- Forrester Councils
- Councils Overview
- log in
Posted by Michael Barnes on August 4, 2014
As customers we’re rarely satisfied with simply buying goods and services. What we really want, on top of the actual purchase, is a great customer experience (CX). This drives us to seek out companies that not only understand our wants and desires but more importantly, understand the role their company’s products actually play in our lives.
Nowhere is this more true than in the hyper-competitive Australian retail banking market. That’s why we invited Louise Long to speak at Forrester’s Summit For Marketing & Strategy Professionals: Australia. Louise is Head of Customer Experience at National Australia Bank (NAB), leading the company’s initiatives to deliver truly great customer experiences to NAB’s clients.
Louise was kind enough to answer a few of our questions about what she’s doing. Read on for insight into how NAB continuously seeks innovative ways to ensure that the customer remains at the center of the company’s business strategy.
Those of you who’ll be with us in Sydney on Wednesday, August 13th, can hear even more from Louise. I look forward to seeing you there!
Q: When did your company first begin focusing on customer experience? Why?
NAB has always focused on and cared about the customer experience - the customer is at the heart of everything we do and it's critical we get the experience right. NAB invests a lot of time and energy in ensuring we continually improve the experience our customers have. In 2008, a role was created within the Marketing function that sat across products and channels. This was in response to a desire to differentiate in the market on CX, focused initially on the Retail Bank.
Q: How do you determine what aspects of the customer experience you must try to excel at?
CX should reflect the organisation that is delivering it - so it is not enough for us to deliver a great customer banking experience. We must strive to excel in those aspects of the customers' experience which best reflect and bring to life our purpose (the DNA of who we are), our brand, and our customer promise of “More Give Less Take” - it must be a NAB experience.
Q: What if anything is different about what you're doing now to improve CX versus what you did when you were starting out? Why did you change?
Now we strive to more actively design the customer experience by better understanding customer needs in balance with what is feasible and viable for the business. If we know a point at which we deliver a customer experience is not working, we are more likely to conduct customer research to better understand how to change that for the benefit of both the customer and the business. We also understand that to improve CX, the organisation needs to think and behave in a customer-centric way. This includes customers being embedded in frameworks like project methods and product lifecycles. In the past we were more reactive, focussing on what was being complained about. We still do this because it is important to listen to our customers, but it is just one way we can better understand what our customers need and want from us.
Q: How do you measure the success of your CX improvement efforts (e.g., higher customer satisfaction, increased revenue, lower costs)? And have you seen progress over time?
The question of how to measure the success of CX improvement efforts is one that is most often discussed with this type of work. If we improve CX the whole business benefits. All of your example measures are valid and which one is used to measure success will depend on the nature of the improvement. Sometimes the only way to measure the success is in terms of the cost of the poor experience - cost of rework, complaints, enquiries, double-handling.
Q: What would be your advice to companies about to embark on their journey to CX transformation?
Forrester's CX Index
Predict how actions to improve CX will affect revenue performance.
Measure the customer experiences that matter most »
Free On-Demand and Live Events
Latest events from Forrester analysts, online and in person »