Do You Really Need that Survey? Better Ways to Improve CX

March 27, 2017 Kylie Alexander

improve customer experience in financial services

In a recent interview with Quirk’s Media, Nancy Vogt, VP of Customer Experience with Zions Bank, discussed the implications of an important factor in market research: survey fatigue.

She explained, “In recent years, as we’ve become ever more cognizant of survey fatigue, we’ve had to think long and hard about our priorities when designing a survey, considering each question to decide whether it is just ‘nice to know’ or whether the response will be actionable.”

It is important to recognize that we do need actionable data to improve the customer experience, but survey fatigue is real and plagues our customers. It is therefore important to incorporate other less intrusive ways to collect data, optimize the customer experience and ensure customer satisfaction to maintain a customer-centric approach. Here are a few places to start.

Recognize the Data You Already Have

1. Interaction History

Personally, I greatly dislike talking on the phone, which should be obvious since I have only ever interacted with my bank digitally (I will do anything I can to avoid talking to a real person—any extent of Google searching, emailing, webchat, etc.). My parents, however, call their branch directly when they have concerns or questions. This type of interaction history should inform how our banks communicate with us.

For example, I really appreciate that my credit card company has analyzed my spending and communication habits and denies unusually large purchases—while immediately sending a notification text to confirm or deny the validity of such a purchase. I can easily respond via text without having to answer or make a phone call. My parents, however, should get a phone call to communicate with them in the channel of their preference and optimize their experience.

2. Social

Now more than ever, customers are interacting with banks digitally—via social, for example. Data from effective social support programs can be used to identify points of customer dissatisfaction, as well as trending support issues. Proactively mining this data can help banks to identify common problems and address rising concerns promptly, limiting negative impact and satisfying social customers.

@ChaseSupport does a great job at supporting customers on social. From difficulties with credit card applications to opinions about ATM locations, Chase customers are letting the bank know how they feel. And Chase responds! My colleague recently tweeted to @ChaseSupport about a problem with her mortgage held by Chase. @ChaseSupport looked up her account, reviewed the history and conversations with phone support, and added the social conversation to her customer profile. They weren’t immediately able to solve her problem, but they did assure her that it had been escalated appropriately.

By using social channels to engage with customers, banks are able to receive candid and real-time feedback—no survey necessary. They’re also able to improve the overall customer experience for those that prefer to interact on social media. Note: it is crucial that these interactions be associated with the individual’s customer profile to ensure a seamless experience across interaction channels (e.g. make sure the customer service agents answering the phones also have the social conversation handy for reference).

3. In-Branch Technology

Another option is to mine satisfaction data from non-intrusive technologies that also facilitate customer experience improvements. This article from The Financial Brand explains how credit unions have implemented technology like lobby trackers that allow them to track wait times, desired services, transaction times and more. This data provides insight into the customer experience and allows banks to optimize the experience they provide to their customers through efforts like increasing staffing during peak times. In addition, banks are deploying service kiosks that invite members to easily provide feedback by clicking a range of happy, neutral, or sad face icons, which members happily interact with (about 4,000 responses per month).

Take Meaningful Action on the Data You Collect

Your customers are trusting you with all of this data they’re giving to you. A good way to break that trust is by failing to use it effectively and continuing to bombard them with requests for feedback. For example, if a customer signs in with your lobby tracker upon each branch visit, yet consistently has to wait over 10 minutes for service, he’ll start to wonder why he has to bother with the lobby tracker—it’s not providing any improvement in his experience. When you approach this customer with a survey, he will probably ignore it, believing that it also will have no effect on his experience.

To avoid what can feel like a one-sided relationship, customers need to see value in providing data or participating in surveys when they are necessary. Recognize and make use of the data you are already getting from your customer interactions and customer journey, and these customers will be happier to respond to your occasional survey.

You may also want to check out: MetLife Marketing is Focused on Providing Value—You Should Be, Too

Previous Article
Buyer Personas Are NOT Customer Segments: What You Need to Know
Buyer Personas Are NOT Customer Segments: What You Need to Know

Let’s pretend you’ve just moved homes. You probably expect to receive a few postcards from local retailers ...

Next Article
How to be More Human in Your Marketing with Signals
How to be More Human in Your Marketing with Signals

  Jay Baer, Marketer, Author, Speaker and President of Convince and Convert, is known for saying: “Make you...