Company: Koc Finansman A.S. / Istanbul / Turkey
Nomination Submitted by: Kocfinans
Company Description: Kocfinans is a consumer finance company with 140 employees which provides financing solutions to retail and corporate customers, focusing mainly on automotive sector. The company was established in 1995 to provide consumers with direct financing; it is Turkey's first and leading financing company. Our vision is to be the most recommended financial solution center by our customers.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Customer Satisfaction
 Nomination Title: A Journey To A Customer Driven Transformation
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2021, OR written answers to the questions for this category? (Choose one):
A video of up to five (5) minutes
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 186 words used.
Koçfinans which is part of Koç Holding is a consumer finance company which provides financing solutions for 28 years to retail and corporate customers, focusing mainly on automotive sector. Koçfinans has achieved efficient and profitable business results based on the B2B model. However, the financial services ecosystem we are in is one of the areas where destructive competition is felt most intensely. Our biggest challenge was employees’ resistance to transformation because the company's business results were satisfactory enough.
We were not aware of how important it is to know our customers, and understand their expectations and needs. We served our customers through contracted dealers for many years. We had a well-maintained business relationship with our dealers, however, we were far removed from our customers. We set out with an inspiring vision to overcome all challenges and transform. To serve the customer and channel experience in the best way and to be the most recommended financial solution center by our customers. Here is a transformation story about a company that aims to break its shell and transform itself to be a freer, more sensitive, and accessible one.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 248 words used.
We have implemented 4 main steps for customer-oriented transformation. Customer-Centric Culture, Customer insight and understanding, organizational adoption, experience design, and improvement. Most of our employees received comprehensive CX training. We designed a multi-channel feedback experience through the call center, webchat, whatsapp, website forms, surveys, social media, focus groups and so on. We organized voice of customer committees so that our employees can embrace the insights we collect from our customers and see the impact of their work on customer processes.
We created an experience ambassador team that has a finger on the pulse of our customers’ needs so that we can convey those needs to all of our employees. Employees at all levels of the company, including the CEO, set inspiring customer-oriented goals. We started to measure NPS, CSAT, and CES regularly. With the motto of being the company that knows its customers best, we implemented customer segmentation and campaign optimization projects under the consultancy of Koçdigital and BCG.
We created 7 value-based and 6 behavior-based segments. By designing the customer card consisting of 104 different areas, we have become a company that can understand and follow its customers’ movements from end to end.
All units of the company completed the agile transformation in 2021. We started to design experience oriented products and processes by putting customer insights first. At the point we have reached today, our customer also has a seat in our agile organization, we design products and processes by listening to our customers without assuming.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 246 words used.
We decreased our dependence on dealers and created our digital application and communication tools. The online application product has been developed and our customers started to apply directly online without going to the contracted dealers. This product, which evaluates the application for seconds, is the first in our sector we are in.
We listened to our customers through many different channels, and they said our interest rates are high and the same for all customers. We have decided to eliminate pain points and we have used machine learning to provide customer-specific pricing that is more competitive than traditional practices.
We increased the number of feedback received from our customers by 1200% with the voice of the customer program.
We reduced our response time to requests, suggestions and complaints from our customers by 160%.
We increased NPS of customers from 54 in 2021 to 65 in 2023-Q1, and contracted dealers from 80 in 2021 to 89 in 2023 with results that are 20 points above the financial sector we are in.
We managed to ensure at least 1 out of every 4 Koçfinans customer would prefer us again, as a result our loyal customer rate increased from 18% to 25%.
We shortened the end-to-end lead time of customer requests by 25%.
We approached all feedback we received from our customers as a gift to improve. Based on this perspective, we focused on the top 5 complaints and decreased from %30 to %7 by designing a new experience.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 90 words used.
The transformation is not only a long and difficult journey but also instructive and satisfying. This journey has no end, as Koçfinans team, we will try to make more efforts and always do better for our customers. Our business results show that we’re on the right track.
We are happy to share our results which you may find attached.
Appendix 1: Kocfinans Video - Why Kocfinans Among Others.
Appendix 2: Awards - Our Awards for CX
Appendix 3: In this presentation, all steps and details of the project are included.
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