Bendigo Bank rolls out customer-led metrics framework

Head of customer voice says the decision to roll out a metrics framework company wide that's informed by the customer is part of ongoing efforts to be a customer-led organisation

Bendigo Bank head of customer voice, Ian Jackman (left) with Vision Critical EVP & managing director, Asia Pacific, Peter Harris
Bendigo Bank head of customer voice, Ian Jackman (left) with Vision Critical EVP & managing director, Asia Pacific, Peter Harris

Bendigo Bank is rolling out a company-wide measurement framework that it’s head of customer voice says will help every team member better understand their contribution to overall customer experience excellence.

Speaking at the CMO, CIO and ADMA Executive Connections event in Melbourne in March, the banking group’s head of customer voice, Ian Jackman, said the new framework shifts the focus from hard numbers and stats around growth, churn and movement in the customer base, to a more customer-driven metrics approach that’s heavily informed by external feedback and insight.

Bendigo Bank has been building solid capabilities around sourcing the customer voice, investing an online collaboration platform (Vision Critical) as well as a self-managed customer survey platform (Qualtrics).

“These have provided valuable insights and proactive customer engagement, and are the source of our new customer metrics framework that we are rolling out,” Jackman said.

The new metrics framework sees measurement divided into three categories: Attract, please and grow. “With attract, it’s things like brand awareness, equity and interest in our solutions; with please it’s about responsiveness; and growth is about the depth and ability to meet the needs of customers,” Jackman explained.

“Any part of the organisation can grasp onto that: Whether it’s the technology or projects division looking at something like responsiveness, as they can make a difference there, and knowing something they do has a customer outcome we can track and measure; or customer-facing businesses, who are looking at satisfaction, effort and needs.”

As a financial brand, this has to sit alongside other business measures such as risk and financial indicators in equal measure, Jackman said.

“Typical and ongoing challenges with getting the organisation to truly embrace customer experience metrics are the correlation between customer-led metrics and business/financial performance, segmenting the metrics to be specific and useful to a particular business area, maintaining the focus on holistic customer and not a singular product or channel relationship, and identifying and driving action in response to movement in the metrics,” he said.

The company is then utilising data visualisation tools and dashboards such as Qlik to disseminate customer insights, data and metrics to the organisation, allowing self-service discovery, Jackman continued.

“The question we had to ask internally was if any of those [metrics] move positively or negatively, whether we’d be able to react to that. The answer should be yes on all fronts, otherwise the metric doesn’t have a lot of value,” he said.

Overhauling company-wide business measures of success is just one of an array of steps Bendigo Bank has taken in recent years to shore up its customer-centric approach. The banking group took top honours on Forrester’s inaugural Customer Experience Index in Australia in 2015 and 2016.

A big step forward was made in late 2015, when the organisation restructured in order to collate business silos that were channel and product driven. It also appointed a chief customer officer to oversee all customer-facing business and enablement.

If the bank is going to truly be customer centric, it needed a structure based around the customer, Jackman said.

“When our MD got up and talked about that to the organisation, he drew an adhoc diagram where he put the customer at the top, the core structure underneath that and the MD’s office at the bottom. It’s simplistic but it resonated with the organisation in terms of how we’re trying to position ourselves,” he said.

“The chief customer officer role was created at that point in time, and all customer-facing business and enablement were put under that function – that’s about 80 per cent of that organisation. That’s a significant positioning statement to the organisation.

“It enforced everything should be centred around that, and that our customer is the voice that resonates through the organisation.”

What helped is that CCO, Marnie Baker, has been with Bendigo Bank for many years, bringing a passion for the organisation to the role, Jackman said.

“If you have that strength of leadership and focus, it filters down naturally through the organisation,” he added.

Read and watch more from our latest Executive Connection events:

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu

Join the newsletter!

Error: Please check your email address.
Show Comments

Blog Posts

The competitive advantage Australian retailers have over Amazon

With all of the hype around Amazon, many online retailers have been trying to understand how they can compete with the American retail giant.

Joel Milligan

Performance manager, Columbus Agency

How to become the customer experience custodian

The number one objective enterprises give for embarking on a digital transformation is to improve customer experiences with new engagement models, according to IDC’s 2017 global study.

Fear not: It's only a robot

Every time I pass through the automated border controls at the Sydney airport I walk away with a feeling of exasperation on the one hand and relief on the other. Exasperation, because the face recognition technology inevitably always fails to recognise me. Relief, because we seem to be safely years away from the Orwellian reality of states controlling every aspect of our lives; something the media is keenly warning us against each day.

Dan Kalinski

CEO, iProspect Australia and New Zealand

I worked at Momentum when the transformation started way back in 2013 (not 2015 as stated in the article). It was a painfully slow and co...

Jay

How Momentum Energy has transformed its entire business to be customer-led

Read more

Another buzzword thoughtlessly latched onto, without any thought for the implications on the organisations that have to lumber through th...

Tired

Rolling out agile marketing at Deakin

Read more

Useful., also don’t miss out on these 5 features of Adobe Experience Cloud - Visit here > http://www.softcrylic.com/b...

Sunil Joseph

Adobe debuts Advertising Cloud, Experience Cloud

Read more

the systems that run these things are teachable just like a car, theres stuff still yet to come out to bring up the automation grade, b...

Magnus Robert Carl Wootton

Fear not: It's only a robot - Big data delivery - CMO Australia

Read more

Marin Software’s digital marketing solution as a short way of streamlining and finding a scalable solution...

Al Drazhev

How BizCover is boosting search advertising success

Read more

Latest Podcast

More podcasts

Sign in