Beyond the Arc, Inc. launched its Voice of the Customer (VOC) service to help financial institutions better understand customer interactions and implement processes to improve the customer experience.

Beyond the Arc’s offering combines customer experience strategy with advanced text analytics to enable banks and credit unions to gain actionable insights about their customers. The program helps clients to:

•    Develop strategies to promote purchase behavior and retention at each stage of the customer lifecycle.

•    Identify and prioritize key “moments of truth,” particular customer interactions that can either enhance, or destroy satisfaction and loyalty.

•    Redesign business processes that ultimately reduce complaints and improve the customer experience.

“Voice of the Customer feedback helps companies pinpoint exactly where they have gaps in their service delivery across all touch points and communication channels,” says Steven Ramirez, CEO of Beyond the Arc. “We help financial institutions to interpret and take action on their customer feedback.”

To make sense of potentially millions of customer comments a client may receive annually, Beyond the Arc builds text analytics solutions using leading technology platforms. With the firm’s Text Analytics Toolkit for Financial Services, classification engines can be quickly built and deployed to enterprise scale. Each classification engine Beyond the Arc creates is customized to the business needs and context of the client. For example, credit card comments may be parsed separately from debit card, because the customer pain points differ and different groups within the bank are responsible for taking action.

Managing customer complaints is becoming increasingly important in the current regulatory environment. This new service enables financial institutions to benefit from end-to-end VOC support: from customer feedback analysis, to interpretation, to implementation of new processes that prevent or more quickly resolve complaints.

“As regulators take a closer look at customer complaints, our VOC service enables financial institutions to really understand where the most urgent problems are from a customer perspective.” says Ramirez. “Banks and credit unions need new tools and new approaches to prioritize and strategically address their customer experience issues.”

 

 

[This article was posted on June 5, 2012, on the website of ABA Banking Journal, www.ababj.com.]       

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