Standard Bank’s retail business was looking to address feedback from the market and clients.
Company: Standard Bank
Community: Standard Bank Community
Lithy category: Digital CX All-Star
Standard Bank has been inexistence for 154 years and operates franchises in 33 countries, mainly across Africa. As Africa’s largest bank, we operate as "Standard Bank" or "Stanbic Bank" in the various countries, working across three Business Units; Personal & Business Banking, Corporate & Investment Banking and Wealth.
Our vision is to be the leading financial services organization in, for and across Africa, delivering exceptional client experiences and superior value. Our customers are important to us and putting them first is key to our success. Digital and Social customer service are integral to this, in support of the digitalization of our business, in our flagship South Africa market and beyond
Our organization’s social customer service initiatives in 2016-2017
Standard Bank’s retail business was looking to address feedback from the market and clients. Despite our long-standing history and reputation, we needed to transform digitally, show agility and showcase that we understand our client’s changing needs, in order to remain competitive in the banking market.
Our retail business set out to achieve these key service objectives in 2016:
Knowing that we continue to experience an increasing number of clients in each market online, we set out these key objectives to support this:
Throughout 2016, we rolled out Lithium Social Media Management (SMM) for Service and Marketing across markets in Africa. To cover our group, we also worked to integrate social media with the client contact centers in the various individual markets. We also refined and relaunched our Standard Bank South Africa Community for customer engagement and support, with a scope beyond Digital Banking, to include; Business Banking, Online Share Trading, Insurance and Everyday Banking. Once all aspects are operationalized, we will be on track to become a truly social business.
The most important customer issue we were looking to solve with the Lithium Platform
The key challenge for us was establishing a scale of rollout for social customer care and implementing a single view of the customer, as well as the change management that comes with this across the organization as Standard Bank is a large bank with a broad offering across Africa, each country with different legal requirements and strategic focus. The banking market in Africa is very competitive, with increasing threats not only from traditional competitors but also Fintechs. Over and above this, clients have adopted digital technologies and social media at unprecedented levels and to remain relevant and competitive, we needed to ensure we could meet client expectations online.
With SMM for Service and Marketing and Community, Lithium Technologies offered us an integrated and scalable enterprise tool that allowed us to quickly and effectively engage and serve our clients. On Social Media, we now attend to an average of 23k mentions a month and achieved a 76% TAR SLA in business hours in the most recent quarter of 2017, an improvement from 66% in the last quarter of 2016. Facebook now lists us as a ‘Very Responsive Page’ in South Africa and other markets, with more clients anecdotally noting the improvement in service levels and response times.
Community also allows us to improve customer education across products, contributing to call deflection, increase client engagement/feedback, facilitating a progression from social media to a peer to peer owned platforms (especially for our online share trading clients who are used to the previous basic forums they used to engage one another). Community now represents a vibrant platform with 25k registered clients (up from 12k in April 2016), we experience traffic in excess of 150k page views, 61k visits and 49k unique visitors in our last month (as compared to 56k, 34k and 34k in April last year) and our Community CHI index has peaked at 704 and tracks at between 500-600 monthly.
We did not have one key measure of success for our "Social Customer Care" program beyond scale and operationalizing social customer care. Our 2016 focus has been to change the way business viewed social media and to bring them closer to their customers by making them more responsible for social media service. In South Africa, this was an optimization exercise, as the market has been practicing Social Customer Care for longer, opportunities existed to improve and scale as well. Leadership buy-in was one of challenges, as we were effectively challenging the way we operate and service clients. Country KPIs varied, but most were looking to increase online service capability and also, retain contact center staff through upskilling and skills development.
Social Customer Care now comprises 15 active teams of close to 60 agents using SMM for Service. The teams are based in various countries, including Botswana, Malawi, Mozambique, South Africa, Swaziland, Tanzania, Uganda and Zambia. We will be onboard another four more countries and around 30 agents to the Lithium SMM for Service platform. Our "Social Customer Care" program brought us closer to our clients and business is now prioritizing queries and complaints received via social media channels.
Thus far, our Social Customer Care program has achieved the following;
South Africa is the first market to use Community, where we have achieved;
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