Case Study Big Expense Savings and Customer Experience
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Case Study #2 – Big Expense Savings and a Better Customer Experience!
Reconnecting the dots.
Businesses don’t always have a complete view of their customers. And when they grow, this picture can become even more obscured—and fragmented—without anyone ever noticing. When a series of mergers resulted in a large,quickly growing bank, it faced complex organizational challenges in combining and streamlining the old systems and operations. Managers were so intently focused on the keeping the business running smoothly that eventually, customer service started to slump. They knew they had to act, but with all of the new changes in place, they didn’t know where to start. That’s when we stepped in to help.
Our initial breakdown of the bank’s operations showed us that it was spending a great deal on customer service. So why then, if it had been spending so much, were customers unhappy? When we dug a little deeper, we noticed a fatal flaw: customer information was scattered across several departments. This meant that not only did customers have to transfer from department to department for questions about their accounts, but also the departments themselves had only a partial view of the customer. And because the business units didn’t communicate with one another, each would send out its own statements and marketing materials based on their limited customer information, costing the bank excessive time, money and resources – not to mention frustration for the customers.
Once we gathered all the facts, the obvious solution was to help the bank develop a unified customer view. With one frame of reference for each customer segment, managers could clearly understand them from a holistic point of view and be able to create tailor-made services that, in turn, yielded higher profits.
The results? With less hand-offs, more access and better service, customer retention went up and they achieved BIG expense savings. Happy customers, better profits and a clearer picture—that’s what we call clarity.