Increased cross-sell & NTB business

Transcription

1 Increased cross-sell & NTB business

2 Case study overview CHALLENGE: The stakes are high for banks to deliver the right customer experience. more than 37% of bank clients switched their provider in the past 6-12 months in the past 3 years 58% of clients have done business with more than 2 banks SOLUTION: Mixing the neurometric layer, represented by Implicit Testing, with Traditional Research Techniques. BENEFIT: Get accurate insights which allow the development of engagement strategies that will increase customer retention.

3 The scope The Client Objectives ONE OF TOP 3 private Indian banks with operations across Asia $6.6 BILLION REVENUE $69 BILLION Total assets $1.1 BILLION Net income 44,000 employees To create a differentiated customer experience across the customer journey To understand if one of the largest banks in India was engaging with its personal loan customers as expected To determine how can the bank further drive differential customer engagement for such personal loans customers.

4 Methodology 508 respondents and 35 in-depth customer interactions QUALITATIVE RESEARCH HOW? QUANTITATIVE ANALYSIS IMPLICIT TESTING 111 respondents, 4 online studies testing: Trustworthiness, Touch Points Interaction Friction, Experience Attributes Importance, Debt Attitude. The study integrates data insights (statistical modeling), declarative (secondary research, surveys, in-depth interviews) and non-declarative (Affective Priming & Semantic Priming) instruments. 3 years' worth of personal loans data 4 terabytes WHY? 1. To overcome the limitations of a single-approach design, allowing us to explore the phenomenon and address the research questions at different levels. 2. To ensure a higher level of results accuracy and deeper consumer insights. CUSTOMER JOURNEY - EXPERIENTIAL SEGMENTS.

5 The Implicit Studies The implicit studies were designed to deliver insights which reflected the attitudes and emotions that bank clients have at a nonconscious level, regarding a number of issues: The degree of friction perceived when interacting with different touch points. The banks perceived trustworthiness as compared to its primary competitor. Emotional valence deeply associated with taking debt. The importance of certain attributes in enhancing or detracting the bank experience.

6 Implicit Results & Impact The Affective and Semantic Priming tests contributed with: Pertinent arguments that confirmed and supported some of the declarative findings & New details that put existing data into a different perspective. THE IMPLICIT STUDIES: 1. Showed there was a stronger positive connection between the respondents and the bank s brand in comparison to its primary competitor. 2. Pointed out that not all customer touch points were equally easy to interact with; those that dragged the overall customer experience down were red flagged. 3. Highlighted the attributes that respondents were primarily sensitive to when it came to their relationship with the bank. 4. Identified an emerging trend in customers attitude towards taking debt. Respondents were not reluctant to taking a loan, contrary to declarative attitudes taken from the general population.

7 Overall Results & Business Outcomes 1. Uncovered 4 experiential customer segments based on desired experiential needs, 2 of which were completely unknown and untapped by the bank, prior to this research 2. Showed that the bank s engagement strategy was too focused on delivering Customer Delight (focus on creating a pleasant overall experience) and that it needed to shift towards reducing Customer Effort (a KPI that was integrated in the experience delivery evaluation). 3. Certain touch points which were expected to deliver positive outcome, were found to actually drag the overall experience down and thus, had to be improved or eliminated. For more info contact: ana@buyerbrain.com