customers were thinking and what customers are going to think in future?

Listening to your customers and taking action to solve their challenges is no doubt the first essential step to customer success. But this cannot be a one-time affair! The loop has to go on and go continuously to be able to capture the ever changing customer requirements.

This may sound daunting – but understanding your customers and building a solid strategy to solve customer issues is not rocket science after all.

Let’s deep dive to analyze Continuous VoC More Strategically.

1. Continuous Tracking of Voice Of Customer Spots Changes in Customer Priorities Over Time

We are at a time when conditions are changing from day to day and even hour to hour. Traditional methods like one-time surveys can be far too long to deliver useful perspective. Companies are resorting to continuous and faster ways to keep a pulse on consumer sentiment that changes over a period of time.

We need to match rising customer expectations in the round, because what they see in one part of their lives they expect to have mirrored in another. Unless we can keep up with the highest customer expectations and the fastest movers both inside and outside of the financial services industry, we will lose out to competitors who can.” Steven Cooper, ex-CEO for Personal Banking at Barclays, whose team was overseeing the accounts of 17 million people.

For example when Clootrack conducted a consumer experience analysis for a bank, it was astonishing to see how customer priorities were changing month on month.

 

The top customer priorities of the first month had changed drastically within a span of 1 month. Surprisingly the ease of UPI payments which was the second top driver in the first month was no longer a priority in the second month. Whereas in the third month a new category driver, interest rates,  came suddenly out of nowhere. 

Just imagine if the bank had not undertaken a continuous tracking of the voice of the customer, they would probably have worked on priorities that no longer had the same priority for customers.

2. Continuous Customer Feedback Brings Alignment of Stakeholders’ Decision in a Data-Driven Way 

We need to match rising customer expectations in the round, because what they see in one part of their lives they expect to have mirrored in another. Unless we can keep up with the highest customer expectations and the fastest movers both inside and outside of the financial services industry, we will lose out to competitors who can.” Steven Cooper, ex-CEO for Personal Banking at Barclays, whose team was overseeing the accounts of 17 million people.

For example when Clootrack conducted a consumer experience analysis for a bank, it was astonishing to see how customer priorities were changing month on month.

The top customer priorities of the first month had changed drastically within a span of 1 month. Surprisingly the ease of UPI payments which was the second top driver in the first month was no longer a priority in the second month. Whereas in the third month a new category driver, interest rates,  came suddenly out of nowhere. 

Just imagine if the bank had not undertaken a continuous tracking of the voice of the customer, they would probably have worked on priorities that no longer had the same priority for customers.

2. Continuous Customer Feedback Brings Alignment of Stakeholders’ Decision in a Data-Driven Way 

Analyzing continuous customer feedback is an important advantage for fast-growing companies to be able to quickly adjust their strategies so their stakeholders are able to make important decisions based on customer data. 

For a focused effort to track customer feedback continuously, multiple departments in a company have to come together and align on the issue at hand. It is then magic happens. 

When a company knows it has to improve on certain things but is not able to explain this to other departments involved, then it is clear that there can be no improvements. Many times discussions to act always boils down to issue level discussion as understood by different departments, completely missing the bigger picture. 

See what the customer insights team at the bank said.

When the customer feedback is real and continuous, it makes everyone look at the business through the eyes of the customer and not break out into separate departments.

 

3. Continuous Customer Feedback Invokes Innovation

“More than 50% of product and service innovation comes from customer voice, ” says Lou Rossi, an experienced professional in strategy development.

The best-performing companies use the voice of the customer to fuel learning and innovation. Through customer feedback, customer behaviors and data, consumers are making their desires explicit. 

Companies that are ready to learn from this treasure trove of customer voice data can use it to innovate their products and services – thereby well positioned to thrive in the years to come.

“As a large banking institution, it takes time to reinvent entrenched  business models, so we focus on the customer experience when we’re thinking of ways to move the needle”, says Maria Potoroczyn, Strategy + Innovation + Ventures at Citi  

For example, let’s look at the bank case study that we discussed earlier. When Clootrack presented the consumer insights based on 60,000 open ended responses from customers every month from NPS, email, chat bot, Appstore, website , it was quite clear that the customers wanted the mobile app to be improved.

 

 

The customer feedback came out strongly as an affirmation to the doubt that existed within the Bank to improve upon their ease of mobile banking and ease of UPI payment products. When it came up as the top priority for customers, the bank didn’t waste any time and quickly flung into action to innovate and improve their ease of mobile banking and ease of UPI payment products.

