White Paper - Managing Customer Perception of Online Banking

When a Single Tweet Can Cost Your Business Millions, It’s Time to Think Beyond Monitoring

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Customer service is increasingly being shifted from people to technology. In the first quarter of 2011, online banking volumes across the top 10 banks grew to more than 65 Million liquid deposit account (LDA) customers, double the number from 2004 and growing fast. In addition to checking their account balances, nearly two-thirds of these customers are using online bill pay, and other online services are seeing growing adoption rates while traffic at traditional bank outlets is dropping considerably. While this certainly improves customer flexibility, such as being able to conduct business with your organization from across the globe at any hour, and reduces costs for the bank, it introduces a major new issue that must be addressed – specifically how to measure and manage customer perception when technology is the new customer service representative.

    Consider the following scenarios:

  • After deciding to refinance their home mortgage, the MacGoverns’ first stop is with the bank they’ve been with for years – yours. Ten minutes into the online refinance request process, they click submit on the third out of four forms they must complete, and promptly see a Server 500 error. Tiffany MacGovern, frustrated and angry, not only decides to find another lender, but also publishes a lashing diatribe on Facebook that quickly goes viral.
  • John Smith finally finds a few minutes to pay his bills, and launches your online banking mobile application. After typing in his credentials and touching Log In, he’s presented with the message “System is unavailable. Please try again later.” Those few minutes for paying bills are now spent on a #Fail tweet that gets retweeted over 5,000 times in just the first hour.
  • Marketing promotes a new video on Facebook to educate consumers about the stability of investing in CD’s. The video becomes a hit and goes viral, triggering a huge spike in traffic. As IT was unaware of the campaign, or the projected results, sufficient resources to support this traffic were not online, resulting in many visitors being unable to purchase CD’s and posting their frustrations on Facebook.

These scenarios highlight two fundamental changes in the industry. First, the rise of social media and the always-on consumer means that organizations can no longer afford to wait days to formulate and execute a response. Secondly, that response must be an integrated effort from Marketing, PR and IT to solve technology problems that are impacting customer sentiment, and communicate the improved state to consumers rapidly.

This White Paper will describe a methodology for establishing a Customer Service Index for Online Banking Systems, blending a mix of data from technology, business KPI’s and customer insights to provide financial services firms the means of ensuring that their technology is delivering superior customer service. It will also describe how real-time analysis can help an organization’s IT, Marketing and Public Relations teams to take an integrated approach to respond to issues at the speeds required by today’s social media- connected customer base.