Customer experience letter Bank of America thoughts

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VISUALIZE ORGANIZE MONETIZE OPTIMIZE

Bank of America’s Letter to 270,000 Employees Sent to Their Homes Quick Thoughts as Customer & Customer Experience

From Customer Worthy Book @ Amazon All rights reserved. Client X Client 908.542.1134

Quick Thoughts Re: Huffington Post BofA Customer Experience Article http://www.huffingtonpost.com/2013/01/28/brian-moynihan-letter-

employees_n_2570595.html?utm_hp_ref=business


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CxC Customer Experience MatrixTM:


BofA’s letter from Brian Moynihan, Chairman, struck me as a customer (I plotted my customer experience below…then spent 15 minutes mapping statements (see following slides) from letter to CxC Customer Experience Matrix. I don’t think, as a customer, I’ll be affected by changes. Is that good?

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Customer’s Experience Starts with Awareness of a need: • “I need a loan”• “I need my available balance”• “I need advice”




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The Customer’s Experience with a company, i.e., Bank of America, is the sum of the interactions between the customer and company(s) in each Channel as the customer seeks to resolve their need.




All rights reserved. Client X Client 908.542-1134

Objectives for Each *Interaction(SLA’s for each box)

1. Identify Customer

2. Recognize Customer

3. Serve/resolve Issue

4. Upgrade

5. Extend Offer(s)

6. Grow Relationship

7. Educate

8. Collect Data/Learn

9. Gain referrals

Key Point!!!

Each interaction has a cost and potential revenue*Could make company enormously unprofitable

(SLA Service Level Agreement)

Bank of America’s greatestChallenges?

Greatest threat to business?Getting this wrong!


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From Customer Worthy Book @ Amazon

Giving an example of how to improve customer service, Moynihan says in the letter that customer call centers should provide the same "problem-solving approach" to helping customers as the bank's Merrill Lynch financial advisers and U.S. Trust private bankers, which work with wealthier clients. The letter also highlights efforts to provide more clear communications with customers and initiatives to put investment specialists and mortgage loan officers in branches. Huffington Post http://www.huffingtonpost.com/2013/01/28/brian-moynihan-letter-employees_n_2570595.html?utm_hp_ref=business

Per letter,Do They HaveCustomer Experience Covered?


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Plot First Time Customer vs Repeat Customer Plot for Market Area Plot SeasonsReport Card vs Competitor Plot For Customer Segments Automate PathCurrent Situation vs Future Plot New Business/Product Business Process ManagementDisaster Recovery Communications Planning Business Performance ManagementSystem and Department Integration SLA’s by Department

If they are serious, they must address fundamental Customer Experience: Missed Hand-offs; Customer Context; How do you measure what doesn’t happen?



Recommendations:


Customer Worthy Think Like a Customer!

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For more information & share to your thoughts Michael Hoffman 908.542.1134 [email protected]

From Customer Worthy Book @ Amazon

All rights reserved. Client X Client 908.542.1134

Customers are the final arbiter of business success.

In order for companies to succeed and command superior profitmargins and sustainable business growth, they must understand customers and co-manage their customer’s experience across all interactions and across each customer life stage. The CxC Customer Experience Matrix provides a method to visualize, organize, monetize, analyze and optimize customer experience.
