Tag Archives: virgin money

Money Transfers should be easy right?

You might think there is nothing more commoditised than transferring money internationally.

It’s as easy as 1) You want to send money 2) You send it 3) It’s received.

However, what seems like a very simple transaction is anything but, leading to opportunities for specialist providers to grab share from the retail banks. What many of these specialists are very good at is the technicalities behind a complicated transaction, but less experienced or set up to deal with the emotional anxiety associated with sending large amounts of money overseas for the customers’ involved.

One appeared to be different. They recognised the need to be empathetic with customers and using the ‘CXStart’ approach, embarked upon a transformation programme to deliver an enhanced customer experience.

However, embarking on any CX programme is as much about stakeholder management as it is the improved experience deliverables or incremental profit which follows. Whilst by now almost all multi-national corporates see ‘putting customers first’ as standard, it’s fair to say for SMEs’, including the larger ‘M’’s it’s still met with glazed expressions and often feelings of “Our brand is strong, our customers buy from us, we are doing well, therefore why do we need to rethink customer?” Adding an external independent adviser (Colette Porter, that’s me), regardless of capability of relevant expertise, to the mix and it’s obvious that winning over the client team early is extremely important.

Our evidence suggests, the more silos, the greater the resistance. But interestingly it’s here you often get the greatest gains too.

What did we achieve?

  • Over 200 Customer Touchpoints identified
  • 50 journey maps in four days, every touchpoint process blueprinted in minute detail through every department and every system.
  • We gained invaluable insight and some crucial feedback from existing customers via the survey that, together with the journey mapping, enabled us to provide a comprehensible report.
  • A strategic collaboration of over 100 recommendations put together for improvement areas.

What were the top 5 key findings and recommendations from this?

Rates and Charges

The rates and charges were sited as the main reason customers would not recommend or continue to use their service. Out of 70% of Customers who reported no service issues, 82% of these stated the rates and charges as a reason as to why they would discontinue using their service. Comments received ranged from exchange rates not being updated quickly enough to charges and taxes being too high compared to their competitors.

Website

The website could be more user friendly. Too much scrolling, helpful info hidden, not enough relevance and too many clicks were key issues.

Referral System

Reassuringly, results from the survey emphasised how much the existing customer base loved their proposition. A huge 39% of the existing customer base cite “word of mouth” as their way of finding out about the company.

It proved this was a very effective marketing strategy, not that it was deliberate. A good referral system would negate the need for regular promo codes thus maintaining loyalty and growing their customer base.

Customer Service

Their Customer Service dept didn’t favour well with contact problems, of those that had issues 2% complained of not being able to get through to anyone, others were not called back when promised and their response times and often replies to emails did not reflect the problems raised. Customer Services was cited as an improvement area.

Focus on recruiting the right type of people and training to engage and empower employees to take ownership of issues and build an emotional connection with customers whilst on calls is important.

In addition clear, concise and engaging communications would help spark the right connection with customers.

Communications

All automated communications needed to be re-written and personalised with a common appropriate tone of voice needed across verbal and written comms. This was sporadically deployed with the“Welcome” email being a great example of what to do and other subsequent pieces leaving customers seeing a huge inconsistency.

How do we do it?

Listen to the business. Listen to the customer

We started with the feedback survey, (every customer is different so this is reflected in tailored surveys) which will give a good snapshot of what current customers think; how satisfied they are with the service they receive and more importantly how likely are they to return.

Whilst we wait on the results we delve deep into the workshops. Inviting a mixture of crucial employees for these workshops, we start from awareness (How a potential customer could become aware of your service) and work through into information search and so on through the other elements “through the customer’s eyes”.

This workshop may include pre-sales, sales, customer service, marketing, web team, tech team and any other dept that has a customer touch-point for potential customers trying to gather more information about the service or organisation.

Understanding the journeys that customers could take for every request and decision they could make is crucial to mapping each process, in detail. How does that thought pattern or request pass through different teams or different software? How is that impacted in potential customers finding exactly what they want in a time that suits them or what they perceive is acceptable?

Once the workshops are complete and the survey results in analyse what we’ve been told by customers and compare it to what employees believe are the strengths and issues in the customer journey.

CX Start Programme Slide

We return after 3, 6, and 12 months to assess progress and provide support to ensure you can realise your potential from CX.

It’s an enjoyable process which in a relatively short space of time will help any medium sized business sharpen up their potential to profit from customer experience.

We help clients build memorable customer experiences and create engaging customer value propositions.

