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Enhancing Customer Experience in the Financial Services Industry:

A CX Success Story

 

Customers - Delivering Fair Customer Outcomes (2)

The Situation

Permanent TSB has been serving Irish customers for over 200 years, with over 1 million customers, 2,600 colleagues and 98 branches. They aim to provide excellent service and establish trust with customers in personal and small business banking.

The retail banking industry is changing rapidly, with new online competitors emerging. Customers expect a professional, accessible, warm, and supportive bank. Permanent TSB must provide more than basic services to differentiate itself from others. Colleagues require more training to provide a consistent customer experience.

The Challenge

Permanent TSB aims to provide exceptional experiences and fair outcomes for customers, create a supportive work environment for employees, and positively impact communities. The company has invested in new branch formats and digital technology to meet changing customer needs and deliver a positive customer experience.

Based on research, Permanent TSB saw an opportunity to stand out with its people and cater to evolving customer needs. 

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Grafton Street

Our Approach

A CX training programme was developed to train and coach branch colleagues in relevant banking skills. It aimed to equip advisors with customer experience skills and provide a pathway to excellence for retail team members. The programme included face-to-face workshops, online learning, and coaching for leaders. Over 700 colleagues completed experiential learning, and a comprehensive communications plan ensured everyone understood its role in improving the customer experience. The program also included development opportunities for managers to improve their coaching skills and observation abilities.

Engagement

Effective communication was key to the success of the CX initiative. From branch teams to senior leadership, the organisation was kept informed and engaged about the programme's progress and its role in improving customer experience. Customer personas were integrated into workshops, helping colleagues to personalise interactions. Local champions provided coaching support to branch managers, and development opportunities were given to improve performance. The objectives were to equip managers with a coaching model, develop observation skills, engage advisors, provide motivating feedback, create a safe practice space, and manage live customer meetings.

Customers - Delivering Fair Customer Outcomes (1)
CX Impact in Financial Services-01

The Results

The programme improved the skills of Customer Advisors and created a consistent experience for customers. It also fostered a positive culture within the company and introduced Customer Focus Boards to emphasise customer service. The program increased the Net Promoter Score from +40 to +57 and improved employee engagement survey results. Commercially, there were benefits such as increased qualified mortgage leads, more term loans referred to Direct Banking, and increased self-service and online transactions.

The effectiveness of the programme was recognised by winning the Irish CX Impact Award in Financial Services 2021. The judges commented that the programme "Gave a great sense of the grassroots development and growth of CX principles right across the organisation This was so much more than just a survey or feedback exercise but demonstrates that PTSB see the direct link between commercial success, customer success and employee engagement What struck the judges was that this was a CX initiative that continued despite COVID, not in response to it"

 

 

 

"Their deep experience of managing and advising on customer growth initiatives, with a particular focus on behavioural change, has helped us take our people with us and develop new and different skills required to meet the changing needs of our customers. ”
Eddie Kearney
Eddie Kearney, Head of Retail Distribution, Permanent TSB

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