CBA recognised for listening to customers, finding out their painpoints
The Commonwealth Bank of Australia (CBA) has been awarded the CX Company People’s Choice in the finance, banking and insurance category for its efforts to improve how it communicates with customers to find out what services they want from the bank.
The award was presented as part of the inaugural Best Customer Experience Companies List in Sydney. The list was developed and presented by customer engagement strategy consultancy, Fifth Quadrant, and supported by CMO and event sponsor, Oracle.
“The journey CBA has gone through from a customer experience perspective is nothing short of extraordinary,” said a CBA spokeswoman.“Over the past few years, there have been co-creation workshops and imbedding the strategy into our frontline staff that it’s less about selling products and more about how you make the customer feel.” In addition, CBA has been contacting its clients to try and develop the services or relationship with the bank they want.
“It seems so simple to just pick up the phone and find out what your customer wants- is it a transactional relationship? Or are they looking to build a partnership with you? The only way we are going to understand that is by asking them," said the spokeswoman.
Because CBA is a large organisation with approximately 40,000 staff, a customer experience and advocacy centralised department is being created to share information and strategies.
“It’s not all about success stories but the other stuff that happens like complaints and the steps we have taken to eradicate that [complaint] and take it further,” said the spokeswoman. “We want continuous improvement and to help make it [customer experience] better.”
Commenting on the Best CX Company People’s Choice Finance, Banking & Insurance award, the spokeswoman said the awards are a “fantastic reflection” of the fact that the financial services industry has changed.
“It’s not about focusing on the products that you are selling but on the way you make your customers feel. That’s very important to CBA at the moment with client centric activities and finding out what their pain points are,” she said.
More from the inaugural Best CX Companies List
Follow Hamish Barwick on Twitter: @HamishBarwick
Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia
Leadership resilience, startups scaling up, marketing best practices, customer insights - these are just a few of the topics we manage to explore in the latest episode of Conversations over a Cuppa with CMO featuring Craig Davis.
There’s no denying there’s been a whirlwind of response to the imminent demise of the third-party cookie from all parts of the industry. But as we’ve collectively come to better understand the implications, it’s clear this change is giving the digital advertising industry the opportunity to re-think digital marketing to support core industry use cases, while balancing consumer privacy.
The COVID-19 pandemic has exposed brands’ CX shortcomings and a lack of customer understanding. Given ongoing disruption, customer needs, wants and expectations are continually changing, also causing customers to behave in different ways. Just look at hoarding toilet paper, staple and canned food, medicinal and cleaning products.
Understanding the core principles of Behavioural Economics will give players in the travel industry a major competitive advantage when restrictions lift and travellers begin to book again. And there are a few insights in here for the rest of the marketing community, too.
Good day sir / madamWe CLOSED JOINT-STOCK COMPANY AO KAYUM NEFT OIL COMPANY is one of theleading Oil & Gas trading companies in Russi...
BARYBKIN ALEXANDER ALEXANDROVI
3-pronged marketing approach for property disruptor Brickx
Good day sir / madamWe CLOSED JOINT-STOCK COMPANY AO KAYUM NEFT OIL COMPANY is one of theleading Oil & Gas trading companies in Russi...
BARYBKIN ALEXANDER ALEXANDROVI
Oath to fully acquire Yahoo7 from Seven West Media
Thank you for sharing your knowledge. Definitely bookmarked for future reading! Check this website https://a2designlab.com/ with lots of ...
Ryota Miyagi
Brene Brown: What it takes to be a brave leader right now
Well said! It is high time to look into the cultural values and beliefs of the audience before serving with the ads. If it is against the...
Praveen Kumar
The X factor in multicultural media planning and buying - Digital advertising - CMO Australia
I completely agree with you. High-quality customer service only strengthens loyalty to the company and helps to increase sales and increa...
Natali
Mercer CMO: How B2B brands can achieve customer love