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Project Profile: Retail Banking

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Customer Experience Strategic Assessment: Big Banks

The Issue

Coming out of the financial services crash, one of the six largest banks in the United States* performed lower than they deemed acceptable in the J.D. Power 2009 U.S. Retail Banking Satisfaction Study.SM In addition to a low ranking in the J.D. Power study, this bank’s performance declined significantly, based on the metrics from the brand tracker studies they conducted internally. The bank needed a credible third party to assess their customers’ current experience and to identify and prioritize the performance improvement opportunities that would have the greatest impact on satisfaction.

The Solution

The bank engaged J.D. Power to conduct a Customer Experience Strategic Assessment for their retail banking division. This solution not only helped them identify service gaps through a series of performance assessments, but also provided a blueprint for developing a sustainable customer experience strategy, accelerating improvement initiatives, and achieving meaningful results.

J.D. Power recommended targeted strategies that focused on the following key areas:

  • Alignment of Voice of the Customer (VOC) performance and business metrics
  • Leadership and accountability for achieving VOC goals
  • Approach for measuring customer experience
  • Approach for integrating customer feedback into management plans and business decisions
  • Employee knowledge management systems
  • Interpersonal effectiveness and employee empowerment
  • Problem management
  • VOC governance structure

The Result

By applying J.D. Power’s recommended strategic improvements, this bank was able to significantly improve customer satisfaction in the U.S. Retail Banking Satisfaction Study over a 3-year period.

Retail Banking Banking Project Profile

* based on total deposits ($180 billion or more) as reported by the FDIC