Business Banking Customer Experience

Bendigo Bank’s Small Business market share is substantially below its competitors. In order to grow market share and capture potential lending value, they have identified the need to invest in their digitized experiences, increase operational efficiency and design the right service model for this customer segment. Bendigo Bank engaged Exco Partners for Customer Experience design and to help answer the question, “How might we design a viable and sustainable business model that stays true to Bendigo and its community?”

Bendigo Bank’s business customer value proposition is “we make business personal” – although great in marketing campaigns, it’s a high cost-to-serve model that leaves certain customers with an inferior customer experience.

Our brief was to design a new operating-model that works for the bank (viable and feasible) and customers and bankers (desirable). That is, how do we give customers a personal 1:1 experience without a dedicated banker?

Understand current state:

  • Interviewed bankers, back office staff, SMEs in value chain
  • Synthesised existing customer research (NPS verbatim, Voice of Customer advisory boards, marketing research)
  • Created Scenario planner; models of all
    potential scenarios against different channels, products, customer type,
    geography, customer demographics etc. Stakeholders then prioritize the journeys
    to map
  • Created Customer and Banker Journey maps of current state scenarios
  • Created personas

Design future state:

  • Create set of op-model design principles and target CX experience principles based on research – helps us define what great looks like and to use as a benchmark for comparing today vs. tomorrow
  •   Co-design workshop with stakeholders; Remote design workshop with ~56 people across the bank in different locations and
    roles – To bring the current customer and banker experience to life we conducted a ‘role play’ and allowed participants to “interview” the customer and banker to get into the detail of why the experience was the way it was. Really good participation and engagement from attendees and was great way to run a remote CX workshop.
  • Detailed focus groups with employees to design future employee experience – 5x 2-hour focus groups to detail current pain points and design the future experience – Tools used for virtual focus group: Mural
  • Customer research (planned) – Mix of quant and qual research to answer some assumptions and test our op model hypothesis – quant (surveys) for demographic and belief view – qual for behavioural and motivation view of customer
  • Customer testing (planned) – Get existing
    customers to come in and critique/test the new operating model – is this still
    a good service/experience?

This project was initially a 6-month engagement and has expanded to be a multi-year CX/UX design program of work as part of the Bank’s larger transformation program. We are now delivering CX and UX services across Lending, Risk and Compliance and Third-Party Banking.