The rewards of good customer experience are straightforward: a satisfied customer is more likely to be loyal and generate more repeat business. There are related benefits:
- Customer retention is far cheaper than customer acquisition.
- A loyal customer is a strong competitive advantage.
- A satisfied customer can become "part of the team", helping to sell your value proposition by word-of-mouth referrals.
- Customers are also a great source of market intelligence to generate feedback on service standards.
However, barriers exist to better customer service such as:
- Insufficient visibility of the risks to customer loyalty uncovered by customer service.
- Poor awareness of the benefits of a good customer service experience, especially when grouped by who and how.
- The absence of a customer advocate and direct accountability.
The new Performance Manager for Banking book helps equip Customer Service with the critical risk and reward information they need to be more effective customer advocates, bringing excellence to the customer experience in the following areas:
- Delivery performance: What is driving delivery performance?
- Information, complaints and claims: What is driving responsiveness?
- Service benchmarks: What is driving service levels?
- Service value: What is driving the service cost and benefit?
