Banking Customer Experience

Get Your Bank Ready to Measure CX in 2020

2020 is here. Whether you're launching your very first CX program or evolving your existing one (or you're somewhere in between!), here are 3 things to consider as you're thinking about your bank’s 2020 CX program...



Trusted Experience Management Partners

2020 is here, and this year, many of our banking clients have made measuring and improving customer experience a strategic priority.

Some clients are looking to launch their very first customer experience (CX) program, and others are looking to evolve their existing program.

No matter where you fall on that spectrum, here are 3 things to consider as you're thinking about your bank’s 2020 CX program:

1. Is NPS the right metric?

NPS is a simple and powerful metric and is fast becoming the industry standard for measuring brand loyalty. But while NPS is a strong measure of the overall relationship a customer has with their bank; it is not the best metric to measure the transactional experience.

To effectively measure and improve the transactional experience, it is important to select metrics that are specific to the transaction (e.g. satisfaction with the transaction (CSAT), overall experience with the transaction (OEx), ease of doing business (CES), or whether problems were encountered). More on that here.

Monitoring performance on these metrics will help improve the customer experience you deliver with every transaction throughout your customer journey, and ultimately help improve NPS scores.


2. Which customer touchpoints should be measured?

We recommend measuring customer experience at in-branch, contact center and digital touchpoints.

In-branch could include new account/new loan application, or teller and drive-thru transactions – with specific questions for each touchpoint.

Contact center touchpoints should include call agent, chat and voice interactions.

Digital touchpoints should include online, mobile, portal and website interactions as applicable.

As you look to evolve your bank’s CX program and make it more robust, consider measuring customer experience with your ATM/PTM network, reasons for closing accounts, etc.


3. Are different surveys needed for different touchpoints?

You do not need separate surveys for every touchpoint.

Work with a partner who will help you create one brief survey that goes across multiple touchpoints, with relevant questions for each touchpoint. The right partner will have experience in banking, expertise in survey design, and a CX software platform custom-built for banking.

Confirm that you will also receive value-adds from your CX partner, such as benchmarks that will help you understand your NPS in the context of other banks in your space.


Customer Experience is fast becoming a key differentiator in the banking industry.

If you need help with getting your program launched or evolving it to the next level, check out PeopleMetrics VoC for Banks™, or click here to talk to us! 

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About the Author

Reshma Bennur is the Vice President of Customer Experience at PeopleMetrics. She leads the organization's patient experience practice and serves as the strategic lead for the design and deployment of Patient Experience Measurement programs in the Pharma and Healthcare space.

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