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October 08, 2019

2019 AWARD FINALIST SPOTLIGHT: Bank of America - Finalist in the Operational Excellence to deliver an outstanding Customer Experience Excellence category

 

Read this article about Bank of America, one of our finalists, in the category Best Achievement in Operational Excellence to deliver an outstanding Customer Experience Excellence, selected by the independent judging panel, for the 2019 Business Transformation & Operational Excellence Industry Awards program. Click here to read articles on other finalists.

 

Bank of America Logo_PRSA-NY Big Apple Awards

  

 

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Bank of America launched a transformational program called Voices to expand the quantity, quality and timeliness of feedback from our clients and share it across our businesses. Since launch in late 2017, we have received 13 million survey responses, 6 million of which include direct client verbatim. In one year, Voices helped drive a 3.7% increase in our overall client satisfaction.

 

Bank of America Voices covers 67 million consumer and small business clients and provides over 50,000 client-facing employees with a daily dashboard that offers real-time feedback about their performance.

 Copy of Provide an Excellent Customer Experience with the perfect Mobile Customer Journey. (24)

 

The implementation of this program involved survey redesign, migration from six different vendors to a single platform, installation of a rules-based decision engine to optimize sampling, and the introduction of dashboards providing real-time feedback to employees at every level.

 

Voices delivered an almost immediate improvement in client feedback driven by changes in employee behavior. And, the real-time feedback enhanced our culture of coaching and recognition and enabled employees to see how their actions drive satisfaction.

 

Client Care Strategy Team - FINAL

 

Overall benefits of our client feedback strategy:

  • Consolidation to a single vendor has increased control throughout the process by reducing over-surveying and improving our understanding of client satisfaction across contact centers, financial centers and mobile banking.
  • Since the launch, we have seen a 3.7% improvement in overall client satisfaction across the Consumer and Small Business organization.
  • Voices has helped reduce variability and enabled real-time feedback and coaching so employees can consistently exceed client expectations.
  • Our volume of survey responses jumped 140% and our response rate increased more than 130%! The increase in responses, partially driven by shortening and simplifying surveys, provides employees with more actionable feedback.
  • Improved timeliness of feedback has enhanced the rate of behavioral change and accountability. Before Voices, feedback was commonly delivered at the site/team level after a lengthy time lag. Now, over 50,000 frontline employees receive real-time feedback in personalized client experience dashboards. They can recall interactions and recognize what they did well and how they can improve. And, managers can provide specific, timely coaching.
  • Through journey surveys we are able to gather client feedback at multiple touch points during significant life events (e.g. the home buying process) and engage the client if they experience dissatisfaction through the process.
  • The collection of feedback across multiple channels allows us to identify root causes of client dissatisfaction and integrate learnings in product and process improvements.
  • Our closed-loop process enables us to identify dissatisfied clients by analyzing their feedback and to alert managers to contact them to resolve outstanding issues or concerns.
  • Our financial centers have delivered some of the most significant client satisfaction improvements.
  • Greatest single-year increase in client satisfaction – current scores are at an all-time high.
  • 95% of centers are receiving scores of 9 or 10 from clients more than 80% of the time – two years ago 40% of our centers were exceeding 80% satisfaction levels.

 

  • We have also seen tremendous improvements in satisfaction across our small business clients where 100% of small business markets now exceed 80% satisfaction levels.

 

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About the Awards

The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.

The winners for all categories and for The Platinum Awards will be announced at The Business Transformation & Operational Excellence Summit & Industry Awards on Wednesday March 20th, 2019, from 6.30pm, in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort®. 

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.

The 2019 Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit on March 20, 2019 in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando™

 

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BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry (BTOES19). March 18-22, 2019, Loews Portofino Bay Hotel at Universal Orlando Resort®

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awards, which showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES19 Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

 

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


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