All you need to know about running a successful VoC program 01

Voice of the customer financial services

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It isn’t a surprise how the voice of customers has been helping businesses conquer the markets by prioritising their customers. By the definition, the voice of customer refers to a process of gathering, capturing, analysing and implementing customer feedback. 

Ever wondered how it is used in financial sectors? Say no more. In this article, we will be discussing how the voice of customer works with financial services. 

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Voice of customer in financial services

The two factors that lead the financial sector are Trust and Productivity. When it comes to the banking sector, any slightest inconvenience in the financial market causes the customers to blame the global ‘bankers’. A lot of such reasons have caused the financial sector to readily welcome the voice of customer as their go-to method to get customer experience. 

Customers these days are careful with their money more than ever. They look for a more personal approach to business and choose those companies that understand their needs and resolve their issues as fast as possible. They prefer to buy from a person who has a face rather than a faceless company. These faces can be company representatives and it would be great to have personalized relationships to make them feel more secure. 

Voice of customers in the financial sector builds strong relationships between the company and its customers, resulting in higher customer satisfaction and retention. Hence, the voice of customers in financial services is a market research method that determines customer needs and wants, organized in a hierarchical structure and later prioritized in terms of importance. 

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3 ways to increase your revenue through the voice of customer

To determine the working of marketing campaigns 

Being a financial or banking company, marketing campaigns are a vital mode of spreading awareness of your brand. The commonly used marketing strategy is television ads. Marketers can make use of tools that determine and measure how often the brand is mentioned on the tv ads. Voice of customer can further use this data to run reports measuring the effectiveness of the entire marketing campaign. 

This data from the voice of customer will help the company to tell which campaigns are working and which ones need improvements, resulting in a well-driven revenue plan. 

What to offer next

Voice of customer works in such a way that provides you with the data to work with your revenue planning. You can track the customers through their credit score, buying behaviours and demographics and plan on what areas to divert your revenue more to. Apart from this, voice of customer will help with some predictions of what they will be buying next. 

Example: there is a way of gathering customer feedback through listening to their recorded calls from the past. You can make sense of their speech whether they are happy about the brand or not. You can predict their intentions of buying more with you.

Major life events like marriage, pregnancy, a new job can the triggers for additional service investments.    

Identify unhappy customers

Everyone feels good to know that they have happy customers. But the real deal with growing as a brand is to keep track of your unhappy customers. It is a good idea to keep your customers but the real deal starts when you start to turn these unhappy customers around. 

Hence, having unhappy customers, turn around and vouch for you will ultimately increase your customer accounts and revenue. 

Voice of customer data tells the company who are the unhappy customers who are close to closing their accounts or who are considering to switch to a competitor brand. The voice of customer data identifies things like:

  • Keywords – words like “cancel, close, bad, late, delay” is identified by the voice of customer that indicates that the customer might be closing their account. 
  • Tone – through recorded calls voice of customer can understand the voice of the customers to detect their anger, distress.
  • Multiple calls – the voice of customer detects what customers are calling continuously for solving the same query. 
  • Dropped calls – when a customer avoids to answer the phone or puts it on hold, it indicated dissatisfaction and impatience. 

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Hindol Basu 
GM, Voxco Intelligence

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