Customer Experience Transformation for a Leading Global Bank

Customer Experience Transformation for a Leading Global Bank
  • February 3rd, 2020


The Customer Experience (CX) team of a Fortune 50 global bank was looking to gauge and improve their customer interactions effectively. Being unable to identify and prioritize the most critical problems in facilitating a memorable customer experience, the bank couldn’t capitalize on fintech opportunities. In a current state assessment, the bank also realized that their framework to map user behavior was inaccurate, slow, and incapable of generating actionable insights in real time.

Mu Sigma helped the bank revolutionize customer experience on all fronts and transition customers from offline to online channels seamlessly.

The Problem

The Fintech revolution has disrupted core banking outside-in through mobile apps, highly responsive websites, peer-to-peer lending sites, robot advisory services, online algorithm portfolio management, online personal finance management, and budgeting tools.

They outshine traditional banking by offering a remarkable customer experience across four pillars:
•   Hyper Convenience
•   Responsiveness
•   Reliability
•   Personalization

Established bank need to reinforce these four pillars of customer experience to compete on
equal grounds. Our partner recognized an opportunity in this and leveraged it to differentiate
themselves from both traditional and fintech competitors.

To solve the customer experience problem cohesively for all stakeholders, the client set up a Customer Experience team, drawing executives from multiple horizontals – marketing, productivity, operations, core banking, and finance – to explore interdisciplinary perspectives.

Together, they pinpointed the major challenges in redefining the consumers’ journey with the bank:
•   Lack of a common language for different stakeholders to talk about problems
•   Lack of a single data ontology
•   Inability to understand the relationship between problems (interconnectedness)
•   ability to prioritize the most critical issues to solve

The Mu Sigma Approach

We interviewed 15 business leaders from key operational areas to create a transformative analytical roadmap that would help the client form exceptional consumer relationships and retain them for life. Following the methodologies of our unique Art of Problem Solving (AoPS) framework, we employed an outcome-first, hypothesis-driven approach (muOBI) to connect the overarching vision to the execution plan and align all the stakeholders to it.

Based on our insight into the current state, we started by building a scalable data governance framework for generating rich insights quickly. This helped develop a comprehensive understanding of consumer journey paths and pain points This understanding helped stakeholders make optimal decisions to improve Net Promoter Score (NPS).

Mu Sigma believes that mapping the complexity of the problem space helps spot hidden problems and unlock latent value. We help our partners accomplish this through our inhouse artefact- muUniverse.. This process helped us recognize 150 problems and opportunities within the client’s ecosystem, which could enable them to hyper-energize their customer interactions, resulting in a potential cost benefit of $100M.

We determined 14 lynchpin outcomes that would help:

•   Create a differentiating customer experience
•   Identify and improve the drivers of Net Promoter Score, which signifies consumer loyalty and business growth
•   Enhance consumer experience with uninterrupted integration between online and offline channels
•   Redefine brand perception

Our Solution

We connected the 14 outcomes of our analyses through multi-faceted solutions listed below,

•   Created NPS Drivers dashboard that provides customized insights to each stakeholder about negative and positive drivers of NPS using Machine Learning and NLP techniques.
•   Developed a tool to make Product Recommendations personalized to different consumer segments based on rich customer need state patterns mapped to transactional and digital user behavior
•   An Image Processing Engine to extract creative aspects of banner ads and increase user response to them, complete with a model to identify critical ad features
•   Leveraged unstructured Twitter data to quantify Brand Perception, understand consumer pain points, and impact on NPS based on sentiment analysis and topic modeling
•   Improved efficiency of other customer touchpoints to solve customer concerns over other communication channels and hence, improve branch productivity
•   Deduced the root causes of drop-offs from their website and made multiple recommendations to retain visitor attention on the landing pages
•   Helped the client identify 9.3M customer interactions to facilitate their migration to more affordable channels and consolidate their branch footprint

This enabled the bank to streamline its consumer association and to transform holistically, resulting in a range of business impacts.

Business Impact

•   Solved multiple problems within the problem universe with a potential cost benefit of $100M
•   Clarified and quantified the drivers of the Net Promoter Score
•   Boosted the Banner CTR rate to 1.5% from 0.25%
•   Isolated some exclusive undiscovered customer themes from Twitter
•   Quantified Brand Perception based on social media
•   Helped potentially reduce website drop-offs by 15% impacting 150K customers
•   Facilitated branch migration with the potential cost benefit of $60M