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Abstract

In response to the 2008 financial crisis and subsequent UK Government control of one of the world’s largest banks, RBS’ corporate focus changed from growth in high-risk assets and acquisitions to organic profitable growth in Retail Banking achieved through improved Customer Experience (CX). Large organisations have grappled with improving CX, but often find that its lofty ideals are impossible to implement. A small, central team at RBS worked with its Retail Banking Division to define CX and identify the core services provided by the Bank along distinct customer journeys, all from the customer’s perspective. The team developed tools to audit performance along three critical dimensions: customers’ assessment of the experience (NPS, Customer Satisfaction, Customer Effort Score), the operational performance of each service delivered and the cost to the Bank of delivering the service. This provided management with the information it needed to discontinue non-value-added activities that were costly, improve services important to the customer where RBS’ performance need to improve and track the business benefit of different CX investments. However, the central team is but a catalyst for change and the Bank is now left to consider how best to extend this programme across its business units and embed CX practices so that the Bank continually improves its CX and does not 'backslide' into poor practices. This case is accessible by students at all levels of University study. Pre-experience students may concentrate on the components of customer experience, its management and measures, whereas post-experience students can engage more fully in the discussion of organisation design, governance and change management issues.
Location:
Industry:
Size:
140,000 employees, GBP20 billion assets
Other setting(s):
2010 to present

About

Abstract

In response to the 2008 financial crisis and subsequent UK Government control of one of the world’s largest banks, RBS’ corporate focus changed from growth in high-risk assets and acquisitions to organic profitable growth in Retail Banking achieved through improved Customer Experience (CX). Large organisations have grappled with improving CX, but often find that its lofty ideals are impossible to implement. A small, central team at RBS worked with its Retail Banking Division to define CX and identify the core services provided by the Bank along distinct customer journeys, all from the customer’s perspective. The team developed tools to audit performance along three critical dimensions: customers’ assessment of the experience (NPS, Customer Satisfaction, Customer Effort Score), the operational performance of each service delivered and the cost to the Bank of delivering the service. This provided management with the information it needed to discontinue non-value-added activities that were costly, improve services important to the customer where RBS’ performance need to improve and track the business benefit of different CX investments. However, the central team is but a catalyst for change and the Bank is now left to consider how best to extend this programme across its business units and embed CX practices so that the Bank continually improves its CX and does not 'backslide' into poor practices. This case is accessible by students at all levels of University study. Pre-experience students may concentrate on the components of customer experience, its management and measures, whereas post-experience students can engage more fully in the discussion of organisation design, governance and change management issues.

Settings

Location:
Industry:
Size:
140,000 employees, GBP20 billion assets
Other setting(s):
2010 to present

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