The US-based customer and employee experience management company Medallia published a case study on Bank of Georgia. Archil Gachechiladze Executive Director and CEO of Bank of Georgia talked about this issue with Forbes Talk noting that the first thing they highlight is customer satisfaction.
“There is such a question, would you recommend the services of this company to a friend? The positive answer to this question is statistically significantly increased. The so-called nps (net promoter score), which is a metric used in customer experience programs, is a very important for us. It has been 3 years since we started intensive work to improve the quality of services. We have introduced Medallia, which helps us to listen to what customers want and then put it in products, channels, service forms and offer customers what they want more", - Archil Gachechiladze noted.
According to the report published by Medallia, Bank of Georgia is a leading bank in Georgia, serving around 1.5 million active retail customers and around 64K active business clients. With a 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, in 2017, NPS was 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. Before deploying Medallia, Bank of Georgia was creating ad hoc surveys that lacked systematic approach to listening to customer voice on a daily basis.
The bank needed a sophisticated system that could track and escalate issues that end users were having. It needed to be able to respond and resolve end user complaints quickly, to improve customer satisfaction.
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.
Building Engagement into Every Process
In a phased rollout, 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. 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.
Using these transformal services, Bank of Georgia is able to:
• 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 touchpoint
New Services Delight Customers
Customer satisfaction has soared; Bank of Georgia increased Net Promoter Scores by 18% since implementation, surpassing the competition. For example, since implementation:
• Business internet bank customer satisfaction increased by 30%
• 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. Overall, 96.5% of the bank’s transactions – 10 million transactions per month– are now going through the bank’s digital channels. It’s good for customers who like the speed and convenience of 24x7 access to service, and it frees up time for call center staff and branch managers to provide highertouch exchanges. Bank of Georgia’s successes have not gone unnoticed. In Sept. 2021, Global Financing magazine chose Bank of Georgia for Best Digital Bank of the 2021 in multiple categories.
Medallia is the pioneer and market leader in Experience Management. Medallia’s award-winning SaaS platform, the Medallia Experience Cloud, leads the market in the understanding and management of experience for customers, employees and citizens. Using Medallia customers can reduce churn, turn detractors into promoters and buyers and create in-the-moment cross-sell and up-sell opportunities, enabling clear returns on investment. Medallia.com.
