Creating a better customer experience for a top bank

Boats
Close-the-loop activities proposed by Kantar delivered significant returns on investment for a leading European retail bank.

In brief

300% increase in direct sales
55% increase in overall ROI

Challenge

Our client wanted to develop a customer experience (CX) programme to improve its commercial impact through client-centricity. They were keen to anticipate customer needs and identify opportunities to enhance their customer focus.

Approach

We set up a CX programme to monitor over 25 different elements of the customer journey (ordering credit cards, consultancy in the branch, taking out a mortgage etc.) through the Qualtrics platform. 

The programme was designed to help our client go beyond fixing processes and understanding the strengths and weaknesses of specific journeys, to helping them execute a more effective commercial strategy.

Outcome

We identified the important stages in the journey, and the strengths and weaknesses of our client's performance. This helped our client to contact customers in a timely manner to close the loop - helping to retain unsatisfied customers and up-sell satisfied ones.

We also identified new opportunities for upselling additional products.

Impact

Our CX programme helped to decrease customer churn rates by nearly 15%, and increase direct sales more than 30% for those customers who were contacted. Overall ROI from close-the-loop activities was up by 55%.

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