How we designed sustainable customer experience for Greece’s second largest bank
In a complex financial environment in Greece (capital controls), Alpha Bank committed to differentiating on customer experience.
With the economic crisis in Greece, the banking sector had remained rather complacent and non customer focused. With capital controls and limitation on banking activity for customers, banks had little reason to be competitive, innovative and customer focused. As capital controls were easing in the country, as well as the fact that customers adopted new alternatives such as N26 and Revolut, it became clear that customer experience would be a strong competitive advantage for legacy banks. Alpha Bank wanted to compete and excel on customer experience. We worked with the bank to design and deploy a system for delivering superior CX across the organization.
Defining strategic opportunities
We began by analyzing and defining customer expectations and current experiences with Alpha Bank as well as secondary banks that customers were doing business with. We defined the key pillars of the experience that would drive customer satisfaction and loyalty. The focus was on: Anticipating customer needs through utilizing data, Facilitating transactions and reducing customer effort of getting things done by better utilization of digital channels and Eliminating pain points and effort such as bureaucracy, long waiting times, complicated processes.
We designed customer experience departments and processes. The department was designed with specific roles and capabilities, such as research and analytics. We worked together to define the key metrics to be used, focusing on NPS and Customer Effort scores. We worked with all business units such as loans, deposits, cards, private banking, to identify the business and revenue critical touch points where customer satisfaction would play a key role in loyalty and customer lifetime value. This helped us to pinpoint the critical touch points where customer experience should be tracked and addressed in order to optimize business value.
How we helped:
Leadership and team coaching
Scaling the business
With metrics and touch points defined, we designed a ‘closed loop’ system for acting on insights gathered at critical touch points. The ‘closed loop’ system was designed to:
- Gather insights weekly
- Identify the most critical issues to be addressed
- Monthly workshops to design solutions based on insights
- Put together the right teams and actions plans to define a solution for customer issue or opportunity
Scaling the business across the organization
We also put together a 2 year plan to make the whole organization customer centric under the ‘Say Yes to CX’ initiatives. It was important for us to make the organization feel that CX was a priority for the leadership teams. Among the few activities that were deployed was ‘Back to the Floor’ where members of the board directly interacted with customers on a quarterly basis, working at the branches, working at the call center and even having lunch sessions with the most unhappy customers. The initiative was then scaled to include business unit leads and team managers.
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