The financial services industry is in clear transformation and focusing on relationship with customers is key to grow business
Aiming to adapt to new customers demands, the financial services industry has changed its modus operandi. From a product-focused industry, with an analogic core, the industry is migrating to a customer oriented essence, where technology is a central pillar. Accelerating the transformation is key to be competitive in today’s world. Our client, a global insurance company, had the challenge to place the customer in the center of their business and track their relationship with customers in more than 20 countries.
Relational net promoter score (RNPS) is the starting point to measure relationship and generate actionable insights
RNPS is a single minded index that measures the strength of the relationship and enthusiasm of customers with a brand through one simple question: “How likely are you to recommend the brand to a colleague or a friend?”. By comparing the RNPS numbers of different competitors it is possible not only to map the relative strength of the brand in comparison to competitors, but understand what’s the current market benchmark for specific targets. Also, tracking the changes in RNPS can help the brand to guide marketing and business actions and measure their impact on relationship. Additionally, we developed specific tools to map the drivers of a better relationship, actively helping the insurer to prioritize business actions. Based on rigorous statistical analysis, we discovered three main drivers of RNPS:
Emotional connection with brand
How brands are viewed by customers. Brands with an emotional connection are trusted, understand their customers’ needs and deliver on the promise
Brand proposition
Connecting to the promise brands make towards their customers and live up to it. E.g. through offering value for money, tailored solutions
Brand experience
The experience customers have with their brand with regards to e.g. communication, solutions offered and more
The spark of transformation starts from understanding customers and defining priority actions to boost relationship with them
