Creditworthy customer experience.
Complex & time-consuming processes
The North American credit card division of a global bank set a strategic ambition to be in the top 3 companies ranked by NPS (Net Promoter Score) within 3 years. To achieve this, the gap must be closed by at least 16%.
Multichannel customer experience was identified as a key pillar in achieving this ambition, with the end to end payment journey as the first of many transformations.
Customers expect their payment journey to be simple and hassle free. For many customers, that is true, but for a significant minority, there are frustrating and unnecessary problems:
- Low success rates to complete a payment
- Different rules for different channels
- Limited functionality to manage payments
- Complex and time-consuming processes
- These customer facing issues existed despite focus from local improvement teams as a result of:
- Functional structures, roles and responsibilities
- Manual analytics and limited understanding of the problems and their causes tackled
- Focus on internal metrics, not customer requirements
- Slow delivery of improvements through waterfall development approach
End-to-end customer journey review
The critical first step was to review the entire payments journey from a multichannel customer experience perspective. 74% of customers use 3 or more channels to transact with companies so ensuring they have a seamless experience, regardless of channel was a key focus.
Extensive Voice of Customer research defined clear requirements within and across channels, creating a clear starting point and identifying the gaps.
This showed that the online and mobile experience should be redesigned to make it more intuitive, enhancing the user interface (UI) and user experience (UX) whilst supporting increased payment success rates.
Technology requests were submitted to create new functionality so customers can now set-up and manage their payments with significantly less effort – whilst introducing even more options for managing their money.
Policies were reviewed and refined to ensure that the multichannel customer experience was consistent.
Every communication was reviewed for tone, content and timing so customers are always clear on what is happening. This included new proactive messaging to help customers stay current.
A new ownership model was developed to create aligned NPS targets, bring together analytics and insight and support better prioritisation decisions.
$7.5M savings & NPS increase
The service enhancements identified will significantly close the NPS gap by end of 2016, and completely in 2017.
- A saving of $7.5M per annum through reduced failure demand into customer and collections contact centres
- An appointed payment journey owner and supporting ownership model
- A first-ever, business wide roadmap signed up to by all
- A plan to create multi-channel analytics
- A blueprint and plan to achieve the same success for remaining journeys