While pursuing to reinvent customer experience, Bank of Georgia has been working with Medallia, a pioneer customer feedback management software platform that empowers employee to improve the customer experience. Throughout this partnership, they have been focusing on improving customer satisfaction for 2.5 million customers, across all channels and segments.
As a market leader in Georgia that serves around 1.5 million active retail customers and around 64K active business clients, operates popular mobile app and market leading payment business, the Bank daily engages with thousands of customers.
With so many customers – and diverse products and services – the bank needed a better way to gather customer voice and measure the quality of the experiences its customers were having throughout their relationship with the bank
To see where Bank of Georgia ranked against its competitors before the change, in 2017, Net Promoter Score (NPS) measured against the main competitor resulting in a 17% negative gap. Bank of Georgia took swift action: establishing a Customer Experience (CX) team, hiring CX experts, and partnering with Medallia and SMT.
Bank of Georgia’s ultimate goal was to deploy a 360-degree view of their customers’ journey across all touchpoints – from digital channels like mobile apps to in-person conversations with the contact center and staff at branch offices – to get deeper information in every channel, every day.
Bank of Georgia was committed to creating a customer-centric culture, and wanted to increase engagement between customers and employees, creating a virtuous cycle of feedback, response, and resolution.
Bank of Georgia deployed Medallia Digital to give employees a clear view across digital channels, such as mobile banking, Internet banking, and web interactions. The company also launched Medallia’s Contact Center Suite to empower call center agents with information and tools to solve customer problems in real time.
“Our team is committed to customer satisfaction. Two years ago, we started rolling out Medallia across all key channels. This has enabled us to be more proactive with our customers, promptly address their concerns, and use their feedback as a catalyst for innovation.” – Archil Gachechiladze CEO at Bank of Georgia
In less than three years, the bank has implemented ~500 improvement initiatives in response to customer feedback. “We really love this platform. Now we have a very clear and systematic view of the type of improvements to be implemented to increase customer satisfaction” said Mariam Gegeshidze, Head of Customer Experience Department, Bank of Georgia. “In addition, since we launched Medallia, and with SMT’s service delivery support, we have more engaged employees and we are able to be focused on increasing customer satisfaction by engaging with customers proactively and responding in real time.”
Bank of Georgia is making good use of its customer data. They’re using the feedback to inform employee training, prioritize new projects and services, and share key insights that can be communicated company-wide.
engage every customer by capturing feedback across channels and throughout journeys;
efficiently ‘close the loop’ for every customer, resolving all open issues and generating actionable insight;
boost employee engagement using timely data and tools;
improve customer satisfaction by delivering excellent experiences across key touchpoints.
New Services Delight Customers
Since the change, customer satisfaction has soared, Bank of Georgia increased Net Promoter Scores by 18% since implementation, surpassing the competition. Business internet bank customer satisfaction increased by 30%, while Contact Center customer satisfaction increased by 26%. The bank measured a 17% response rate from clients, which is significant, based on the worldwide practice, as well as a 91% Service Level on the close the loop process.
The Bank prioritized new digital projects according to customer requests, such as loan prepayment, adding chat to the Mobile Bank app, easier password reset, and enabling access to all functionalities of the mobile app without internet and mobile data when offline.
And customers are trying out the new online services. Already, more than 100,000 individuals have used the digital process to pay down their loans, and more than a million users have used mobile payments without access to the internet.
Bank customers are flocking to the new online services, and its customer satisfaction ranking has climbed, surpassing competitors. Overall, 96.5% of the bank’s transactions – 10 million transactions per month – are now going through the bank’s digital channels. It’s great for customers who like the speed and convenience of 24×7 access to service, and it frees up time for call center staff and branch managers to provide higher touch exchanges.
The bank’s customer experience and technical teams were able to initiate 1,597 new improvements in Digital, Contact Center and Retail Branches based on customer feedback, responding to customers’ requests.
Bank of Georgia’s successes have not gone unnoticed. In Sept. 2021, Global Finance magazine named Bank of Georgia winner in multiple categories within “World’s Best Digital Bank 2021” award.