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CASE STUDY: HSBC
Background
HSBC, a major global bank, placed customers at the heart of an agile project to improve customer experience and set new standards for project delivery. Using technology provided by the company Vizolution, they set up a digitally assisted phone conversation – one that was as easy as the branch experience, but more efficient.
Strategy
Through this platform customers were able to complete and sign applications electronically, quickly, and see all information required by regulators. These platforms can be difficult to implement and in large organizations can also often be difficult to gain internal confidence in. HSBC therefore first implemented a low-risk proof of concept, which gathered evidence in order to build confidence. This customer service improvement has now been rolled out to 15 further UK workstreams and will support a new global banking proposition. Advisors are excited and a new Centre of Excellence is building capability for the future.
Results
This implementation of a digital platform to deliver improved client experience processing costs reduced by more than 8% per application and process times dropped between 45% and 93% (from initial application to final resolution). 95% of customers found the system easy to use, with 93% agent satisfaction. On top of these fantastic customer service outcomes, the new system also resulted in a 20% increase in conversion in telephony lending applications.
Key Lessons
Using digital platforms to solve customer experience challenges can radically improve customer service metrics. Enabling people to self-serve is a simple but effective way of doing this and can sometimes have results beyond what you might expect.
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