Mind Your Metrics: Delivering the Best CX Demands Data and Action

You can’t manage what you don’t measure, but you can’t stop there. Delivering the best customer experience demands turning data into action.

For BankMobile, which operates a higher ed disbursement product that reaches one of every three U.S. college students and a white-label Banking-as-a-Service platform, defining what makes a great customer experience is just the first step. Measuring results against that definition is an ongoing effort. It requires a lot of a lot of analysis, leadership and motivation every day, says BankMobile’s EVP and Director of Customer Service Warren Taylor.

Taylor along with Ubiquity’s Chief Operating Officer Sagar Rajgopal recently sat down to talk about their approach to metrics and operationalizing data to drive record-breaking Net Promoter Scores. The partners spoke in advance of their virtual appearance at the Canadian Prepaid Providers Organization 2020 Prepaid Symposium on October 15. During their session they’ll discuss the vision and tactical approaches they deploy to achieve the best customer experience in digital banking, as well as where AI fits into the picture.

Delivering the Best Customer Experience

While high NPS (how likely a customer is to promote your brand) is a key metric the bank strives for, dispositioning every single call plays a huge role in shaping the customer experience.

Ultimately, Warren says, “We’re trying to eliminate the reasons customers need to call us. Did a product not work as designed? Do we have a bad policy or procedure? If so, can we change it?”

“We use disposition data in several ways to improve the customer experience,” adds Rajgopal. “One is to focus training—making sure agents are armed with the information they need to resolve the most common call types quickly. We also use that data to optimize self-service channels like the IVR to handle frequent inquiries quickly and efficiently.”

“Resolving issues in the IVR improves our economics if we can reduce the number of calls going to live agents,” Warren explains; “however, if we’re not leaving the customer with a ‘wow’ experience, then it’s not delivering on our brand promise. We have to make sure every channel accomplishes that.”

Real-time reporting of IVR, call and agent performance data through Ubiquity’s InTouch performance management platform helps both BankMobile and Ubiquity stay on top of call trends, customer survey responses and whether agents are keeping P.A.C.E.

The acronym, which stands for: Promises kept, as soon as possible, correct information, empathy and respect, represents key quality measures that BankMobile developed as benchmarks for performance.

“An agent will never be penalized for not knowing the right answer—that’s on us. But, they will be penalized if they give out the wrong information,” Warren says.

Arming agents with AI

Applying artificial intelligence (AI) to analyzing customer contact data is helping to ensure that agents—especially new hires—do have the right answers at their fingertips.

At the start of this year, BankMobile deployed the Aigent live voice AI platform, which listens to customer calls in real-time, guides agents to the next best action and escalates calls when customers use certain trigger words.

Developed in Ubiquity’s Amsterdam Innovation Lab, Aigent doesn’t replace agents but helps them perform better. Since deploying the technology, BankMobile has broken their own records in first call resolution (91.85) and NPS (65.2). Meanwhile, detractors have dropped to an all-time low of 12.8%.

To learn more about how BankMobile and Ubiquity are achieving NPS scores double most U.S. banks, register for the CPPO Prepaid Symposium on October 14-15.