Problem

A global bank was underperforming in customer perceptions of their technology. The bank spends millions of dollars each year on a market-leading digital platform for its corporate banking clients. However, well after the platform was deployed, clients were giving the bank troublingly modest feedback on their experience with the technology. These results stood in stark contrast to broader client satisfaction measures, which remained competitive or strong across other performance areas.

Understanding the growing importance of digital capabilities to corporate clients, the bank’s senior management team knew that continued low ratings for the platform could eventually erode overall sentiment, opening the door to client attrition. To avoid that result, the bank was weighing the magnitude of innovation and investment that would be required to reverse the trend.

Solution

Before committing to a costly trial and error process, the bank engaged Coalition Greenwich to help identify specific weaknesses in the existing platform and set priorities for new technology spending. Using the firm’s Digital Banking Transformation Solution, Coalition Greenwich analysts conducted a detailed and rigorous examination of the existing platform, assessing client feedback on individual features and functionality, and comparing findings to industry standards and best-in-class peers.

The results were both clear and surprising: There was no issue with the range of features and functionality available to users. Clients who used individual digital corporate banking applications were typically satisfied. So, what was causing the low technology scores? Coalition Greenwich research revealed the source of the problem: ease of use. Many clients didn’t know how to access the bank’s full set of capabilities. Other clients knew about these tools, but didn’t know how to use them efficiently.

Based on these conclusions, Coalition Greenwich made its recommendations. Before investing in more capabilities, the bank should prioritize design and customer training. The firm advised the bank to take a series of steps, including introducing a new program to help Relationship Managers educate clients about available features and functionality, and developing simple “how to” materials that teach clients how to use the digital tools. At a longer-term and more strategic level, Coalition Greenwich advised the firm to invest in the design component of the user experience (UX) with the bank’s technology. A focus on consumer-style interfaces that are intuitive and easy to use would help address this type of disconnect in future technology rollouts.

Results

The bank implemented many of the Coalition Greenwich recommendations, including the strategy of focusing on UX and education. The impact was powerful: The bank experienced an immediate 20% reduction in inbound service calls to both the call center and Treasury Officers. In relatively short order, client satisfaction levels for the technology platform began to reflect users’ improving experiences, closing the gap to standards achieved by the rest of the business.

On the basis of these improvements, senior management saved the bank millions of dollars and bolstered the overall return on investment on the bank’s significant technology spend.