Speedy problem resolution, the biggest driver of CX quality

Anton de Wet, chief client officer at Nedbank

How customers perceive a brand influences how much they spend with it, whether they recommend it, as well as how likely they are to forgive its missteps. 

This is especially true in the financial services space where multiple challengers and fintech startups mean that brands are forced to go the extra mile to deliver for their customers.

The financial services challenge

Forrester’s latest CX Index ranking for European banks, which measures how well a brand delivers customer experiences that create and sustain loyalty for its customers, found that immediate problem resolution is the top driver of customer experience (CX) quality. 

The top four brands have multiple always-on routes for customers to get in contact with them (mobile apps, chatbots, and live agents on the phone). Customers also want clear communication, fast transactions, and easy-to-use digital experiences.

But what are we seeing in South Africa? How quickly are customers getting their issues resolved, what matters most to them in the CX process, and how can businesses like banks get better at service?

The South African context

As part of its transformation in using CX as a strategic edge, Nedbank recently won the “Forrester EMEA CX Customer Obsessed Enterprise Award,” ahead of several other global, pan-EMEA, and nationally operating companies. 

We asked Anton de Wet, chief client officer at Nedbank, to tell us more about what today’s customers expect when it comes to problem resolution, given that service excellence is increasingly driving brand loyalty. 

Nedbank has been recognised for its focus on CX. What are the three biggest steps you have taken to improve its problem-resolution capabilities? 

Firstly, we’ve established a dedicated client experience (CX) team with a chief client officer who brings a deliberate “outside-in” approach to understanding how we render our products and services to our clients, with focused initiatives, aimed at continuous improvement, including a dedicated focus on service resolution and complaints handling.   

Secondly, we implemented a service excellence culture-based programme for all front, middle and back-office staff to change mindsets and behaviours, instilling a ‘client first’ ethos. Lastly, we proactively manage our client journeys to identify, consolidate and prioritise CX fixes and enhancements.  

How are you using customer surveys to improve your business performance by better managing problem resolution? What could brands get wrong here?

We identify key moments to engage with clients and measure both their sentiment and satisfaction levels. Where clients express dissatisfaction in these surveys, they are contacted by our “service resolution” team to address their problems. 

We do not measure CX just for the sake of determining a CX score. We derive insights from the measures, identify root causes of persistent problems, and prioritise actions for delivery. Once implemented, we measure the effectiveness of the fix or improvement, and a continuous feedback cycle is instilled. In addition to our internal measures, we use external benchmarks to give us a relative read on our position and insights. 

Things to watch out for are: (1) Rather don’t survey at all, if you don’t intend to follow up on the problems identified, (2) avoid over-surveying or surveying at the wrong moment, (3) ensure integrity and access to data.

You mention that CX can often be perceived as "soft and fluffy." How has Nedbank overcome this perception and secured buy-in from stakeholders to invest in CX improvements?

A deliberate client experience, with positive client and employee sentiment, delivered through sound operational performance is more likely to result in increased revenue, reduced costs, and improved profitability. To achieve this requires the robust implementation of your CX strategy. 

Obtaining the buy-in from stakeholders is secured by speaking the language of the C-suite to show how CX can directly contribute to the bottom line. This can be achieved by quantifying the impact of CX improvements for example through operational metrics such as reduction in the volume of complaints and efficiency improvements or business metrics like increased revenue, reduced cost, lifetime value, and market share gains. 

Understanding client value and demonstrating how this translates into business value secures buy-in from key stakeholders and justifies investments in CX initiatives. It requires a mindset shift to remember that value for the business comes from value for the customer.

Looking ahead, what emerging trends or technologies do you see shaping the future of CX in the banking industry, and how is Nedbank preparing to leverage these to further enhance its problem resolution capabilities?

Artificial intelligence (AI) is a strategic priority for the banking industry, as it offers various benefits and opportunities for advanced analytics, improving efficiency, customer experience, innovation, personalisation and competitiveness. 

While generative AI is still relatively new, we are excited by the prospect that this holds to remove friction for bankers serving clients and for making our products and services more intuitive and easy to use. 

What advice would you give to other businesses in South Africa looking to enhance their customer service and problem-resolution strategies? What are the key lessons learned at Nedbank?

There’s no quick fix in obtaining the organisational buy-in and commitment to implementing your CX strategy. There will be times when you will feel like giving up but don’t; push through and stay the course. If you can cultivate a client-centred culture, this will help overcome the many obstacles you are likely to face more easily. 

Invest in building stakeholder understanding of how value for the client translates into value for the business and how it can power your client-centred growth strategy.