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Customer experience, satisfaction and loyalty

The last ten years has seen a sea change in the way in which personal customers interact with financial service providers, with the migration to automated services and digital banking having a profound effect on the factors instrumental in driving customer opinions and commitment levels. 

A major UK high street bank undertook a comprehensive review of its continuous research programme, which was used to monitor the sentiments of its customer base, to explore the detail behind customer banking interactions. 

Utilising qualitative groups and depths, feedback was gathered that contrasted those customers who had experienced a positive and rewarding experience with those who felt they had merely enjoyed an average experience.

One of the key criteria on which the functionality of basic interactions was judged was the ease of completing the transaction, with customers looking for the whole process to be concluded with minimum effort on their behalf.

Customer effort itself could be decomposed into the time taken to access the required service, and then the time taken to navigate through it.  Understanding the difference between the two was critical to being able to address and improve the customer experience.

It became clear that a suitable metric was needed to provide a sensitive tracking of the customer effort involved in the interaction, as a complementary measure to metrics for customer loyalty & satisfaction, which were more reflective of the customer’s entire relationship with the bank.