July 27, 2017
Categorized: Finance | Industry
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Written by IBM staff writers.
“The customer knows best” may seem like an age old saying, but organisations with a customer-led approach are enjoying a suite of benefits including impressive business growth and customer retention. When it comes to putting the customer first, Bendigo Bank is leading the charge, standing top of the podium in Forrester’s Customer Experience Index in 2015 and 2016. Here are five things we’ve learnt about customer-led organisations from our partnership with Bendigo and Adelaide Bank.
1. They are truly customer first. They don’t just talk the talk, they walk the walk. Customer and community are central to the Bank’s culture and the decisions that are made, and have been across their history. The Bank continues to evolve in alignment with customer expectations, and has restructured over the past few years to breakdown traditional banking siloes and focus more holistically on the customer – including the creation of a Chief Customer Officer (CCO) role.
“Our strategy is to focus on the success of our customers, people, partners and communities” – Bendigo and Adelaide Bank Strategy statement
2. Understand their customers deeply. Knowing how and why their customers behave in certain situations is the bread and butter of customer-led organisations. That means having systems in place that give insight into the way customers are interacting and behaving in a variety of scenarios (like opening a new account or purchasing a certain product) so smarter decisions can be made.
3. Proactive instead of reactive. Customer-led organisations don’t sit back and wait for someone to tell them what they like or don’t like about operations. They proactively ask their customers questions, to help them understand what they want and why, or what they don’t want and why. This allows them to drive key insights back to the organization to take action quickly and deliver solutions that resonate.
“Through proactively engaging with our customers and asking for their feedback and input, we ensure that the voice of our customers is driving our solutions and actions” – Ian Jackman, Head of Customer Voice, Bendigo and Adelaide Bank
4. It starts from the inside out. If your employees don’t care, why should your customers? Customer-first organisations are also employee-first organisations. The more employees are engaged with the business the better the customer experience.
5. Customer-led metrics. Too often businesses measure success around hard stats like number of sales or acquisitions. But organisations that put their customers first have shifted the focus to evaluate things like brand sentiment, customer advocacy, effort and satisfaction. Bendigo Bank are developing and rolling out a company-wide measurement framework that’s informed by their customer to help everyone understand their contribution towards customer experience.
“For our bank to be truly customer centric, we needed a framework to measure how we are performing from the customer’s perspective and across the aspects that are most important to them” – Ian Jackman, Head of Customer Voice, Bendigo and Adelaide Bank
Find out more about IBM’s Banking Solutions Here.