Case Study
Client
Large Financial Institution
Project
Strategic Customer Loyalty Research
Background
Our client had established a strategic goal to strengthen customer relationships and differentiate themselves from other financial institutions. The bank hoped to determine strategic actions that would most positively impact relationships, drive additional product usage, and ultimately improve revenue in an increasingly competitive environment.
Objective
Create a research methodology and ongoing program to continually monitor customer relationships and the key factors driving behaviors critical to engagement and profitability.
Execution
Designed, executed and implemented a multi-year research program that included qualitative and quantitative elements. The program was grounded in a customer-defined relationship model that was updated annually using relationship and transactional survey results, as well as focus groups. We conducted 30,000 quantitative surveys and more than 50 focus groups annually to provide detailed recommendations for action.
Results
The program became a key instrument in the strategic planning process, product development, and customer retention initiatives. One notable outcome was the improved training process and content for Customer Service Representatives and Tellers that was estimated to increase Customer Loyalty ratings 3-5%, resulting in more than $50 million dollars of retained revenues over a 2-year period.
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