Our Custom CX Programs

Customer Experience Solutions designs custom programs to help Community Banks understand and improve their relationships with existing customers.

How it Works:

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CX Custom Programs Details

Capturing Unbiased Feedback

1. The Experience

  • Email invitations are sent to approximately 5% of your customers every week. They are invited to answer a short (6 minute) enjoyable survey about the bank.
  • The survey has been developed using the very best practices developed by the top thought leaders in the industry. The survey covers broad impressions of the bank, as well as specific interactions.
  • Customers complete the survey on their smart phones, computers, tablets or on any electronic device.
  • If a respondent answers that they are displeased or have an unresolved problem, an email is automatically and immediately sent to the appropriate branch manager (if it is a retail customer) or the head of Commercial (if it is a business customer).
  • A summary report is emailed directly to the designated senior executives of the bank every quarter.

2. The Customer

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  • Retail customers: we recommend reaching out to each individual customer at least once every six months to ask their feedback.
  • Commercial clients: we recommend reaching out to every commercial customer at least every 6 months and after every major interaction (loan application, TM implementation, etc.).
  • A single short online survey a couple times per year is not considered onerous to the vast majority of bank customers, especially if they see results from the collective feedback.
  • Waiting longer than 6 months between surveys can mean that an unhappy customer leaves the bank before the bank can rectify any issues.
  • We can advise on industry best practices to provide feedback to customers that actually increases long term loyalty and response rates.

3. The Questions

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  • Customers are asked a carefully constructed questions about their perceptions of the bank.
  • We have spent several years and millions of dollars testing and refining questions to ensure that we are capturing the most important customer sentiment that drives long term loyalty. This includes:
    • Overall perception of the bank
    • Comparison to local competitors
    • NPS
    • Share of wallet
    • Satisfaction by channel: branch, online, mobile, ATM, phone
    • Satisfaction by transaction type: account opening, checking an account, researching new services, answering questions, loan application, transferring money, paying bills, responding to account alerts
    • Problem incidence and resolution
    • Key areas for improvement
  • Standardized survey questions enable the bank to compare to national benchmarks (through NPS) and local benchmarks (through proprietary norms). It also enables us to provide the service at a lower cost to banks. Limited changes are possible.

Turning Feedback into Results

1. Real-Time Actions

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  • Cross sell opportunity alerts are sent to the branch manager’s inbox and smartphone if:
    • Customer indicates they have been researching 
new products
    • Customer indicates they are happy with the bank
  • Feedback alerts are sent immediately if:
    • Customer is unhappy
    • Customer reports a significant problem
    • Customer is unsatisfied with any interaction (in-branch, online, mobile, or call center). Enables staff to fix problems and capture opportunities immediately instead of waiting weeks or months.
  • Alerts can also be sent to a compliance officer and/or tallied to support CRA Exam

2. Strategic Insights

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  • Up-to-the-minute results are available to executives at any time on their smartphone, including:
    • Overall performance over time
    • Performance by branch
    • Performance by channel
    • Performance by product
    • Performance of retail, commercial, wealth
    • Performance by task
    • Problem incidence and resolution
    • Vulnerability index
  • Quarterly strategic reports are automatically emailed to executives quarterly

Planning the Process

1. Timing

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Upon starting, the bank can begin seeing live data in as quickly as four weeks.

  • The invitations, surveys, reports and sampling procedures are already built. All the bank needs to do is gather a list of customers and input them into the SaaS system.
  • Some banks prefer to start with a single type of customer (such as high net worth) and add in other customer groups later on.
  • The bank will be able to see feedback from the very first day of surveying.
  • We recommend waiting a full quarter for the first executive report, to ensure there is enough data.

2. Cost

Community banks generally start with retail customers. The cost to cover retail is as little as $500 per branch per month (min. 5 branches). That is less than the cost of coffee. Additional components can be added later such as:

  • Commercial/small business clients
  • Wealth management clients
  • Attrition and Diminishment
  • Loan applications
  • New Customer Onboarding
  • Treasury Management Implementation

Programs generally involve an ongoing contract.