If it’s not actionable, it’s not data
Banks and credit unions measure performance on a range of metrics, and have the data to prove it. And for good reason: data leads to insight, which managers can turn into decisions and actions that improve performance.
Customer experience data is no different. Account holder insight is key to understanding how to create a customized high-performance, customer-focused culture. On-going assessment is critical to ensuring continuous improvement.
How are you performing in your account holders’ eyes? What are the behaviors and attitudes that impact their assessment of your financial institution?
Financial institutions today have access to more information about their account holders than can sometimes be imagined. The key is to turn that information into actionable intelligence that connects directly to areas of operational and frontline performance that, in turn, leads to financial institution profitability.
But to be actionable, data has to be usable, useful and — of course — used.
There are several questions to consider when evaluating whether customer experience data is actionable:
- How was the data collected? Can you count on the reliability of the survey design, the validity of the survey methodology and the soundness of the resulting data? If the answer to any of these questions is “no” then you’re defeated before you start.
- Did the survey measure the key metrics that directly impact account holder experience? Does the data answer the questions that the survey set out to ask? Lots of information may be interesting, but it doesn’t get you anywhere if the data can’t pinpoint what’s working or how to make improvements.
- Do you have a plan for using the data? What action in operational or frontline areas of your financial institution will directly result from gathering, measuring and evaluating this data? If there’s no clearly defined purpose for the data then it likely won’t be used. In other words, it’s not actionable.
Vericast works with our financial institution clients from the start, devising a customized research solution that integrates data from their account holders, identified key satisfaction drivers and objectives. Next steps focus on expert survey design, gathering and interpreting survey data and identifying trends and areas for improvement.
All leading to one thing: actionable data.
When undertaking voice of the customer research, begin with the end in mind: actionable data that can lead to higher retention, lower attrition and greater profitability.