The key to success for any company comes from excellent customer service. A financial services firm with a long history of world class customer service suddenly found themselves with a new challenge: high attrition in the new‐to firm customer segment. In an effort to meet even more customer needs, the company had created a level of complexity that was not well received by the marketplace.
The client is a leading financial services firm serving over 7 million customers with assets in excess of $1.4 trillion. Customers access services through 300 branch offices, a call center network and online.
The Business Issue
The client has an established culture built upon the belief that meeting and exceeding the customer’s needs drives the decisions. The firm developed both products and services designed to serve previously unmet customer needs. This development became a double‐edged sword for the customer; products were now available to meet a wide variety of needs, but in doing so the systems became more complicated and confusing. For existing customers the client resources were both known and readily available to address this issue. However, for new customers this complexity led to attrition as they struggled to find their way through the maze of products and services. The client needed a way to simplify their new customer experience and stop the attrition.
The client has extensive customer data, which has been used to segment the customer base to provide need specific services. The Call Center Network was segmented according to service expertise. Due to the reactive approach to customer service the company did not possess strong sales skills in their phone teams. Extensive work would be required to build and develop teams, which possessed both universal service/product knowledge and needs‐based sales skills. Additionally, infrastructure, technology and data challenges abounded.
Cliintel took a structural and skills based approach to the solution design. This entailed the design of phone teams which melded inbound, outbound and email channels to facilitate an introductory relationship with each new‐to‐firm customer. Training to build consultative sales skills, construction of feedback loops with the target client, creation of marketing collateral to support the relationship and technology support to develop new tools were all employed.
By implementing this solution, Cliintel developed a new service delivery model, leveraging existing data capabilities, creating custom workflow tools and developing collaborative sales skills within the phone reps. This resulted in a 40% increase in Net Promoter Score (client loyalty), a 26% reduction in customer attrition and increased service and product adoption by new customers. Employee satisfaction also increased as the role provided opportunities for skill development and career growth.
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