Improving retention by redesigning customer journeys for priority segments

Fintech / Customer

Our work > Case study > Fintech / Customer

Context

A market leading Fintech SaaS company wanted to understand why despite being the best rated technical product in the market their NPS was below key competitors. They wanted to implement a proactive strategy that increased their NPS within key customer segments, ultimately with the aim to reduce churn and increase customer engagement.

>40

hours of primary customer research

Approach

We carried out a 12 week project for the client with 2 key stages. First, we segmented their customer base and then mapped out the customer journey for each of their top customer segments and calculated the NPS of each segment at different stages of the journey. We then carried out primary customer research to identify why the NPS changed at different stages in the journey and across the key customer segments.

Results

We identified that the NPS of customers was lowest just after they had contacted the company’s customer service team, which was normally either during onboarding or upgrading. It was the interactions with customer service that were driving the lower NPS score and ultimately impacting retention.

The company had recently changed their customer service org structure to increase efficiency and implement a two line customer service team. However they had not trained their first line of support sufficiently and they were directing people to the second line of support for very simple and quick issues. This resulted in slow and ineffective resolution of customer issues driving up detractors

We implemented two sets of solutions:

Short term: Improved training and ways of working between the customer service lines

Long term: Improved ways of working between customer service and product & engineering

The company now boasts a 90% customer satisfaction rating and an attrition rate of less than 2%.

>90%

Customer satisfaction score