Beyond The Arc - VoC

Strengthening Voice of the Customer Programs in Financial Services
Beyond the Arc, Inc.
Management Consulting & Strategic Communications
2011 Beyond the Arc, Inc.
A bit about us
Beyond the Arc helps businesses improve

their customers experience through analytics and insight, strategic consulting, and hands-on program management.
2 Beyond the Arc, Inc.
Key steps to strengthening Voice of the Customer

1. Define your VoC strategy 2. Measure and listen to the VoC 3. Analyze and translate to business processes 4. Report on the findings 5. Improve based on uncovered insights
Define
Measure
Analyze
Report
Improve
Step 1: Define your VoC strategy
Identify and prioritize your desired results Develop business objectives

o
Increase customer experience in the branch, reduce attrition, improve satisfaction
Assess the resources available to support your VoC effort

o
People, technology, budget, internal business partnerships
Conduct gap analysis Review and revise strategy

Define
Measure
Analyze
Report
Improve
Step 2: Measure and listen

Collect data to put the customer at the center
First-person comments
o o o
Customer surveys Online feedback forms Customer email
Frontline input
o o o
Banker, teller, and contact center customer notes Sales referral and CRM Relationship Managers
Escalation queues
o o
Complaints to Federal and State agencies Internal escalations
Do we have a customer focus? Viewing the entire relationship? Identified by segments (e.g. high value)?
6
Include external measurements to create an integrated view of the customer

Internal
Data from across the enterprise
Social
Social media about you and your competitors
Regulatory
Customer complaints
Customer feedback o Frontline notes o Transactional data o Behavioral data

o
Twitter o Facebook o Blogs

o
Federal o State o Better Business Bureau

o

Define
Measure
Analyze
Report
Improve
Too much detail is not always a good thing
Sometimes we need to pull back
10
To understand the big picture
11
We work with you to put data into the proper context for your business
Voice of the Customer I deposited my check 10 minutes before branch closing on Friday, but it wasnt credited until Tuesday. #fail After Clarifying, the Key Issue(s) Is... Deposits are subject to a cut-off policy, and balances are not consistently presented across channels Critical To Customer Needs Address customer expectations by communicating more clearly
Potential types of analysis: Integrated Top 5 (across channels and data sources) Emerging issues (and emerging risks) Root cause (dynamic drill-down) Customer complaints (responding to new OCC requirements)
We also employ techniques to put the data into the proper statistical context
Analysis should display statistical significance in a user friendly manner to avoid misinterpretation of results.
140
120
Not Significant
Actual Trend
100
80 Issue Normal Variation Normal Variation 40
60
20
13
Characteristics of our analysis approach

Built on banking domain expertise Data flexibility
o
o
Multitude of formats: Enterprise data warehouses, Excel, MS SQL Server databases, flat files, XML, and more
Extensive data preparation
Integrated text analytics Statistical and linguistic models

o
Structured and unstructured data
Knowledge transfer and training

o o
Not rocket science Easy for us to train analysts at the bank

| Management Consulting & Strategic Communications
14
Social media data analytics adds new insights

Identify and quantify the conversation over time
o o o o
Use text analytics to classify conversations consumers have with your brand Measure the engagement at the level of each post/thread Develop metrics for unsolicited consumer posts Track market events that impact social media mentions Map the customer experience across touch points Understand where the customer is in the lifecycle Compare and contrast each conversation across media platforms Focus on segmentation, particularly key influencers Stay close to the business and view findings in context
| Management Consulting & Strategic Communications
Analyze customer experience

o o o
Understand the insights

o o
15
Case study: analyzing Bank of America service breaks by listening to comments on Facebook and Twitter
Context.
Dissatisfied customers couldnt access their accounts
o Bank of America has officially and permanently blocked access to mint.com according to the customer service guy I spoke with earlier. #mint . o To me the biggest plus of BofA is the mint.com integration. If that goes, you become a place to deposit checks. #replaceable o If Bank of America doesn't fix their Mint.com synch issue I am going to break out in hives. And switch banks.
What were customers saying?
Final assessment. Bank of America could have

quickly identified concerns and updated customers on the situation, instead of allowing misinformation to spread.
Beyond the Arc, Inc. | Management Consulting & Strategic Communications
16

