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Now is the Right Time for Banks to Capture Employee and Customer Feedback

Five Ways Banks Can Listen to Customers and Employees During COVID-19

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:

  1. Optimize Digital as Volumes Surge: As branch closures increase and face-to-face interactions decline, customers will flock to digital channels for core banking and support.  Consider deploying intercept surveys throughout your site to help quickly diagnose pain points along the digital journey and take action on the real-time insights to quickly address issues.
  1. Leverage Ideas from Your Front Line: Unprecedented events have a way of forcing operational changes, but you can quickly address new challenges in the business by tapping into the collective wisdom of your employee community. Crowdsourcing ideas, suggestions and innovative solutions to new challenges can even help solve problems you didn’t know you have and can help you mitigate the risk of issues that start trending.
  1. Put Unstructured Data to Work for You: Systematically mining open text from feedback and service interactions allows you to create timely topic and keyword-based alerts for trending hot topic sets (e.g. COVID-19) and customer pain points like “branch cleanliness”, “fraud” or “scams”. It also enables you to monitor call center interactions for related agent attributes like empathy and friendliness in order to uncover opportunities for coaching and training. Now is a good time to focus on creating loyal brand promoters.
  1. Humanize Customer & Employee Feedback with Video: Video is a quick way to capture human feedback because it provides 6 times more insight than equivalent open-text responses and is a powerful gauge of human emotion, further spurring intelligent actions that may need to take place in the organization now and in the future. Without the pressure of composing one’s thoughts in writing, customers and employees can share exactly how they feel as they adjust to new challenges and norms.
  1. Align CX Communications with your Corporate Response: As you prepare communication updates for customers and employees, ensure that corporate communications incorporate input from your customers—reflecting that you’ve heard their most pressing needs and concerns. Append context-specific questions to ongoing operational surveys to better understand what is top of mind, what people want help with most, or gauge if existing messaging has been effective. Then pivot in real-time to adjust to customer needs.

Additional Considerations

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. 

Additional Resources 

Customer Education and Support 

Meet with a Customer Experience Expert

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.