If you like what you’ve read please sign-up to Lexden’s ‘Customer’s World’ Update for ideas, inspiration and insights to improve your customer strategy endeavours. 

For further information contact christopherbrooks@lexdengroup.com or call us on M: +44 (0) 7968 316548 or T: +44 (0)1279 902205.  You can also follow us on LinkedIn, Facebook or Twitter or read client testimonials and case studies at www.lexdengroup.com.

 

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How I won without even entering the UK Customer Experience Awards

IMG_4794On 25th September I sat down to watch five heavyweights of banking take each other on in a battle of customer experience supremacy. Visa, RBS, NatWest, Virgin Money and Nationwide presented their customer experience initiatives to me and four fellow judges. As MD of Lexden, an independent customer experience agency, I am used to working with senior stakeholders to demonstrate the advantage of improvements. But that didn’t stop me feeling anything less than extremely privileged to chair the group.

The whole day is a genuine pleasure for several reasons, which as MD of Lexden justifies me taking time out of the schedule to enjoy the event. By the end of the day, even without a drink, I felt like a winner because of what I’d enjoyed and gained from the day. Here’s why…

The Judging format

As judges we receive the written entries a couple of weeks before to review and grade. Then on the day each company presents their entry. It’s then you get to see the passion for putting the customer first and can share the challenges they’ve had to get to this place. It’s inspiring and makes you realise we work in a brilliant industry when you watch the fabulous entries unpacked and presented for customer and commercial benefit.

Variety of organisations competing

Having judged discipline awards such as direct marketing, PR and loyalty you find companies are separated by size as well as sector. With the CX Awards all sized companies can compete alongside each other for categories such as ‘best use of customer insight’ or ‘team of the year’. I was chatting to a team from a smaller finance processing house who had been up against high street brands from other sectors, which made them feel great even though they hadn’t won on this occasion. The reason this can happen is unlike many other disciplines, the customer is the common currency here, which results in such diversity.

It’s also reflected in the occupations of the guests. Where else do you find Professors of Psychology rubbing shoulders with bank tellers rubbing shoulders with marketing execs rubbing shoulders with customers and their dogs (yes – that is right, Eurostar brought a customer and their pet dog along to support their case study).

Wonderful people

IMG_4800On that point of ‘broad cross section’, there is still something that every one of the 2,000 people Awards International attract (and wonderfully look after) at this event has in common; everyone is genuinely passionate about putting the customer first. Some awards collections were delayed as the recipients were in floods of tears such their commitment to that cause. It was emotional to see how much companies want to do the right thing.

Of course it’s more than just interesting for us at Lexden as an Independent Customer Strategy Consultancy helping clients to achieve just that.

Surprising guests

I saw many clients, former colleagues and friends at the event. But two stood out for me because they have offers which are not core to customer experience, but highlight how this area really is growing into a leading industry in business and marketing.

IMG_4807I met up with judges, Jo and Kate. They run a growing recruitment company called CX Talent DEDICATED to customer experience. The importance of the DEDICATED bit can not be stressed enough. Having helped a client recruit a customer insight and customer experience team from a generalist recruiter before it is a nightmare. With two minutes I could tell they knew their onions and their text analytics and their NPS from their EXQ. No recruiter should be without them!

I also met Millie and her colleagues from Boost Marketing. A company dedicated to helping people win awards – what a job! They are fiercely secretive about who they work with but they seemed to be smiling an awful lot when winners were announced. My conclusion being they are very successful at what they do! The conversations I had at our table with Millie suggested a real depth of understanding and interest in CX, which is reassuring if you appoint them to help shape your award entry submissions or help with your award entry presentation,

So there we are, why I enjoy these awards so much. Fortunately the industry is growing and with the quality of submissions each year improving I conclude we are in good shape too.

I am looking forward to helping clients win more awards and judging even better entries as the event which celebrates the very best the CX industry has to offer.

Posted by Christopher Brooks, Managing Director, Lexden Ltd

Lexden helps deliver Customer Experience Strategy and Management for clients seeking sustainable profit from customer experience.

If you like what you’ve read please sign-up to Lexden’s ‘Customer’s World’ Update for ideas, inspiration and insights to improve your customer strategy endeavours. 

For further information on how we can help with your customer challenges contact christopherbrooks@lexdengroup.com or call M: +44 (0) 7968 316548 or T: +44 (0)1279 902205.  You can also follow us on LinkedIn, Facebook or Twitter or read client testimonials and case studies at www.lexdengroup.com.