Customer experience management research among banking customers
Business Practice- Customer Satisfaction / Service Quality / Voice of Customer / Customer Engagement / Customer Experience
This UAE bank recognizes the importance of understanding customer needs and to improve services. The final aim for the bank is to deliver best in class customer experience.
In the pursuit of this goal, the bank implemented a research program that seeks to evaluate customer experience immediately after different interactions/transactions their customers have with the bank. This program involved the execution of focused surveys to understand the different experiences and Moments of truth along the Customer Journey with the bank.
The typical customer cycle involves first the onboarding/welcome call of a customer, then, customers start interacting with the bank through different channels performing specific transactions. As the relationship continues, customers might experience some issues and therefore contact the bank to complain or deal with service query. Finally, the customer can become inactive and might end the relationship with the bank.
All these situations represent moments of truth in the relationship between the bank and its customers, therefore it requires that the bank follows strict procedures that can lead to enhance customer experience and consequently ensure customer satisfaction. This is a continuous research program.
“Moment of Truth” are interactions that can cause a significant impact on the attitude of the customer to the bank. Highly satisfied customers are more loyal and are more likely to purchase and refer to the bank. Within the universe of customer interactions, the bank believes that core Moments of truth include both relationship maintenance and diagnosing the on-going transactions & interactions with the bank.
The bank seeks to address the different ‘moments of truth’ within the customer journey either by focusing on process improvements or behavioral change. These evaluative measures and diagnostic understand are part of the KPI (key performance scores) of the different stakeholders and linked with their strategic goals and performance evaluation.