Bendigo Bank rolls out customer-led metrics framework
- 11 April, 2017 07:14
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.
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