Researchers asked the respondents how they expect their customer engagement strategy to evolve over the next 12 months and which customer experience metrics they will prioritize.
At 63%, most respondents will prioritize improving Net Promotor Score (NPS) as a customer metric.
NPS is a management tool that gauges the strength and loyalty of customer relationships rather than the overall satisfaction of customers’ experiences, which is usually determined through surveys. A “Net Promotor” is a customer who is enthusiastic about the brand and will encourage others to become customers. A high Net Promotor Score is associated with increased revenue and customer longevity.
Meanwhile, less than half of respondents will be prioritizing average handle time, cost per resolution, first contact resolution, and other metrics. Significantly, only 36% of respondents will prioritize “Customer Satisfaction Rating,” which is a very traditional customer service metric when compared to Net Promotor Score.
In qualitative responses, respondents cite a variety of strategies for evolving their customer engagement strategy. Many also note that the pandemic has changed their trajectory, shifting their focus toward virtual and digital experiences as well as personalization.
One respondent says, “The strategy will be designed in a way that customers don’t have to leave their house for most of their banking needs, and we will take care of most of them. This reduces physical engagement and simultaneously reduces the associated risks.”
63% of respondents will prioritize improving their NPS score within the next 12 months
as a key metric for success.
Which customer experience metrics are you prioritizing improving within the next 12 months?
Another respondent says their organization is working on contingency plans for CX, dependent upon how the pandemic changes the market in the future: “It will be bifurcated into two categories, one where the current pandemic situation does continue and one where the pandemic is managed and everything is getting back to normal.”
As the pandemic is likely to continue until there is a viable vaccine, banks will need to emphasize their digital channels to keep customers engaged and to lower the costs associated with traditional branch experiences.
Still, respondents do point to specific technologies that will inform their strategies. Several respondents are working to “move to an omnichannel environment,” leverage “robotics and AI in a single platform,” and engage in more personalization. As one respondent puts it: “We are considering more of a personalized approach supported by a host of digital upgrades in the next 12 months.”
Still, many banks are currently in the factfinding process and need to gain more insights into their customers’ communication preferences. For example, one respondent recognizes that they need to know the customer before they can settle on a strategy: “Understanding customer behavior is something we need to have as the market and methods of operations have drastically changed over the past 6 months.”
Banks are in different stages of digital transformation and are prioritizing different tools and solutions to enhance the customer experience. Each bank must do a complete analysis of their infrastructure, processes, and customers to understand which solutions will be well-placed to drive engagement, boost revenue, and deliver beyond customer expectations.