Net Promoter Score, or NPS, gauges a service provider's relationship with its customers.
In their study of Customer Behavior and Loyalty in Retail Banking, Bain & Company reported: "Our statistical analysis shows that the most significant factors for a bank’s Net Promoter Score are annoyance with the branch experience, the branch’s share of interactions, and delight in the mobile and online experiences".
The study also found that "Omnichannel customers give their primary bank higher loyalty scores, as measured by Net Promoter Score, than branch-only or digital-only customers."
Financial institutions should therefore aim to reduce branch interactions, yet make each such interaction more delightful. In other words – let customers do most of their everyday business efficiently through digital channels, but when that "special moment" comes and they physically go visit a branch, you need to make sure they have a remarkably good experience.
We know how important customer experience is to improving NPS, but how can we practically achieve this? What tools do we have at our disposal to help us obtain NPS greatness?
Q-nomy's researchers have found that the three keys to a customer-delighting, NPS-enhancing service interaction is that it needs to be knowledgeable, communicative and smooth. Combining these key elements ensures your customers receive the most personalized and transparent experience. This is perfectly supported by Q-nomy's Q-Flow platform, as you will now see.
Knowledgeable means that the interaction needs to be based on knowledge, as opposed to a "blind date" with the customer. The customer needs to be identified as soon as he or she reach the branch, the designated banker needs to be informed that the customer arrived, and the full record of the customer visit needs to be kept to ensure any follow-up interaction is just as knowledgeable.
Q-nomy's Q-Flow platform handles customer check-in, integrates with the CRM to deliver all relevant information to the banker prior to meeting the customer, and records all steps of the customer journey.
Communicative means that customers need to know everything about their ongoing service request, at any given moment. There must be no hidden, uncertain elements. This transparency is a major contributor to customer loyalty.
Fortunately, Q-nomy takes care of the communication part as well. Q-Flow IM (interaction management) handles any reminder and information that needs to be sent to customers ahead of their visit; it keeps customers informed while they wait at, or are near the branch. Q-Flow IM’s built-in integration with Q-Flow PM (business process management module) enables advising the customer of any follow up status updates to the customer’s requests.
Finally, the smoothness of the experience refers to how efficient and seamless the customer journey is when crossing back and forth between digital and physical channels.
Q-nomy's AM (appointment scheduling) and QM (customer visit management, routing and queuing) modules deliver a smooth omnichannel journey and ensure customers are received in a timely manner at the branch, without having to waste time on repeating information they already provided when using the digital channels.
Applying Q-Flow to achieve delightful branch interactions is proven effective – with assured increase in NPS and significantly improved customer satisfaction.