Case Studies

Community Bank

The customer experience health of a “High Personal Touch” community bank is critical, if the bank wants to pursue strategic growth. Vox uncovered four key areas the bank must fortify.

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Background

A locally owned and managed community bank has grown steadily to over $250M in assets since its opening in the mid- 1990s. The bank offers a “High Personal Touch” service that customers praise and as a result, they remain loyal. Senior management wants to understand how the bank can capitalize on its strengths as it pursues growth.

Problem

The bank prides itself on personalized and efficient service for its customers and wants to maintain that philosophy as it grows. They are concerned their well-established community identity will suffer if they don’t approach this next stage thoughtfully. To help the bank gauge their ability to do this, Vox conducted a Customerspective Audit™. Goals of the audit included:

• understanding a customer’s experience at the bank;
• discovering breakdowns and opportunities that affect the quality of the customer experience; and
• recommending a better customer experience that’s more human, flexible, and simple but most importantly, more profitable.

Vox Solution

The audit generated a Customerspective Scorecard™ and a detailed customer experience report. The scorecard rated the bank across a number of interaction channels and specific criteria within each channel. This graphically depicted the bank’s major strengths and some critical challenges. It revealed that the bank cannot continue to provide high levels of customer service while growing, if certain issues are not addressed. Vox also identified ways for the bank to grow profits without physical growth, by galvanizing the revenue potential within its existing customer base. Overall, by prioritizing the customer experience, the bank now has the opportunity to:

• significantly increase revenue, without the additional cost of acquiring new customers, by firming up processes within its customer information collection and segmentation capabilities;
• grow profits while maintaining their “High Personal Touch” approach by implementing more robust online banking functionality;
• improve customer retention and increase up/cross sales through an improved onboarding process; and
• continue to make customers happy and increase referrals by developing formal procedures for resolving customer complaints and inquiries in a timely manner.