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Mobile banking and digital payments have reshaped the financial services industry. Today, the ability to easily send money to others, use deposits and checks, and access your funds all from your mobile device is no longer optional, the features are essentially required.

With the rise of commoditization and automation, customer satisfaction has taken its rightful place as a critical—if not the only true—competitive advantage. However, as renowned management guru Peter Drucker stated, “You can’t manage what you can’t measure.” And, if you can’t manage it, and you can’t measure it, then likewise, you can’t improve it.

That’s where surveys such as Customer Satisfaction (CSAT) and Customer Effort Score (CES) come in. CSAT is a common key performance indicator (KPI) used across virtually every industry that tracks how satisfied your customers are with your organization’s products and/or services. A key part of CSAT is its simplicity. CSAT scores are based on short, automated surveys, and is a great way to help close the loop on customer interactions and determine the type of experience you are providing for your customers.

CES is a metric that measures how much effort a customer must exert to obtain an answer, have a request fulfilled and/or resolve an issue, and how satisfied they are with the experience. CES scores are typically measured with one single question, which is tailored to obtain the customer’s immediate response.

In financial organizations, each support interaction may require a separate area of expertise from the agent.

For instance, if the customer is having a technical problem, the agent needs to be able to explain the solution in an easy-to-understand way. The opposite can also happen. If it takes too long to resolve simple issues, such as updating a customer’s address or phone number, the customer might decide to take their business elsewhere because of that experience. The addition of a CSAT survey at the end of the support experience can help collect data on where problems are happening.

As these surveys can be associated to a specific agent, supervisors can easily get visibility and insights into performance and satisfaction trends for each member of their team. An agent might be great at a specific type of support, but lacking in another. With this information, the agent can be given additional training or be assigned to support issues that are a better fit.

The same data, used at a team level, can show the quality of service over a period of time. This information helps supervisors properly manage teams and see where improvements can be made.

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