Improving customer satisfaction at a leading retail and commercial bank

The issue

Continuing declines in NPS and CRI scores across retail and commercial customer bases
Board’s ambition was to achieve market-leading customer recommendation levels
Ongoing customer service challenges driving up customer dissatisfaction ― but unclear as to true extent and causes
Big gaps between customer expectations and delivery
True extent of customer dissatisfaction not identified or addressed, and NPS surveying not used to mine for triggers. 40% of customers thought they had complained vs 4.5% recorded
Reality was 45% of customers who’d formally complained were dissatisfied with complaint resolution, making them far more likely to churn (62%)

What we did

Designed & executed a pricing, product and service migration of all policyholders to one new modular product

Worked across retail and commercial banking operations to understand and map impacts of service failures and complaints response on NPS and CRI scores
Identified biggest linkages between types of service failure, quality/ timeliness of complaint resolution, and the creation of Detractors
Surfaced major under-reporting of complaints and inaction where known detractors continued to be detractors
Developed set of targeted remedial actions to apply at point of service failure or complaints to prevent creation of detractors or convert them into neutral/advocates, minimising risk of eventual lapse
Defined how to cost-effectively and proactively pinpoints and stop service failures occurring
Designed operational changes in four customer management areas across Retail & Commercial Banking to reduce service failure and complaints volumes and costs

The results

Recommendations agreed by both divisions
Transition plans delivered
ExCos in implementation
Reported improved NPS & satisfaction rate scores
On-target run-rate cost reduction benefits

What we have achieved with our clients

Award-Winning Procurement Transformation Programme

Driving market focused resource allocation decisions

Providing a clear route to meet sustainability objectives for a major UK Airport

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What our clients say

“As a result of Curzon’s support a strategic and digital leap has been made in how we manage the entire asset lifecycle to transform our Developer Service experience. This is a programme and a product that sets a new benchmark within the industry.”