Define
Measure
Analyze
Report
Improve
Reporting is tailored to business requirements
Sample Report Hierarchy
Reports contain detail appropriate for the intended audiences Additional drilldown where appropriate Standardized reporting Ad-hoc reports and memos
Across LOBs
LOB
Top 5 Issues
Dynamic
Trends Emerging issues
Past Issues Tracking

Resolved? Watch List
18

Define
Measure
Analyze
Report
Improve
Driving change to improve customer experience

Identify quick wins
Define pilot effort
Issue: complaints that branch gave them the runaround when they had a credit card question Possible pilot: provide tellers with detailed credit card account data to answer more specific customer questions
Set clear criteria for success Measure results Test and learn
Develop longer term roadmap for big wins

Define objectives Document business requirements and scope Obtain resources and budget Enlist executive champion Report results to senior leaders
20
Beyond the Arc can be part of the solution

Prepare project charter & operating blueprints
Define
Establish the project team
Define customer requirements
Map the highlevel process
Measure
Plan data acquisition strategy
Define the measurement system
Measure from customer viewpoint
Assess process stability and capability
Analyze
Identify and prioritize customer issues
Integrate relevant data sources
Identify relationships between customer issues
Identify root causes of issues
Report
Executive dashboard
Line of business partners
Process owner
Quality assurance
Improve
Create solutions to address defined problems
Define the value after addressing the problems
Pilot and optimize the solution
Monitor for consistency
Thank you
Shaw Taylor Direct 415.515.4611
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Beyond the Arc, Inc. |
beyondthearc.com Facebook.com/beyondthearc Twitter.com/beyondthearc Slideshare.net/beyondthearc

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Strengthening Voice of the Customer Programs in Financial Services

Beyond the Arc, Inc.

Beyond the Arc, Inc.

Management Consulting & Strategic Communications

2011 Beyond the Arc, Inc.

Beyond the Arc helps businesses improve

2 Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Key steps to strengthening Voice of the Customer

Step 1: Define your VoC strategy

Identify and prioritize your desired results Develop business objectives

Increase customer experience in the branch, reduce attrition, improve satisfaction

Assess the resources available to support your VoC effort

People, technology, budget, internal business partnerships

Conduct gap analysis Review and revise strategy

Key steps to strengthening Voice of the Customer

Step 2: Measure and listen

Customer surveys Online feedback forms Customer email

Complaints to Federal and State agencies Internal escalations

Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Include external measurements to create an integrated view of the customer

Social media about you and your competitors

Customer feedback o Frontline notes o Transactional data o Behavioral data

Twitter o Facebook o Blogs

Federal o State o Better Business Bureau

Beyond the Arc, Inc.

Management Consulting & Strategic Communications

Key steps to strengthening Voice of the Customer

Too much detail is not always a good thing

Sometimes we need to pull back

To understand the big picture

80 Issue Normal Variation Normal Variation 40

Characteristics of our analysis approach

Integrated text analytics Statistical and linguistic models

Structured and unstructured data

Knowledge transfer and training

Not rocket science Easy for us to train analysts at the bank

Beyond the Arc, Inc.

Social media data analytics adds new insights

Analyze customer experience

Understand the insights

Beyond the Arc, Inc.

What were customers saying?

Final assessment. Bank of America could have

Key steps to strengthening Voice of the Customer

Reporting is tailored to business requirements

Sample Report Hierarchy

Past Issues Tracking

Key steps to strengthening Voice of the Customer

Driving change to improve customer experience

Develop longer term roadmap for big wins

Beyond the Arc can be part of the solution

Establish the project team

Define customer requirements

Map the highlevel process

Plan data acquisition strategy

Define the measurement system

Measure from customer viewpoint