Financial services firm uncovers insights from customer survey responses
Company Size
1,000+
Region
- America
Country
- United States
Product
- Luminoso
Tech Stack
- Natural Language Processing (NLP)
- Data Analytics
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
- Revenue Growth
Technology Category
- Analytics & Modeling - Natural Language Processing (NLP)
- Analytics & Modeling - Predictive Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Sales & Marketing
Services
- Data Science Services
- Software Design & Engineering Services
About The Customer
The customer is a Fortune 500 financial investment services firm that aims to enhance the adoption of its online customer portal. The firm has a dedicated Customer Intelligence Team consisting of 12 members who are responsible for analyzing customer feedback collected through Net Promoter Score (NPS) surveys. The firm receives over 9,000 survey responses each month, which are crucial for understanding customer sentiments towards new financial products. By leveraging these insights, the firm aims to engage in more targeted discussions with management and make efficient product improvements. The firm is focused on quickly processing large volumes of data, understanding the root causes affecting NPS, and surfacing key concepts for better management and product roadmaps.
The Challenge
This Fortune 500 financial investment services firm sought to improve adoption of its online customer portal. To increase its adopter base, the firm’s Customer Intelligence Team needed to surface key insights buried in customer data collected from Net Promoter Score (NPS) surveys, to which it received over 9,000 responses each month. With insights in hand, the team could better understand what customers thought of new financial products. This would enable targeted, valuable discussions with management and result in more efficient iterations on product improvements. The 12-person Customer Intelligence Team manually sorted and analyzed all responses. This translated to a loss of at least one full business day each month, totaling about 100 people-hours, in an attempt to simply read feedback. The firm needed to: Quickly process high volumes of data with no maintenance or manual intervention Understand root causes affecting NPS and trends over time Surface key concepts in data for management and product roadmaps
The Solution
The firm used Luminoso to analyze its survey responses in minutes, surfacing top concepts and uncovering dominant themes. The team could now also identify drivers causing shifts in NPS to share at all levels throughout the organization. This new understanding of prevalent topics and themes most affecting feedback scores enabled resource prioritization for improving products and services. The Customer Intelligence Team learned how customers felt about the website experience, especially in regard to frustrations with recent changes. The team used this information to reconfigure the website – and directly increase usage as a result.
Operational Impact
Quantitative Benefit
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