“As a large banking institution, it takes time to reinvent entrenched  business models, so we focus on the customer experience when we’re thinking of ways to move the needle”, says Maria Potoroczyn, Strategy + Innovation + Ventures at Citi  

For example, let’s look at the bank case study that we discussed earlier. When Clootrack presented the consumer insights based on 60,000 open ended responses from customers every month from NPS, email, chat bot, Appstore, website , it was quite clear that the customers wanted the mobile app to be improved.

The customer feedback came out strongly as an affirmation to the doubt that existed within the Bank to improve upon their ease of mobile banking and ease of UPI payment products. When it came up as the top priority for customers, the bank didn’t waste any time and quickly flung into action to innovate and improve their ease of mobile banking and ease of UPI payment products.

“One thing I still do as a CEO is to spend 20 minutes a day reading through every support ticket. It’s an invaluable part of my day ” says Tim Hewson of USLegalWills.com. “Our support tickets are the single best source of new feature ideas, preventing revenue losses, as well as highlighting design improvements that need to be made to the user interface.”

4. Continuous Customer Feedback Tracking Allows You to Test Incremental Improvements

The key to emerge as a successful business is the ability to make rapid changes that meet or go beyond the expectations of customers. Continuous tracking of the voice of the customers allows a  business to make key incremental changes quickly, and additionally test those changes in a short time span.

For example, see how the bank tracked its customer feedback continuously with the help of Clootrack to ensure that it addressed its highest customer priority on mobile banking. 

In the first month ease of mobile banking came on top of all other priorities. When the Bank gave enough attention and resolved its issues, and checked the changes next month, it was glad to see incremental improvements. Ease of Mobile banking had slid down to the 5th position from the number one position. Continuous tracking alone gives this kind of affirmation on the incremental improvements. 

 

 

5. Continuous Customer Feedback Tracking Helps to Take Action in the Moment of Truth

A brand has promised something and is doing very well for a long time, but later finds that there is a gap or deficiency – this comes out as a moment of truth for the brand. This can happen only when there is a continuous tracking of the customer feedback.

The key to emerge as a successful business is the ability to make rapid changes that meet or go beyond the expectations of customers. Continuous tracking of the voice of the customers allows a  business to make key incremental changes quickly, and additionally test those changes in a short time span.

For example, see how the bank tracked its customer feedback continuously with the help of Clootrack to ensure that it addressed its highest customer priority on mobile banking. 

In the first month ease of mobile banking came on top of all other priorities. When the Bank gave enough attention and resolved its issues, and checked the changes next month, it was glad to see incremental improvements. Ease of Mobile banking had slid down to the 5th position from the number one position. Continuous tracking alone gives this kind of affirmation on the incremental improvements. 

5. Continuous Customer Feedback Tracking Helps to Take Action in the Moment of Truth

A brand has promised something and is doing very well for a long time, but later finds that there is a gap or deficiency – this comes out as a moment of truth for the brand. This can happen only when there is a continuous tracking of the customer feedback.

“We have a mantra. Listen to your customers, otherwise, you will have none ” says Zach Hendrix, Co-Founder of GreenPal. He says “ NPS surveys were a true game-changer for their company, most accurately described as the “ Uber for Lawn Care. ”

Clootracks’ consumer insights helped the bank to identify the moment of truth.

  

For a long time the bank was performing well on interest rates as it offered one of the best interest rates. But when it made certain changes to interest rate, it was tracked quickly within a month as customer feedback came back sharply on the changes.

 

When Companies Understand Continuous Customer Feedback Tracking

“We have a mantra. Listen to your customers, otherwise, you will have none ” says Zach Hendrix, Co-Founder of GreenPal. He says “ NPS surveys were a true game-changer for their company, most accurately described as the “ Uber for Lawn Care. ”

Clootracks’ consumer insights helped the bank to identify the moment of truth.

For a long time the bank was performing well on interest rates as it offered one of the best interest rates. But when it made certain changes to interest rate, it was tracked quickly within a month as customer feedback came back sharply on the changes.

When Companies Understand Continuous Customer Feedback Tracking

Thus, any business hoping to improve, must keep their customer feedback flowing. The goal of any organization is to become more customer-centric, but to truly do so, is a yearly Voice of Customer enough? We challenge that.

If you want to be a premium brand, you have to keep demonstrating that you are listening.” says Conny Kalche, former Vice President of Marketing and Consumer Experiences, The LEGO Group and the current chief customer officer Zurich Insurance Group. 

We at Clootrack argue there is a lot more value if customer feedback monitoring and measurement is conducted continuously.