Itaú Unibanco Holding S.A. - Relationship Management Solution
Company: Itaú Unibanco Holding S.A., Sao Paulo, Brazil
Company Description: In 95 years of history, we reached the position of Brazil’s largest bank and we are considered the most valuable brand by Interbrand. These achievements are the result of the way we run our business, always placing ethics ahead results, constantly seeking innovation and excellence in every touchpoint with our ~60 million customers that interact more than 30 million times in our customer center.
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Relationship Management Solution – New
Nomination Title: Transactional NPS in Customer Service
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and sales to date:
There is nothing more important at Itaú Unibanco than the pursuit of customer satisfaction, placing them at the center of the entire operation. The first step is to know how the customer feels about our services by listening to each interaction. And how to do it in a scenario with more than 30 million monthly interactions carried out by phone, email, chatbot or assisted chat?
Up to 2017, customer satisfaction measurement in our call centers was done with a mix of quantitative indicators, sample listening / interpretation of the audios and reactive analysis of complaints. In order to become a customer centric, we needed to go beyond. We had to have a unique way of measuring customer satisfaction in call centers that also allowed us to capture and act in the client's pain points.
We chose a single global metric, the Net Promoter Score (NPS) that is measured at the end of each interaction. With the assigned score and the spontaneous comment of the client we were able to generate insights for process changes and new products, starting the transition from the Product Centric to Customer Centric service dynamic.
Timing Intervention and Continuous Improvement: inner and outer loop
Along with NPS measurement, we also implemented two fronts, innerloop and outerloop. Innerloop aims to get in touch with detractor clients and quickly solve their problem. In addition to reducing dissatisfaction with the company, this process proved to be a good way to increase customer retention: we observed a 5.5% higher survival rate in detractor clients who went through the intervention process. Additionally, Innerloop intervention cells have helped to reduce customer complaints and leaks by ~ 92% to customers contacted. Approximately 1,000 complaints avoided. Over the last 18 months, more than 200,000 interventions were carried out on this model in clients of all the physical person business lines.
In parallel, using the over 2MM of feedbacks received, the outerloop aims at continuous improvement: how to review products and processes in a way that will prevent the problem from occurring with other customers? Thus, more than 350 actions were created focused on increasing customer satisfaction that directly reflects in our indicators: we had a decrease of detractor customers and increase of promoter clients, generating an increase of approximately 13 points in the NPS in 18 months. These numbers generate a financial return of ~ R $ 45MM, since the spending of a ‘promoter’ client is approximately 20% higher than a ‘detractor’ client and the callback is 10% lower.
Customer Centric Call Center
With a unique metric of quality, it was possible to include this indicator in the goals of 100% of the board, including not only the operational teams but also of processes and planning, among others; and also from outsourced companies that provide customer service. The presence of a quality indicator in the goals allows the prioritization of actions aimed at a better customer experience and also the change of mindset and culture of all employees and companies participating in the value chain.
Today, all projects related to Customer Services are prioritized taking into account the NPS. To ensure real-time follow-up, cockpit panels and reports have been created which show not only the indicator but also the main offenders, guiding the review of internal processes and identifying opportunities in products and policies. With real-time tracking, operators receive timely feedback and can quickly improve customer satisfaction. In this way, the implementation of the NPS was one of the first steps on the way to evolving the construction of customer experience culture throughout the service chain, from products to operation, including legal and technology areas.
The evolution in NPS capture form is in the development of models so that the capture is done automatically, without the need to question the client, from structured and unstructured voice data, sentiment and interaction metadata. This evolution is being conducted in partnership with Stanford University.