A leading financial services company that serves both individuals and institutions is consistently recognized for industry-leading levels of customer service.
Challenge
The Company wanted to improve its flagship customer experience tracking program, which monitored customer satisfaction across all delivery channels, including hundreds of branches, call centers, and web services. Goals for the new system included:
- More flexible reporting: The Company wanted data reported in real time online rather than monthly in predefined, static spreadsheets. It also wanted unlimited “slicing and dicing” capability so that users desiring unanticipated views of the data would not need to request time-consuming and expensive special analyses.
- Tighter integration between data collection and reporting: Like many financial services firms, the Company conducted customer satisfaction surveys over the telephone. It wanted to tighten the integration—and reduce the time lapse—between the collection of survey responses and reporting of them.
- Seamless transition to new report layouts: The Company wanted new reporting. To facilitate a smooth migration, it also required functionality that enabled users to view data, at their choosing, in the same tabular and graphical Excel formats as their old reports.
- Complex sample weighting calculations: To properly represent each customer survey, the Company used complex sample weighting calculations, which, because of their complexity, were limited to predefined report templates. The Company wanted the new system to let users query data however they chose, not just in accordance with templates, in real time and with proper weights applied.
- Ability to roll up data from multiple surveys: The Company fielded multiple surveys (across its many business units), each of which covered different aspects of a customer’s experience with branch, call center, and website touchpoints. The Company wanted to be able to aggregate results—for example, about a particular touchpoint’s performance—from the multiple surveys.
- Deployments of systematic alerting: The program tracked customer satisfaction of a highvalue customer base, so the Company wanted state-of-the-art alerting and case-tracking tools to warn about at-risk customer relationships and facilitate intervention.
Solution
In 2007, the Company conducted a competitive RFP process, inviting proposals from key providers of online customer feedback solutions as well as its current vendor. Medallia was chosen for its demonstrated financial services solution, which proved not only a sophisticated understanding of the financial services industry, but also the ability to deliver superior customer feedback solutions.
Results
With Medallia, the Company significantly upgraded its program, keeping its existing phone-based data collection while making the weighting system instantaneous and replacing the limited reporting system with a state-of-the-art solution. And Medallia met all of the Company’s specific program criteria:
- Flexible reporting
- Medallia implemented a real-time, online, scalable reporting solution, which includes advanced analytics and is configured to mirror the financial services company’s organizational structure.
- Integration of phone-based data collection and online reporting
- The Medallia solution allows streaming of data from phone interviews directly to the reporting application, reducing the lag between completion of a survey and reporting of results from months to minutes. The solution also provides full or partial recordings of all interviews, allowing users to review the full interview by clicking a “play” button. This feature captures much of the richness of the phone-based interviews, such as a respondent’s tone of voice and ongoing commentary as he or she answers even multiple-choice questions.
- Transition to new reporting while maintaining existing report views
- The new reporting system presents data more effectively, yet allows users to view data in the old tabular and graphical format in real time without leaving the Medallia system. This seamless and instantaneous integration of historical reports into the new system ensures continuity during the transition period.
- Real-time automated weighting, even for ad hoc queries
- Medallia reviewed the financial services company’s weighting system, modified it to improve statistical validity, then built a multi-tiered weighting system that automatically calculates correct weights. Now every value on every report is correctly weighted in real time, even for ad hoc queries.
- Roll-up of data
- Medallia integrates data from many surveys onto one reporting platform. System users can switch between surveys or roll up scores across several surveys. The solution can report all branch, call center, and website results in aggregate or at the individual business unit level.
- Alerts
- The Medallia solution triggers real-time alerts when customers request contact by a company representative or are classified as “at-risk” because they report low satisfaction scores. Alerts are channeled to the right employees for resolution. The system not only monitors alerts by date, category, and status, but also logs actions taken in response to them, leaving an audit trail for future reference.
Because of strict corporate policies governing use of this financial services company’s name, we have presented this story anonymously. We are happy to provide references from this company and other financial services clients. Contact us for client references, more information, or to schedule a demo
