Right now, banks are an essential business and are remaining open to the public. As banks navigate the new norms of their customers—including potential financial hardship, refinancing of assets, or worries about in-person basic banking — now is the right time to keep a finger on the pulse of customer sentiment via customer experience feedback programs and the right time to be checking in on employee sentiment as they stay on the front lines.
We’ve been speaking with many of our financial services customers over the past several weeks and they agree unequivocally that listening to employees and customers right now is critical as long as it is done in an empathetic and relevant way – with an aim to understand what they need and how they feel.
Here are five ways banks can listen to customers and employees during COVID-19:
As you implement the program changes listed above, ensure you’re calibrating expectations to the current global situation.
Scores and Compensation: NPS scores may fluctuate, but don’t take into account that this is an uncertain time. Customers may not be as willing to share feedback at this time and that’s OK. Earmark this time in reporting and consider suspending customer experience incentives, and keeping employees whole so they can focus on needs.
Closing the loop: In times of crisis, we often have the urge to drastically change the course of action. Though agility is key in these times, refining your basics is just as critical. While operational constraints may limit your ability to conduct a full-scale Closed Loop Feedback program, identify those alerts that still need follow-up, and coach employees to respond empathetically.
Employee Engagement: Keep in mind that your frontline employees are likely strained and stressed. Emotional exhaustion from empathizing is real. Stay closely connected and communicate wins as often as you can to help boost morale. Keep your finger on the pulse of employees. It can mean the difference between creating long-term loyal employees or possible detractors – all based on whether or not you listened and took action to support them.
Governance: Determine a process for decision making and prioritization of initiatives; changes are coming quickly. Ensure employees of all levels understand what they are accountable for and communicate goals regularly.
Customer Education and Support
Medallia consultants are standing by to help you now. Schedule a consultation with one of our experts today to see how we can help you get your finger on the pulse of your two most valuable assets – customers and employees.