Bank Deploys VOC to Improve CX

Date published: 12-2022 | Category: Our work

Challenge: to better understand customer needs

Acquiring a new customer can cost up to five times more than retaining an existing one. Therefore, it’s important to maintain good CX and gather and analyze customer feedback to be able to resolve problems quickly. This leading Saudi bank monitors and manages customer feedback across all channels, starting with the call center IVR. The business team also required a solution to enable them to modify the post-call survey flows, deploy them quickly and analyze customer feedback.

Their current IVR, Cisco CVP, has post-call survey engine bundled with the software. However, the engine did not offer some key functionalities – the flows were difficult to build and modify and IT staff had to frequently get involved. CVP also doesn’t offer native functionality for processing and storing survey feedback.

As a result, the lead time to build and deploy the survey was several days.

Solution: unified VOC management

IST has deployed HIVE CFM, its proprietary VOC solution, and integrated it with the Cisco CVP post-call survey module. HIVE CFM offers an easy interface for business users to build surveys inside the tool. The Bank business team can design new IVR post-call surveys and modify the existing ones without the need to go to the IT teams.

The average go-to-market time for post-call surveys was reduced from days to several hours and, as a result, the business could build the most relevant survey flows and engagement logic.

The solution has reached a record-breaking survey response rate and processed over 250.000 customer surveys on the IVR in the first 5 weeks after go-live.

The Bank is currently in the process of integrating HIVE CFM with other channels to acquire and analyze customer feedback in an effective way and facilitate customer satisfaction and retention.

Results: significant efficiency & NPS improvements

With hiveCFM, the Bank achieved an NPS of 79, and was able to complete 500,000 surveys within just 6 weeks, with a 30% response rate (higher than the Middle East average of 10%). This enabled a faster go-to-market, with actionable insights that can be quickly acted upon.