Case Studies Financial services firm uncovers insights from customer survey responses

Edit This Case Study Record

	Financial services firm uncovers insights from customer survey responses

Financial services firm uncovers insights from customer survey responses

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
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 Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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

About 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.

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.

Impact #1	The Customer Intelligence Team now spends less time researching and more time addressing critical issues.
Impact #2	The team can quickly identify and implement product improvements.
Impact #3	Better understanding and serving customers has become more efficient.

Impact #1

The Customer Intelligence Team now spends less time researching and more time addressing critical issues.

Impact #2

The team can quickly identify and implement product improvements.

Impact #3

Better understanding and serving customers has become more efficient.

Benefit #1	Reduced analysis time from 100 hours per month to under 1 hour.

Benefit #1

Reduced analysis time from 100 hours per month to under 1 hour.

Download PDF Version

Overview

Financial services firm uncovers insights from customer survey responses

Operational Impact

Quantitative Benefit