Challenge: Listening to The Customer
Acquiring a new customer can cost 5 times more than retaining the existing ones. Therefore, it is so important to maintain good customer experience and gather and analyze customer feedback to be able to rectify problems quickly when they arise. Bank has chosen strategy to monitor and manage customer feedback across all channels starting with the call center IVR. The business team required a solution to enable them to modify the post-call survey flows, deploy them quickly and analyze the customer feedback.
Their current IVR, Cisco CVP has an in-built post-call survey engine bundled with the software. Unfortunately, the engine does not offer some key functionalities – the flows are difficult to build and modify and need IT staff to get involved. CVP also doesn’t offer native functionality for processing and storing the survey feedback.
As a result, it was taking several days to build and deploy the survey and even to make the changes to existing ones. As a result, the pressures time was lost, and the business needed changes.
Solution: A Unified Customer Feedback Management
IST has deployed HIVE CFM solution integrated with Cisco CVP post-call survey module. HIVE CFM offers an easy interface for business uses to build the 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 reduced from days do several hours and as a result the business could build the most relevant survey flows and engagement logic.
The solution has reached the record braking 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 the customer feedback in an effective way and facilitate customer satisfaction and retention.
The Bank with hiveCFM achieved a NPS of 79, and was able tom complete 500,000 surveys within 6 weeks, with 30% response rate (higher than the middle east average of 10%). While allowing them to go to market quicker with surveys empowering them with actionable insights, that they can act upon swifter.