Riyad Bank achieves major improvements in customer experience
All financial companies rely on excellent customer experience solutions to stay ahead of the competition in today’s evolving landscape. It’s not enough to simply answer calls quickly, banks and financial services providers must also be able to deliver amazing experiences through multiple channels and track valuable metrics on an end-to-end basis.
One of the largest financial institutions in Saudi Arabia and the Middle East region, Riyad Bank offers a wide selection of financial solutions through a multi-national and multi-channel network. The company has always felt that great customer experiences need to be based on meaningful, deep, and insightful customer information, which means leveraging the right CX tools.
To continue providing the kind of fantastic experiences today’s clients expect from financial services providers, Riyad Bank decided to invest in new and innovative ways of capturing, tracking and acting on essential customer feedback.
Collecting and analysing customer insights is an excellent way to build on the basic quantitative data most contact centres and service desk solutions can capture. Ultimately, while statistics are valuable, the financial services industry still needs to capture valuable information in the form of quotes and reviews from their audience too.
Up until recently, the Riyad banking team was reliant on a telephone-based customer interview solution to collect intelligence from customers. Eight agents completed around 3,000 NPS surveys on a monthly basis. Unfortunately, this was a highly time-consuming and inefficient approach to CX management. The reliance on people to conduct surveys on a constant basis often led to unintended interview bias and poor-quality data.
Riyad Bank also noted their human-focused strategy simply wasn’t scalable. Phone interviews used to gain a statistical measure of customer feedback across all customer journey touchpoints would have required a prohibitively large number of conversations. This strategy would also require significant IT and business intervention in the overall feedback process.
According to Chief Customer Experience Officer for the bank, Peter Halsor, despite positive results in the CX reports, he was often suspicious about the quality of the data, due to the unintentional bias of general phone interviews, and a one percent response rate. The company found they needed to automate the capture of more accurate customer feedback across a range of touchpoints to remove the bias, human error, and other issues damaging data and results.
Verint, one of the market leaders in customer experience solutions, was already an important partner in customer engagement for Riyad Bank. The Verint Enterprise Feedback Management solution provides a proven approach to engaging customers and collecting scalable feedback and insights. The bank can automatically create cases as the surveys are being completed, allowing for almost real-time reactions to customer commentary.
Verint’s offering also provides built-in workflows, which ensure cases are managed throughout the business by the right teams and professionals. There’s even root cause analysis available following case closure too. Riyad Bank has standardised their processes with Verint’s technology, using a SaaS model to drive accountability, action, and enhanced CX opportunities. Company and customer-initiated feedback are also managed across all channels.
According to Halsor, during the company’s consideration of multiple vendors, Verint scored higher than all other competitors in almost every criterion assessed. The support, people, and technology were all first-class. The case management functionality, for instance, enables the bank to close its feedback loop automatically by opening cases for branch managers to follow up with customers based on survey responses.
Halsor noted the cloud-based model was particularly important when choosing Verint, as it meant deploying the new technology could be extremely fast and simple. After a customer visits one of the bank’s branches, they can automatically be sent a mobile-optimised message requesting them to participate in a short survey. The feedback can be captured immediately, and connected with data taken from the bank’s data stream.
The bank data matched to the customer includes things like which branch was visited, the demographics of the customer, and the transaction type in the situation. In instances where further action is required, such as responding to a complaint, cases are opened automatically, all without the need for IT intervention.
Now, around 400 users are already live on the Verint Enterprise Feedback Management system, with up to one million surveys completed to date. The initial deployment of the service to the branch channel was followed up by the deployment in the online and call centre channels. Real-time dashboards, analytics, and reporting allow the team to fully understand and see customer sentiment.
The in-depth analytics offered by Verint also means it’s quick and easy to detect trends and rising issues, share information across the enterprise, and more.
According to Riyad bank, the highly successful implementation promoted a number of valuable benefits for the team, including a reduction in the processing time for personal loan customers from just a little under four to two days. The company has also increased the number of NPS surveys completed by customers from 3,000 to 11,000 per month and raised the feedback response rate from one to five percent.
The eight staff members previously responsible for managing the feedback process have since been re-deployed to other departments, with a commensurate cost saving as a result. Additionally, the company has been able to improve the quality of the surveys according to measurements from the bank’s own survey.
Riyad Bank also notes the game-changing customer engagement system has helped to enhance customer satisfaction through a closed-loop approach to customer service management. What’s more, NPS and customer satisfaction strategies have been implemented into the full-service improvement activity efforts.
Halsor noted for the first time, the company can understand in real-time what customers think of the service provided and use that information to take immediate action in improving that service. The result is better satisfaction and loyalty.